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On November 13, members of the Senate Banking Committee announced that they had reached bipartisan agreement on “legislative proposals to improve our nation’s financial regulatory framework and promote economic growth.”  Following the announcement, a draft of a bill was released by Senator Mike Crapo, who chairs the Banking Committee.  A markup of the bill is scheduled for December 5, 2017.… Continue Reading

In our blog post yesterday about the CFPB’s final rule allowing an alternative online delivery method for annual privacy notices, we commented that the CFPB has made limited progress on its regulatory streamlining initiative launched in December 2011.  The CFPB’s streamlining efforts were also the subject of a letter sent to Director Cordray yesterday by Senator Mike Crapo, Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs.… Continue Reading

Earlier this month, we reported that Senator Mike Crapo, Ranking Member of the Senate Banking Committee, had sent a letter to the Government Accountability Office (GAO), asking the GAO to investigate the CFPB’s data collection activities. 

The GAO has now responded with a letter agreeing to Senator Crapo’s request. The letter indicates that the request has been assigned to the Managing Director of the GAO’s Financial Markets and Community Investment team. … Continue Reading

It appears Senator Mike Crapo, Ranking Member of the Senate Banking Committee, was not satisfied by CFPB Director Cordray’s letter to him responding to Senator Crapo’s questions about the CFPB’s data collection activities.  Yesterday, Senator Crapo sent a letter to Gene Dodaro, Comptroller General of the Government Accountability Office (GAO), asking the GAO to investigate those activities. … Continue Reading

When he appeared before the Senate Banking Committee on April 23, Director Cordray was questioned by Republican Senators about reports that the CFPB was demanding voluminous amounts of information from banks it supervises related to financial products and services and buying data from vendors about various financial products and services.  At the hearing, Mr.… Continue Reading