CFPB, Federal Agencies, State Agencies, and Attorneys General
On March 28, 2019, the House Financial Services Committee passed H.R. 1500, the Consumers First Act, by a 34-26 vote.
The bill is intended to reverse various actions taken by Mick Mulvaney during his tenure as CFPB Acting Director.
The bill is the topic of this week’s podcast, which features a member of…
In this week’s podcast, a member of Ballard Spahr’s federal lobbying and government relations team discusses what’s in the Consumers First Act (H.R. 1500, intended to undo former CFPB Acting Director Mick Mulvaney’s actions), the impact of current House dynamics on the bill’s or specific provisions’ prospects for passage, the topics of other financial services…
Yesterday’s hearing on the CFPB held by the House Financial Services Committee highlighted the continuing partisan divide over the CFPB’s implementation of its consumer protection mission but with Democratic and Republican committee members switching roles from those taken at the hearings at which former Director Cordray appeared. While Republicans took on the role of CFPB…
The pendency of three cases in circuit courts challenging the CFPB’s constitutionality has given rise to speculation as to whether the CFPB will continue to defend its constitutionality under Director Kraninger’s leadership. The CFPB continued to defend its constitutionality in these cases while under former Acting Director Mulvaney’s leadership. It did so, however, as a…
The CFPB has issued its Spring 2018 Semi-Annual Report to Congress covering the period October 1, 2017 through March 31, 2018.
At 41 pages, the new report is even shorter than the Bureau’s last semi-annual report (which was 55 pages) and continues what appears to be a goal under Acting Director Mulvaney’s leadership of issuing…
Thirty state attorneys general, joined by the AGs of the District of Columbia, Puerto Rico, and the Virgin Islands, have sent a letter to CFPB Acting Director Mulvaney “to express our concern about recent reports that the [Bureau] will no longer ensure that lenders are complying with the Military Lending Act (MLA) as part of…
In this week’s podcast, Ballard Spahr partners Alan Kaplinsky and Chris Willis examine how the CFPB has changed under the leadership of Acting Director Mick Mulvaney and their expectations for future developments.
Alan and Chris discuss the practical impact of Mr. Mulvaney’s leadership on the CFPB’s day-to-day operations in the areas of supervision and enforcement,…
In this week’s podcast, Ballard Spahr attorneys Alan Kaplinsky and James Kim discuss the implications of the CFPB’s first enforcement action under Acting Director Mulvaney and analyze the amendments proposed by the CFPB to its trial disclosure policy (TDP). Alan chairs Ballard’s Consumer Financial Services Group and James, a partner in the CFS Group,…
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…
The CFPB and its Acting Director are facing a proposed class action lawsuit alleging discrimination against minority and female workers based on allegations of lesser pay and fewer promotions than their white male counterparts. The case is captioned at, Jones et al v. Mulvaney, U.S. District Court, District of Columbia, No. 18-2132.
The Complaint, filed…
