CFPB, Federal Agencies, State Agencies, and Attorneys General
Tomorrow at Noon, ET, three of my colleagues at Ballard Spahr will be presenting a webinar entitled: “How the U.S. Supreme Court’s Decision in College Admissions Could Impact Diversity, Equity & Inclusion Programs in Financial Institutions.” Register here.
The invite for the program, in relevant part, described the program as follows:
In the weeks since the U.S.… Continue Reading
Even though I often disagree with Professor Levitin’s opinions and policy positions about consumer financial services developments, I maintain high respect for him because he is very knowledgeable in this area. Shortly after the Fifth Circuit held that the CFPB was unconstitutionally funded and invalidated the Payday Loan Rule, Adam published a blog on Credit Slips in which he presented a host of reasons why he believes that the case was wrongly decided.… Continue Reading
On September 25, the Consumer Financial Protection Bureau issued a report on its sources and uses of data. This report was followed by a Request for Information regarding its data collection practices, published in the Federal Register on September 28. In some respects, both documents are a follow-up to Acting Director Mick Mulvaney’s December 2017 order to CFPB staff to cease collecting personally identifying information, pending a review of and improvements to the Bureau’s overall data security systems.… Continue Reading
CFPB Acting Director Mick Mulvaney recently responded to former CFPB Student Loan Ombudsman Seth Frotman’s vocal departure from the Bureau. As previously reported, Frotman tendered his resignation in a letter—also delivered to members of Congress—which accused Mulvaney of being derelict in his oversight of the “student loan market.” Among other things, Frotman accused Mulvaney of undercutting enforcement, undermining the Bureau’s independence, and shielding “bad actors” from scrutiny—collectively, “us[ing] the Bureau to serve the wishes of the most powerful financial companies in America.”… Continue Reading
The BCPB has historically taken the position that it can use investigations to conduct compliance “sweeps” of entire industries. Indeed, a version of the BCFP’s Enforcement Policies and Procedures Manual made available to the public through a FOIA request in 2016 stated that: “It is not necessary to have evidence that a law has in fact been violated before opening a formal investigation.… Continue Reading
On April 12, 2018, the United States Court of Appeals for the District of Columbia Circuit held oral argument on the appeal brought by Leandra English, CFPB Deputy Director, of the district court’s denial of her application for preliminary injunction. If granted as requested by Ms. English, the injunction would install Ms.… Continue Reading
The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. Although the Act would not make the sweeping changes to the Dodd-Frank Act found in the Financial CHOICE Act of 2017 (CHOICE Act), it, nevertheless, would provide financial institutions welcome relief from a number of specific Dodd-Frank provisions.… Continue Reading
On February 8, 2018 the United States House of Representatives passed The Mortgage Choice Act, H.R. 1153, to revise the definition of “points and fees” for purposes of the Regulation Z ability to repay/qualified mortgage requirements and high-cost mortgage loan requirements. Although a voice vote was held on February 7, Chairman of the House Financial Services Committee Jeb Hensarling demanded a roll call vote. … Continue Reading
Yesterday, U.S. District Court Judge Timothy J. Kelly denied Leandra English’s motion for a preliminary injunction in a 46-page opinion. English had sought to block President Trump’s appointment of Mick Mulvaney to serve as the CFPB’s Acting Director. The Court denied that request and held that English failed to satisfy any of the four elements of her preliminary injunction claim.… Continue Reading
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
