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Director Cordray keeps mum on departure plans

Director Cordray, responding today to a letter from Rep. Jeb Hensarling who chairs the House Financial Services Committee, stated that “I have no further insights to provide” on whether he intends to serve his full term as...more

CFPB publishes annual CARD Act, HOEPA, QM adjustments

The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more

Director Cordray to remain at CFPB beyond Sept. 1; Rep. Hensarling seeks confirmation of Director Corday’s departure plans

Despite the various signs suggesting Director Cordray would resign before Labor Day, it now appears that he intends to remain as Director until at least a date in September. ...more

A fourth sign of Director Cordray’s imminent departure?

Last Friday, we blogged about a new sign that Director Cordray’s resignation may be imminent. That sign was the CFPB’s posting on its website of a notice of a meeting on September 7, 2017 of the Fall 2017 Credit Union...more

ABA responds to CFPB prototype overdraft opt-in forms and overdraft report

Earlier this month, the CFPB issued another report on checking account overdraft services, “Data Point: Frequent Overdrafts,” and four one-page prototype model forms to replace the current Regulation E model form for banks to...more

DOJ confirms termination of Operation Chokepoint; OCC welcomes DOJ statement

In a letter dated August 16, 2017 to House Judiciary Committee Chairman Bob Goodlatte, Assistant U.S. Attorney General Stephen Boyd stated that “[a]ll of the [DOJ’s] bank investigations conducted as part of Operation...more

Minnesota AG files lawsuit against pension advance companies

The Minnesota Attorney General announced that she has filed a lawsuit in state court against two pension advance companies. According to the AG’s press release, the companies often solicited borrowers through their own...more

CFPB creates online form for regulatory questions

The CFPB has created a new online form for obtaining informal staff guidance on questions about CFPB regulations.  A link to the new form appears on the CFPB’s website on the “Compliance and guidance” page....more

House Financial Services Committee details case for contempt proceedings against Director Cordray for failing to comply with...

A report by the majority staff of the House Financial Services Committee concludes that there is a “valid and factual basis” for instituting contempt of Congress proceedings against Director Cordray. The report states that...more

CFPB issues third report on checking account overdraft services and model form prototypes

The CFPB has issued another report on checking account overdraft services, “Data Point: Frequent Overdrafts.” The new report represents the CFPB’s third report dealing with overdraft services. It previously issued a white...more

CFPB July 2017 “special edition” complaint report highlights complaint process

The CFPB’s July 2017 complaint report, which the CFPB calls another “special edition complaint report,” departs from the format of the CFPB’s standard monthly reports. (The CFPB’s June 2017 complaint report was also called a...more

Updated OIG work plan for CFPB adds new project on sharing complaint data

Since our last blog post about the Office of Inspector General’s work plan for the CFPB, the work plan has been updated as of July 1, 2017 to add one new planned project....more

House Financial Services Committee Democratic staff report on CFPB assails Republicans, defends CFPB and arbitration rule

A report prepared by the Democratic staff of the House Financial Services Committee takes aim at Republicans for “attempt[ing] to ensure that the country reverts back to a big bank-oriented regulatory environment and to...more

Trade associations urge Congress to disapprove CFPB arbitration rule

A group of 11 trade associations have sent a letter to members of Congress expressing their “strong disapproval” of the CFPB’s final arbitration rule and urging Congress to pass the resolutions introduced in the House and...more

FTC enforcement under new leadership to focus on consumer harm, fraud

Based on a Law360 article reporting on an interview with Thomas Paul, the Acting Director of the FTC Bureau of Consumer Protection, it appears that under its new leadership, the FTC will take a less aggressive approach to...more

FDIC adopts revised guidelines for appeals of material supervisory determinations

Effective July 18, 2017, the FDIC has adopted amendments to its Guidelines for Appeals of Material Supervisory Determinations.  The FDIC proposed the amendments last August and received only two comment letters, one from a...more

Pennsylvania AG creates Consumer Financial Protection Unit

Pennsylvania’s Attorney General, Josh Shapiro, announced last Friday that his office is creating a Consumer Financial Protection Unit “to better protect Pennsylvania consumers from financial scams.”...more

CFPB issues Spring 2017 rulemaking agenda

The CFPB’s Spring 2017 rulemaking agenda has been published as part of the Spring 2017 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more

Republican lawmakers move forward on CRA resolutions to override CFPB arbitration rule

House and Senate Republicans announced yesterday that they are sponsoring Congressional Review Act resolutions to override the CFPB’s final arbitration rule, which was published in the Federal Register. ...more

Speculation heats up over Director Cordray’s departure plans

According to news reports yesterday, Ohio Supreme Court Justice Bill O’Neill has told media sources that he was informed by an unnamed mutual friend that Director Corday plans to enter the 2018 Democratic primary for Ohio...more

State bankers associations urge CRA override of CFPB arbitration rule

State bankers associations from all 50 states and Puerto Rico have sent a letter to Senate Majority Leader Mitch McConnell and Senate Minority Leader Charles Schumer urging them to support efforts to override the CFPB’s final...more

House Appropriations Committee approves bill making CFPB reforms

This past Thursday, by a  vote of 31-21, the House Appropriations Committee approved the fiscal year 2018 Financial Services and General Government Appropriations bill.  In addition to multiple provisions to reform the CFPB,...more

FTC proposes using Internet panel for class action notice study

As part of its “Class Action Fairness Project,” the FTC is seeking comment on its plans to use an Internet panel to conduct research on class action notices. According to the FTC’s Federal Register notice, the project...more

U.S. Chamber to hold July 19 event on CFPB final arbitration rule

This Wednesday, July 19, the U.S. Chamber’s Center for Capital Markets Competitiveness  and U.S. Chamber Institute for Legal Reform will hold an event in Washington, D.C. entitled “CFPB’s Anti-Arbitration Rule: Analysis &...more

White House nominee for next FDIC chair bows out

Politico has reported that James Clinger, President Trump’s nominee to be the next FDIC Chairperson, has asked the White House to withdraw his nomination, citing family issues....more

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