CFPB, Federal Agencies, State Agencies, and Attorneys General
Dovetailing with President Trump’s recent Executive Order requiring a reduction in regulatory burden, on March 21, 2017, a CFPB official remarked at the American Bankers Association Government Relations Summit that the CFPB was planning to start its review of significant mortgage regulations, including the ability to repay/qualified mortgage rule.
The Dodd-Frank Act requires the CFPB…
The DOJ submitted its amicus brief in the PHH case on Friday, March 17. We have blogged extensively about this case since its inception. Unsurprisingly, the Trump DOJ supports striking from Dodd-Frank the removal-only-for-cause protection currently applicable to the director of the CFPB. In its “view, the panel correctly applied severability principles and therefore properly…
In his more than one hour nationwide address last night to a joint session of Congress, President Trump discussed a broad range of topics: repeal of Obamacare, tax relief, immigration, rebuilding the Country’s infrastructure, strengthening the military, foreign trade. All of these topics, and others mentioned by him, were important campaign issues for Trump. Noticeably…
On Monday, Chairman Hensarling circulated a memorandum to the House Financial Service Committee Leadership Team suggesting key revisions to the CHOICE Act. It only addresses proposed changes to the CHOICE Act; several key features of the original version, including subjecting the CFPB to congressional appropriations, remain in place but are not addressed in the…
The Ninth Circuit recently issued its opinion in CFPB v. Great Plains Lending, LLC, et al., in which three tribal-affiliated, for-profit lending companies (“Tribal Lenders”) challenged the authority of the CFPB to issue civil investigative demands (CIDs) against Native American tribes.
In 2012, the CFPB issued CIDs against the Tribal Lenders regarding their advertising,…
The D.C. Circuit issued its long-awaited decision in PHH Corporation v. CFPB. In reversing the decision of Consumer Financial Protection Bureau (CFPB) Director Cordray to impose an enhanced penalty of $109 million on PHH for its use of a captive (wholly-owned) mortgage reinsurer, the court made several landmark rulings.
First, it held that the…
By a vote of 30-26 earlier this week, the House Financial Services Committee approved the “The Financial CHOICE Act of 2016” (H.R. 5983), the bill released in July 2016 by Committee Chairman Jeb Hensarling to replace the Dodd-Frank Act. All Democrats on the Committee voted against the bill as did one Republican member. No…
The Senate Judiciary Committee held a hearing yesterday entitled “The Administrative State v. The Constitution: Dodd-Frank at Five Years.” The hearing was focused on constitutional issues relating to the Dodd-Frank Act, including the constitutionality of the CFPB.
The witnesses were: The Honorable C. Boyden Gray of Boyden Gray & Associates, PLLC: Deepak Gupta of Gupta…
To mark the fifth anniversary of Dodd-Frank’s enactment, Americans for Financial Reform is sponsoring a program “Five Years Later, How Has the Financial System Changed (and Not)?” to be held in Washington, D.C. on July 14, 2015.
Senator Sherrod Brown will give the keynote address and Senator Elizabeth Warren will give the closing address. There…
Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. Under Dodd-Frank Section 1042, a state AG or regulator is authorized to bring a civil action to enforce provisions of Dodd-Frank Title 10 or regulations issued under Title 10,…
