Senator Elizabeth Warren (D-MA), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, joined by Senators Raphael Warnock (D-GA), Andy Kim (D-NJ), and Lisa Blunt Rochester (D-DE), recently sent a detailed letter to CFPB Acting Director Russell Vought seeking explanations for the agency’s removal of thousands of webpages and other materials from the CFPB’s website.… Continue Reading
Senate
Durbin 2.0 Congressional Research Service Report Indicates Uncertainty of Routing Restrictions Impacts on Industry
By Ballard CFS Group on
On December 13, 2023, the Congressional Research Service issued a report titled How the Credit Card Competition Act of 2023 Could Affect Consumers, Merchants, and Banks highlighting potential issues for Congress.
As we previously blogged, Senator Dick Durbin and Representative Lance Gooden introduced “The Credit Card Competition Act of 2023” (a/k/a Durbin 2.0) to regulate interchange fees on credit cards by requiring certain credit card issuers with over $100 billion in assets to enable at least two credit card networks on their credit cards, and at least one of those networks must be a network other than Visa and Mastercard.… Continue Reading
Director Kraninger to appear at Senate Banking Committee March 12 hearing
By Barbara S. Mishkin on
Posted in Regulatory and Enforcement
The Senate Banking Committee has announced that it will hold a hearing on March 12, 2019 entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress” at which CFPB Director Kraninger is scheduled to appear.
Director Kraninger is also expected to appear at the hearing of the House Financial Services Committee scheduled for March 7, 2019 entitled “Putting Consumers First?… Continue Reading
Kraninger Nomination Advances in Senate
By Alan S. Kaplinsky on
Posted in CFPB People, Regulatory and Enforcement
This afternoon the Senate voted 50 – 49 to invoke cloture and proceed to debate and a final vote on the nomination of Kathy Kraninger to be the next Director of the Bureau of Consumer Financial Protection (“BCFP”). The vote was along strict party lines, with Senator James Inhofe (R-OK) not voting. … Continue Reading
Mulvaney to appear before Senate Banking Committee on April 12
By Barbara S. Mishkin on
Posted in CFPB General, Regulatory and Enforcement
In addition to his scheduled appearance before the House Financial Services Committee this Wednesday, April 11, CFPB Acting Director Mick Mulvaney is scheduled to appear before the Senate Banking Committee this Thursday, April 12.
The hearings can be viewed on the Committees’ websites. The official subject of both hearings is the CFPB’s recently-issued semi-annual report but Mr.… Continue Reading
Director Cordray to testify in front of Senate Committee
Posted on
The Senate Banking Committee announced that it would be holding a hearing on June 10, 2014 on the CFPB’s fifth Semi-Annual Report to Congress. CFPB Director Richard Cordray is the only witness scheduled to testify.
The hearing is expected to cover a range of topics, including the CFPB’s recent issues regarding discrimination in employee reviews, and the Senate’s recent hearings on student loans.… Continue Reading
Surprise Surprise!
By Barbara S. Mishkin on
Posted in CFPB People, Regulatory and Enforcement
Today, the full Senate voted (53-45) to block President Obama’s nomination of Richard Cordray as the first Director of the CFPB. Scott Brown, who is facing a challenge for his Senate seat from Elizabeth Warren, was the only Republican to vote in favor of the nomination.
The Senate’s rejection happened despite a strong push by the White House and Treasury Department.… Continue Reading