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House Financial Services Committee passes Financial Choice Act containing CFPB overhaul, significant changes to rulemaking...

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....more

PLI’s “The CFPB Speaks” panel discussion

Earlier yesterday, 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...more

CFPB Fall 2016 rulemaking agenda published

The CFPB’s Fall 2016 rulemaking agenda has been published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more

ABA and CBA seek revisions to generic clearance process

The American Bankers Association and the Consumer Bankers Association (the Associations) have sent a letter to the Office of Information and Regulatory Affairs (OIRA) (part of the Office of Management and Budget (OMB)) urging...more

CFPB hires Assistant Director for Office of Small Business Lending Markets; announces other senior leadership additions

Earlier this week, the CFPB announced the addition of several new members to its senior leadership team. The announcement included the news that the CFPB has filled the position of Assistant Director for the Office of...more

House Financial Services Committee to hold December 16 hearing on CFPB data collection

The House Financial Service Committee’s Subcommittee on Oversight and Investigations has scheduled a hearing for December 16, 2015 on “Examining the Consumer Financial Protection Bureau’s Mass Data Collection Program.”...more

CFPB seeking Assistant Director to advise on small business lending data collection rules

The CFPB’s Division of Research, Markets & Regulations recently posted a job opening for an individual to serve as the “Assistant Director for Small Business Lending Markets.” According to the job posting, the Assistant...more

84 House members urge expedited CFPB action on small business lending data collection rules

84 House members recently wrote to the CFPB to urge it to expedite rulemaking to implement the small business lending data requirements of Dodd-Frank Section 1071. Section 1071 amended the ECOA to require financial...more

U.S. Senators urge expedited CFPB action on small business lending data collection rules

We recently blogged about an American Banker article written by officials of three community groups that urged President Obama to publicly denounce Director Cordray for failing to issue regulations implementing the small...more

Community groups want CFPB action on small business lending data collection rules

A recent American Banker article written by officials of three community groups urges President Obama to publicly denounce Director Cordray for failing to issue regulations implementing the small business lending data...more

CFPB seeks comments on new information collection requests

The CFPB has published notices in today’s Federal Register seeking comments on the following information collections: “Consumer Response Government and Congressional Boarding Forms.” The notice states that the CFPB has...more

ABA raises concerns about costs to industry resulting from CFPB information gathering

In a memo to state banking associations, the American Bankers Association raises concerns about the costs to industry of the CFPB’s use of its expansive authority to gather information under Section 1022 of the Dodd-Frank...more

CFPB seeks comments on new information collection plans

The CFPB has published two Federal Register notices seeking comments on its plans to request approval from the Office of Management and Budget for two new generic information collection plans. Comments on both plans are due...more

GAO report finds CFPB needs to improve privacy and security procedures for data collections

A new report from the Government Accountability Office on the CFPB’s data collection efforts finds that the CFPB needs to do more to reduce the risk of improper collection, use or release of such data. The CFPB’s data...more

9/25/2014  /  CFPB , Data Collection , Data Protection , GAO

NCRC white paper seeks expansive CFPB rulemaking on small business lending data collection

The National Community Reinvestment Coalition (NCRC) has issued a white paper that urges the CFPB to take an expansive approach in developing regulations on the collection of small business lending data to implement Section...more

No CFPB regulations in 2014 implementing expanded ECOA small business data collection requirements

Section 1071 of Dodd-Frank amended the Equal Credit Opportunity Act to require financial institutions to collect and maintain certain data in connection with credit applications made by women- or minority-owned businesses and...more

4/10/2014  /  CFPB , Data Collection , ECOA , Small Business

CFPB republishes proposed information collection on financial well-being

The CFPB has republished in yesterday's Federal Register a proposed new information collection titled “Development of Metrics to Measure Financial Well-being of Working-age and Older American Consumers.” The proposed...more

CFPB responds to questions about data collection

The CFPB recently sent 49-pages of responses to questions about the CFPB’s data collection activities asked by members of the House Financial Services Committee in connection with the appearance of Steven Antonakes, CFPB...more

Director Cordray gives wide-ranging testimony to House Financial Services Committee

Although the House Financial Service Committee’s hearing last Thursday was entitled “The Semi-Annual Report of the Consumer Financial Protection Bureau,” the contents of the report received little mention from committee...more

ABA opposes CFPB generic information collection clearance

Earlier this month, we reported that the CFPB had proposed a new generic information collection clearance titled “Generic Clearance for Consumer Complaint and Information Collection System (Testing and Feedback).”...more

CFPB proposes information collection on financial well-being

The CFPB has issued a proposal to conduct a new information collection titled “Development of Metrics to Measure Financial Well-being of Working-age and Older American Consumers.”...more

GAO agrees to review CFPB’s data collection activities

Earlier this month, we reported that Senator Mike Crapo, Ranking Member of the Senate Banking Committee, had sent a letter to the Government Accountability Office (GAO), asking the GAO to investigate the CFPB’s data...more

House Financial Services Committee questions Antonakes about data collection

In the latest installment in the CFPB data collection controversy, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held a hearing on July 9 entitled “Examining How the...more

CFPB data collection controversy continues

It appears Senator Mike Crapo, Ranking Member of the Senate Banking Committee, was not satisfied by CFPB Director Cordray’s letter to him responding to Senator Crapo’s questions about the CFPB’s data collection activities....more

Cordray continues to defend CFPB’s data collection

When he appeared before the Senate Banking Committee on April 23, Director Cordray was questioned by Republican Senators about reports that the CFPB was demanding voluminous amounts of information from banks it supervises...more

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