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On June 4, 2024, the CFPB issued its Semi-Annual Report to Congress covering the period beginning April 1, 2023 and ending September 30, 2023. On June 12, 2024, CFPB Director Chopra appeared before the Senate Banking Committee for a hearing, “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” On June 13, 2024, Director Chopra appeared before the House Financial Services Committee for a hearing, “The Semi-Annual Report of the Bureau of Consumer Financial Protection.”… Continue Reading

On February 15, 2024, Senators Sherrod Brown (D-OH), Jack Reed (D-RI) and Elizabeth Warren (D-MA) sent a letter to Zelle seeking clarification of its reimbursement policy for victims of imposter scams and urging Zelle to publicize its fraud policies to consumers and clarify whether all participating banks must reimburse eligible victims.… Continue Reading

This Wednesday, September 20th at 10:00AM ET, the U.S. Senate Committee on Banking, Housing, and Urban Affairs is scheduled to hold a hearing on “Artificial Intelligence in Financial Services.” Currently scheduled to speak are: Ms. Melissa Koide, Director and CEO, FinRegLab, former Deputy Assistant Secretary for Consumer Policy, U.S. Department of the Treasury; Mr.… Continue Reading

The Senate Banking Committee will hold a hearing on October 17, 2019 entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress” at which the witness will be Director Kraninger.

The CFPB’s most recent semi-annual report covers the period October 1, 2018 through March 31, 2019.  The hearing will be webcast live.… Continue Reading

Director Kraninger was sharply criticized by Democrats at today’s hearing on the Bureau’s semi-annual report held by the Senate Banking Committee.

Ms. Kraninger’s opening remarks and written testimony repeated nearly verbatim her opening remarks and written testimony to the House Financial Services Committee last week.  She indicated once again that the Bureau’s primary goal would be prevention of harm, that the Bureau would focus its enforcement activities on “bad actors, and that she would emphasize stability, transparency, and consistency.… Continue Reading

As we previously reported, Kathy Kraninger, President Trump’s nominee to become the next CFPB Director, testified at a hearing of the Senate Banking Committee on July 19.  Following the hearing, Democrats on the committee sent her a list of questions relating to her involvement in the development of President Trump’s “zero tolerance” immigration policy and how she would manage the Bureau.… Continue Reading

On April 12, 2018, Mick Mulvaney, the Acting Director of the Consumer Financial Protection Bureau (Bureau) testified before the Senate Committee on Banking, Housing, and Urban Affairs regarding the Bureau’s Semi-Annual Report to Congress.  The Senate Hearing comes the day after Democrats in the House Financial Services Committee questioned Mulvaney about his leadership at the Bureau.  … Continue Reading

On November 13, members of the Senate Banking Committee announced that they had reached bipartisan agreement on “legislative proposals to improve our nation’s financial regulatory framework and promote economic growth.”  Following the announcement, a draft of a bill was released by Senator Mike Crapo, who chairs the Banking Committee.  A markup of the bill is scheduled for December 5, 2017.… Continue Reading

On September 12, 2018 at 10:00am EDT, The Senate Committee on Banking, Housing, and Urban Affairs will hold an open session hearing entitled “Examining the Fintech Landscape.”  Witnesses will be: Mr. Lawrance Evans, Director, Financial Markets, U.S. Government Accountability Office; Mr. Eric Turner, Research Analyst, S&P Global Market Intelligence; and Mr.… Continue Reading

On Wednesday, July 15, CFPB Director Richard Cordray appeared before the Senate Committee on Banking, Housing, & Urban Affairs to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which it published on June 15, 2015.

Dir. Cordray observed that during the six month period covered by the report, from October 2014 through March 2015, the CFPB helped obtain more than $19 million in restitution for consumers through enforcement actions, including $2.5 million in relief for servicemembers for illegal debt collection practices, and more than $32 million in civil money penalties. … Continue Reading