Florida Bankers Association President and CEO and former Director of the Consumer Financial Protection Bureau (CFPB) Kathy Kraninger wrote an editorial in the May 14, 2024 American Banker titled “CFPB Must Stop Manipulating Data to Support Its Policy Preferences.” Kraninger served as Director of the CFPB from December 2018 to January 2021.… Continue Reading
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David Uejio named Acting CFPB Director
Following Director Kraninger’s resignation yesterday, the White House announced that President Biden has appointed David Uejio to serve as Acting CFPB Director.
Mr. Uejio currently serves as the Bureau’s Chief Strategy Officer. He has worked at the Bureau since 2012, previously having served as Acting Deputy Chief of Staff and Lead for Talent Acquisition. … Continue Reading
CFPB Director Kraninger reported to have resigned; President Biden expected to appoint Acting Director
According to media reports, Director Kraninger has submitted her resignation to President Biden. President Biden has nominated Rohit Chopra to serve as the CFPB’s next Director and is expected to appoint an individual to serve as Acting Director pending Mr. Chopra’s confirmation by the Senate.
Several media reports have indicated that Mr.… Continue Reading
NY federal district court grants CFPB petition to enforce CID ratified by Director Kraninger
On August 18, Judge Kenneth M. Karas of the Southern District of New York, granted the CFPB’s petition to enforce a civil investigative demand that it issued to the Law Offices of Crystal Moroney prior to the U.S. Supreme Court’s Seila Law decision and that was subsequently ratified by Director Kraninger.… Continue Reading
Senate Banking Committee to hold July 29 hearing on CFPB
On July 29, 2020, the Senate Banking Committee will meet remotely to conduct a hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” CFPB Director Kraninger is the only scheduled witness.
The next day, July 30, the House Financial Services Committee has scheduled a hearing entitled, “Protecting Consumers During the Pandemic? … Continue Reading
CFPB files ratification with Fifth Circuit in All American Check Cashing
This past Friday, the CFPB filed a declaration with the Fifth Circuit in which Director Kraninger stated that she has ratified the Bureau’s enforcement action against All American Check Cashing.
On July 10, the CFPB filed a similar declaration with the Second Circuit in RD Legal Funding, another circuit court case involving a challenge to the Bureau’s constitutionality that was put “on hold” pending the Supreme Court’s decision in Seila Law. … Continue Reading
CFPB ratifies most pre-Seila Law regulatory actions
The CFPB has issued a ratification of “the large majority of its existing regulations” and certain other regulatory actions taken from January 4, 2012 through June 30, 2020 (Ratified Actions). The ratification, which was published in today’s Federal Register, was issued in response to the U.S. Supreme Court’s decision last week in Seila Law which held that the Dodd-Frank provision that only allows the President to remove the CFPB Director “for cause” violates the separation of powers in the U.S.… Continue Reading
CFPB publishes Spring 2020 rulemaking agenda
The CFPB has published its Spring 2020 rulemaking agenda as part of the Spring 2020 Unified Agenda of Federal Regulatory and Deregulatory Actions. It represents the CFPB’s third rulemaking agenda under Director Kraninger’s leadership. The agenda’s preamble indicates that the information in the agenda is current as of March 5, 2020 and identifies the regulatory matters that the Bureau “reasonably anticipates having under consideration during the period from May 1, 2020 to April 30, 2021.”… Continue Reading
Director Kraninger to appear before Senate Banking Committee on March 10
CFPB Director Kathy Kraninger is scheduled to appear before the Senate Banking Committee tomorrow, March 10, at hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” The Bureau’s Fall 2019 Semi-Annual Report was issued last month.
We would expect the topics about which Senators question Director Kraninger to include the Bureau’s plans for finalizing its proposal to rescind the ability-to-repay provisions of its final payday lending rule and its proposed debt collection rule.… Continue Reading
CFPB and Dept. of Education enter into new MOU on handling complaints; Director Kraninger tells lawmakers negotiations are underway for second MOU on supervision
Last Monday, the CFPB announced that it had entered into a new Memorandum of Understanding with the Department of Education to replace the MOU that was terminated by the ED effective October 1, 2017. The new MOU, which is effective as of January 31, 2020, is limited to the handling of student loan complaints. … Continue Reading