CFPB, Federal Agencies, State Agencies, and Attorneys General
Last week, the CFPB published a blog post with tips for consumers facing a cash flow emergency.
We were glad to see that the blog post included a warning to consumers about debt relief or settlement companies. The CFPB advised consumers to beware of for-profit debt relief or settlement companies that promise to pay off…
The CFPB’s June 2017 complaint report could serve as a call to arms to state attorneys general and regulators. Unlike the CFPB’s prior monthly complaint reports, the June 2017 report does not highlight complaints about one product or complaints from consumers from one state. Instead, the new report, which the CFPB calls a “special edition…
On May 26, the House of Representatives Committee on Rules announced that House members have until June 2 to propose amendments to the Financial Choice Act bill. The Chairman of the House Financial Services Committee, Jeb Hensarling, is expected to introduce an amendment to strike from the bill the provision which purports to repeal…
Tom Dresslar, the Deputy Commissioner for Policy and Planning at the California Department of Business Oversight, California’s state bank regulator, has retired. Mr. Dresslar joined the DBO in late 2014 after a long career in California state government and, before that, as the Sacramento Bureau Chief for the Daily Journal, Los Angeles’s daily legal newspaper. …
The CFPB’s Office of Servicemember Affairs (OSA) has issued its fifth annual report to Congress addressing issues raised and complaints submitted by servicemembers, veterans, and their families.
This year, however, the Bureau took a novel approach by presenting the report “within the construct of the ‘military lifecycle’” in an attempt to “consider issues and complaints…
Tuesday, President Trump released an outline of his FY 2018 Budget entitled “A New Foundation for American Greatness”. There is good news and bad news for the CFPB, although most of it is bad news. The good news for the CFPB is that the Administration does not propose to abolish the CFPB. The…
Adding to the growing body of cases disputing the CFPB’s authority to issue civil investigative demands (“CID”), a U.S. district court judge in the Central District of California, on May 17, rejected multiple challenges and ordered a company to comply with a CID within fifteen days of the decision. The defendant, Future Income Payments,…
Last Thursday, by a party-line vote of 34-26, the House Financial Services Committee approved the Financial CHOICE Act (H.R. 10) proposed by Committee Chairman Jeb Hensarling.
In addition to overhauling the CFPB’s structure and authority, the bill would make significant changes to the rulemaking process followed by the CFPB and other financial services…
The Administrator of the Uniform Consumer Credit Code for the State of Colorado, Julie Ann Meade, has filed motions to dismiss the complaints filed in federal court by two state-chartered banks seeking to permanently enjoin enforcement actions brought by the Administrator against the banks’ nonbank partners. According to the complaints, these nonbank partners market…
The Treasury Department has issued a press release announcing that Treasury Secretary Mnuchin plans to appoint Keith A. Noreika as a Deputy Comptroller and designate him the First Deputy Comptroller of the OCC. Effective May 5, 2017, Mr. Noreika will serve as Acting Comptroller. Comptroller Thomas J. Curry has been serving under an extension since…
