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We take a close look at the role of the new Office of SEFL Policy and Strategy to be created by the plan and how the plan would change the CFPB’s current enforcement decision-making process.  We also look at how the plan aligns with the approach of federal banking regulators, share our reactions to criticism…

House Financial Services Committee Chairwoman Maxine Waters has sent a letter to CFPB Director Kraninger raising questions about the potential appointment of Thomas G. Ward as CFPB’s Assistant Director for Enforcement.  

In her letter, Ms. Waters stated that, according to media reports, Mr. Ward is the leading candidate for the Enforcement Director position and that…

According to American Banker, Kristen Donoghue, who has served as the CFPB’s Assistant Director of Enforcement since November 2017, has resigned.

American Banker also reports that Cara Petersen, the CFPB’s Principal Deputy Enforcement Director, has been named Acting Director of Enforcement, and that Jeffrey Ehrlich, the CFPB’s Deputy Enforcement Director, will become Principal Deputy…

The New York Department of Financial Services has announced the creation of a new “powerhouse” Consumer Protection and Financial Enforcement Division. The Division has been created by consolidating the Enforcement and Financial Frauds Division and Consumer Protection Division and will place supervision, enforcement, and consumer education under the same roof. The Division consists…

Less than a week after warning subpoena and CID recipients to take their obligation to respond “seriously,” the FTC took aim at perceived inadequacies in compliance reports submitted pursuant to FTC consent orders and litigated judgments. In its March 11, 2019 blog post, the FTC’s Bureau of Competition alleges that “some Respondents are not…

The CFPB has filed a request in the District Court for the Southern District of New York to enforce a civil investigative demand (“CID”) against the Law Offices of Crystal Moroney, P.C. (“LOCM”), a debt collection law firm located in New City, New York, continuing under Director Kraninger the CFPB’s pursuit of law firms despite…

We have been following very closely the lawsuit filed by the CFPB and the New York Attorney General against RD Legal Funding.  We earlier reported that on June 21 Judge Preska dismissed the CFPB’s claims based on the unconstitutionality of the CFPA. We subsequently reported that on September 12 Judge Preska dismissed the claims brought…

On June 21, 2018, Judge Preska of the Southern District of New York (“SDNY”) issued a decision finding that the CFPB’s single-director-removable-only-for-cause structure is unconstitutional.  In doing so, the SDNY held that Title X of Dodd-Frank—the title that created the CFPB and established its regulatory, supervisory, and enforcement authority—should be stricken in its entirety.

The…

The federal banking agencies (the Federal Reserve Board, OCC, and FDIC (FBAs)), recently issued a “Policy Statement on Interagency Notification of Formal Enforcement Actions” that is intended “to promote notification of, and coordination on, formal enforcement actions among the FBAs at the earliest practicable date.”  The issuance of the policy statement follows the…