CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB has issued a request for information that seeks comment on its supervision program. Comments on the RFI must be received by May 21, 2018. (Unlike the CFPB’s three prior RFIs described below which have 60-day comment periods, the new RFI has a 90-day comment period.)
The new RFI represents the fourth in a…
At the program held on April 7 entitled “The State of Consumer Protection Initiatives” at the American Bar Association Business Law Section Consumer Financial Services Committee 2017 Spring Meeting, Peggy Twohig, the CFPB’s Assistant Director for Supervision Policy, announced that the CFPB has begun to examine service providers on a regular, systematic basis, particularly those…
Earlier today, at the Practicing Law Institute’s (“PLI”) 22nd Annual Consumer Financial Services Institute in New York City, Alan Kaplinsky (who is co-chairing the event) moderated a panel entitled “The CFPB Speaks,” that featured three senior CFPB lawyers: Anthony (“Tony”) Alexis (Assistant Director for Enforcement), Diane Thompson (Deputy Assistant Director, Office of Regulations), and Peggy…
In its Summer 2015 Supervisory Highlights, which covers supervision work generally completed between January and April 2015, the CFPB highlights legal violations resolved using non-public supervisory actions involving consumer reporting, debt collection, student loan servicing, mortgage origination and servicing, and fair lending. The report indicates that recent supervisory resolutions in the areas of mortgage…
A bipartisan bill (S. 2732) has been introduced by Republican Senator Pat Toomey and Democratic Senator Joe Donnelly to increase the asset threshold for “large banks” that are subject to CFPB supervision.
The current threshold is total assets of more than $10 billion. Entitled the “Consumer Financial Protection Bureau Examination and Reporting Threshold…
A bill introduced by Republican Senator Dan Coats would further limit the CFPB’s supervisory authority as to insured depository institutions and credit unions with total assets of $10 billion or less.
Under Dodd-Frank, such institutions continue to be examined by the OCC, FDIC or NCUA, with the CFPB only allowed to include its examiners “on…
Earlier this week, the results of an evaluation of the CFPB’s supervision program conducted by the Office of Inspector General (OIG) that the CFPB shares with the Fed were released in a report entitled “The CFPB Can Improve the Efficiency and Effectiveness of Its Supervisory Activities.” The report is based on data in the CFPB’s…
As a follow-up to our recent post on Director Cordray’s plans on whether to pursue political office, we offer the highlights below from last week’s Politico Morning Money Breakfast Briefing. During the event, Politico Chief Economic Correspondent Ben White discussed a variety of issues with Director Cordray.
Consumer protection: Mr. Cordray provided three examples…
The CFPB has adopted its long-awaited final rule setting forth the procedures it will use to supervise nonbanks engaged in conduct that poses risks to consumers. The final rule will be effective 30 days after its publication in the Federal Register.
We expect the CFPB to quickly begin asserting its risk-based supervisory authority. In fact,…
The CFPB announced earlier this week that it has established a “framework” with the Conference of State Bank Supervisors (CSBS) for coordination among the CFPB and state regulators on supervision and enforcement matters. The framework states that it is “intended to establish a process for coordinated federal/state consumer protection supervision and enforcement of entities providing…
