Although the Trump Administration has largely been silent with respect to Dodd-Frank and the future of the CFPB, some members of Congress have been very active in proposing significant legislative changes. Several measures to reform the agency are pending in the House and Senate. These bills can generally be broken down into two categories.… Continue Reading
House Passes Bill to Fix Privilege Waiver Problem for Nonbanks
By Keith R. Fisher on
Posted in CFPB General, Regulatory and Enforcement
A bill (H.R. 5062) recently passed by the House of Representatives would amend the Consumer Financial Protection Act (the CFPA), which is Title X of the Dodd-Frank legislation, to provide protection against waiver of state and federal law privileges for nondepository institutions supervised by the CFPB.
Entitled the “Examination and Supervisory Privilege Parity Act of 2014,” the bill received strong support from the American Financial Services Association (AFSA).… Continue Reading