CFPB, Federal Agencies, State Agencies, and Attorneys General
The Department of Education has announced that it has selected former CFPB Director Richard Cordray as the Chief Operating Officer of Federal Student Aid. In addition to having served as CFPB Director, Mr. Cordray formerly served as Ohio Attorney General.
Rohit Chopra, President Biden’s nominee for CFPB Director, previously served as the CFPB’s Private Education Loan Ombudsman under Mr.… Continue Reading
In Part I of our two-part podcast, we are joined by special guest former CFPB Director Richard Cordray. After discussing the process of transitioning to new leadership, Mr. Cordray shares his thoughts on how Mr. Uejio and, if confirmed by the Senate, Mr. Chopra, are likely to approach their new leadership roles at the CFPB and their expected priorities.… Continue Reading
This past Friday, California Governor Newsom signed into law three bills that will significantly impact consumer financial service providers in the state. One of those bills is AB-1864 which contains the California Consumer Financial Protection Law (CCFPL). In addition to giving a new name to the state’s Department of Business Oversight which is renamed the Department of Financial Protection and Innovation (DFPI), AB-1864 gives the renamed agency broad jurisdiction and sweeping new authorities that closely resemble those of the CFPB, leading many to label the renamed agency a “mini-CFPB.” … Continue Reading
In this week’s podcast, we are joined by Richard Cordray whose book about his CFPB tenure, Watchdog, was recently-released. Among other topics, Mr. Cordray shares what he considers to be his key successes and disappointments as Director, describes his relationship with the Trump Administration, responds to criticism of his use of the CFPB’s enforcement authority, offers his prediction for how SCOTUS will rule in Seila Law, and discusses the abusiveness standard and creation of state mini-CFPBs.… Continue Reading
Although it will not be published in time for holiday gift giving, pre-orders are being taken for a new book written by former CFPB Director Richard Cordray. The book, to be published by Oxford University Press, is titled “Watchdog: How Protecting Consumers Can Save Our Families, Our Economy, and Our Democracy” and includes a foreword by Senator Elizabeth Warren.… Continue Reading
The CFPB has issued its Spring 2018 Semi-Annual Report to Congress covering the period October 1, 2017 through March 31, 2018.
At 41 pages, the new report is even shorter than the Bureau’s last semi-annual report (which was 55 pages) and continues what appears to be a goal under Acting Director Mulvaney’s leadership of issuing semi-annual reports that are substantially shorter than those issued under the leadership of former Director Cordray. … Continue Reading
The CFPB’s newly-released strategic plan for fiscal years 2018-2022 reflects the restrained approach to the CFPB’s exercise of its authority previously outlined by Mick Mulvaney, President Trump’s designee as CFPB Acting Director.
In his message introducing the strategic plan, Mr. Mulvaney stated:
… Continue ReadingIf there is one way to summarize the strategic changes occurring at the Bureau, it is this: we have committed to fulfill the Bureau’s statutory responsibilities, but go no further.
On December 22, 2017, the U.S. District Court for the District of Columbia held oral arguments on Leandra English’s preliminary injunction motion through which she seeks to block Mick Mulvaney from continuing to serve as the Acting Director of the CFPB. Judge Timothy Kelly presided over the hearing. Deepak Gupta argued for English.… Continue Reading
On December 12, the Credit Union National Association (“CUNA”) filed an amicus brief in D.C. Federal District Court opposing Leandra English’s motion for a preliminary injunction to block President Trump’s appointee for Acting CFPB Director, Mick Mulvaney, from exercising the powers of that office. The Court has already denied English’s motion for a temporary restraining order.… Continue Reading
We have previously blogged about reports that Mick Mulvaney, President Trump’s designee as CFPB Acting Director, has put a 30-day freeze on all regulatory action, CFPB hiring, and new enforcement cases. We also blogged about the CFPB’s withdrawal of its opposition to a motion filed by the defendants in an enforcement action to stay execution of a $7.9 million judgment obtained by the CFPB without posting a bond.… Continue Reading
