Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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Democratic leadership plans to oppose change in CFPB structure

As Inauguration Day approaches, the rhetoric about the CFPB’s future continues to heat up.  American Banker reported that, on a conference call with reporters earlier this week, Senate Minority Leader Charles Schumer stated...more

1/19/2017 - Banking Sector CFPB Constitutional Challenges Dodd-Frank Financial Services Committee Proposed Legislation Regulatory Oversight Single Director Trump Administration

Another view on Presidential authority to remove Director Cordray

As rumors swirl that President-elect Trump is planning to remove Director Cordray immediately after January 20th, conflicting views have emerged about his authority to do so before the appeal in PHH is resolved. We...more

1/17/2017 - Administrative Proceedings Banking Sector CFPB Constitutional Challenges Dodd-Frank PHH Corp. v CFPB Removal For-Cause RESPA Richard Cordray Single Director Statutory Interpretation Trump Administration

Lawmakers take sides on Director Cordray’s future; Senator Warren urges consumer advocates to defend CFPB

Battle lines over Director Cordray’s future at the CFPB are predictably forming along party lines. Earlier this week, two Republican senators sent a letter to Vice President-elect Pence urging Director Cordray’s removal by...more

1/13/2017 - Banking Sector CFPB Constitutional Challenges Dodd-Frank En Banc Review Financial Services Committee PHH Corp. v CFPB Political Appointments Recess Appointments Removal For-Cause Richard Cordray Trump Administration

CFPB issues final rule to adjust civil penalties for inflation

The CFPB has published a final rule to adjust for inflation the civil penalties within its jurisdiction. The adjustments are required by the Federal Civil Penalties Inflation Adjustment Act of 1990 which, pursuant to a 2015...more

1/13/2017 - Banking Sector CFPB Civil Monetary Penalty Dodd-Frank Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 Federal Civil Penalties Inflation Adjustment Act of 1990 Final Rules Inflation Adjustments OMB RESPA SAFE Act Truth in Lending Act (TILA)

Plaintiffs in another case challenging CFPB’s constitutionality seek consolidation with PHH

The plaintiffs in State National Bank of Big Spring, Texas, et al. v. Lew, et al. want the D.C. federal district court to hold a status conference to determine how their case “can be most efficiently adjudicated” in light of...more

1/11/2017 - Administrative Proceedings Banking Sector CFPB Constitutional Challenges Dodd-Frank PHH Corp. v CFPB Removal For-Cause RESPA Single Director Statutory Interpretation

CFPB issues fourth report to appropriations committees

The CFPB has issued its fourth report entitled “Report of the Consumer Financial Protection Bureau Pursuant to Section 1017(e)(4) of the Dodd-Frank Act.” That Dodd-Frank section requires the CFPB’s Director to submit an...more

1/9/2017 - Banking Sector CFPB Dodd-Frank

CFPB releases annual employee survey results, 2016-2020 Diversity and Inclusion Strategic Plan

The CFPB released two items at year-end:  the results of its 2016 annual employee survey and its updated Diversity and Inclusion Strategic Plan (Strategic Plan) for 2016-2020....more

1/4/2017 - Banking Sector CFPB Diversity and Inclusion Standards (D&I) Dodd-Frank Financial Institutions Good Faith Minority-Owned Businesses Surveys Women-Owned Businesses

CFPB seeks new members for Academic Research Council

The CFPB has published a notice in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Academic Research Council (ARC). Appointments to the ARC are typically for...more

12/30/2016 - Banking Sector CFPB Dodd-Frank

PHH replies to CFPB’s opposition to PHH’s motion for leave to file supplemental response

PHH has filed a reply to the CFPB’s opposition to PHH’s motion for leave to file a supplemental response to the CFPB’s petition for rehearing en banc. On December 22, PHH and the United States filed responses to the CFPB’s...more

12/30/2016 - Administrative Proceedings Banking Sector CFPB Constitutional Challenges Dodd-Frank En Banc Review Motion for Leave PHH Corp. v CFPB Removal For-Cause RESPA Single Director Statutory Interpretation

CFPB opposes PHH’s motion for leave to file supplemental response to petition for rehearing en banc

The CFPB has opposed the motion filed by PHH for leave to file a supplemental response to the CFPB’s petition for rehearing en banc. On December 22, PHH and the United States filed responses to the CFPB’s petition with the...more

12/28/2016 - Administrative Proceedings CFPB Constitutional Challenges Dodd-Frank En Banc Review Motion for Leave PHH Corp. v CFPB Removal For-Cause RESPA Single Director Solicitor General Statutory Interpretation

PHH and United States respond to CFPB’s petition for rehearing en banc; PHH seeks leave to file supplemental response

PHH and the United States have filed responses with the D.C. Circuit to the CFPB’s petition for rehearing en banc.  The D.C. Circuit invited the Solicitor General to file a response expressing the views of the United States...more

12/27/2016 - Administrative Proceedings CFPB Constitutional Challenges Dodd-Frank En Banc Review HUD PHH Corp. v CFPB Removal For-Cause RESPA Single Director Solicitor General Statutory Interpretation

Director Cordray reported to have no departure plans

Politico has reported that CFPB Communications Director Jen Howard has indicated in an e-mail that Director Cordray has no current plans to leave the CFPB. According to Politico, Ms. Howard stated “Director Cordray was...more

12/20/2016 - Administrative Proceedings CFPB Constitutional Challenges Dodd-Frank PHH Corp. v CFPB Removal For-Cause RESPA Richard Cordray Single Director Statutory Interpretation

CFPB announces 2017 fair lending priorities

In a blog post published last Friday, Patrice Ficklin, Associate Director of the CFPB’s Office of Fair Lending, outlined the CFPB’s fair lending priorities for 2017. Ms. Ficklin wrote that, going forward, the CFPB will...more

12/19/2016 - Banking Sector Borrowers CFPB Consumer Financial Products Consumer Lenders Dodd-Frank ECOA Fair Lending Financial Institutions Minorities Mortgage Servicers Mortgages Small Business Student Loans

D.C. Circuit: Solicitor General and PHH can respond by Dec. 22 to CFPB’s petition for rehearing en banc

The D.C. Circuit has entered an order that provides the response of the United States to the CFPB’s petition for rehearing en banc is due by December 22, 2016.  The order also provides that PHH can file its response by...more

12/13/2016 - Administrative Proceedings Banking Sector CFPB Constitutional Challenges Dodd-Frank En Banc Review PHH Corp. v CFPB Removal For-Cause RESPA Single Director Solicitor General Statutory Interpretation

Members of Congress, consumer advocates file amicus briefs supporting CFPB’s petition for rehearing en banc in PHH case

A group of 21 current and former members of Congress and a group of 10 consumer advocacy organizations have filed amicus briefs in support of the CFPB’s petition filed with the D.C. Circuit seeking a rehearing of its decision...more

12/1/2016 - Administrative Proceedings Amicus Briefs Banking Sector CFPB Constitutional Challenges Dodd-Frank PHH Corp. v CFPB Removal For-Cause RESPA Single Director Solicitor General Statutory Interpretation

How does the PHH case impact presidential authority to remove Director Cordray?

A blog post entitled “The President’s Removal Power and the PHH Litigation” by Aditya Bamzai, an Associate Professor of Law at the University of Virginia School of Law, challenges the assumption of many observers that the new...more

12/1/2016 - Administrative Proceedings CFPB Constitutional Challenges Dodd-Frank PHH Corp. v CFPB Removal For-Cause RESPA Single Director Statutory Interpretation Trump Administration

CFPB amends commentary on adjustments to exemption thresholds; makes no changes to 2017 thresholds

The CFPB has adopted changes to its Reg Z commentary to memorialize the calculation methods used each year to adjust the thresholds for exempt consumer credit transactions and for transactions exempt from the special...more

11/29/2016 - Appraisal Banking Sector CFPB Consumer Price Index Dodd-Frank Exemptions Financial Transactions Mortgages Regulation M Regulation Z Threshold Requirements Truth in Lending Act (TILA)

D.C. Circuit orders PHH to respond to CFPB’s petition for rehearing en banc; invites response from Solicitor General

The D.C. Circuit has entered an order directing PHH Corporation to file a response to the CFPB’s petition for rehearing en banc in CFPB v. PHH Corporation. The order, filed November 23, 2016, requires PHH to file its...more

11/28/2016 - Administrative Proceedings CFPB Constitutional Challenges Dodd-Frank En Banc Review PHH Corp. v CFPB Removal For-Cause RESPA Single Director Solicitor General Statutory Interpretation

CFPB files lawsuit against structured settlement purchaser

The CFPB has filed a lawsuit in a Maryland federal district court against: (1) Access Funding, LLC (Access), a limited liability company that purchases structured settlements from consumers; (2) Access’ managing member...more

11/22/2016 - CFPA CFPB Dodd-Frank Financial Sector Financial Services Industry Purchasers Settlement Structured Settlements UDAAP Unfair or Deceptive Trade Practices

CFPB issues request for information on consumer access to financial information

In conjunction with its field hearing yesterday on consumer access to financial information, the CFPB has issued a request for information (RFI) about market practices related to such access.  Comments in response to the RFI...more

11/18/2016 - Banking Sector CFPB Consumer Financial Products Dodd-Frank Financial Institutions Financial Records Financial Services Industry Request For Information

What the PHH decision means for the CFPB’s UDAAP authority

In addition to its implications for CFPB rulemaking, the D.C. Circuit’s decision in PHH Corporation v. CFPB has significant implications for the CFPB’s authority to enforce federal consumer financial protection laws as well...more

11/4/2016 - Administrative Proceedings ALJ CFPB Constitutional Challenges Dodd-Frank EFTA HUD Mortgages PHH Corp. v CFPB Removal For-Cause RESPA Single Director Statute of Limitations Statutory Interpretation Truth in Lending Act (TILA) UDAAP

House Committee approves Dodd-Frank replacement bill

By a vote of 30-26 earlier this week, the House Financial Services Committee approved the “The Financial CHOICE Act of 2016” (H.R. 5983), the bill released in July 2016 by Committee Chairman Jeb Hensarling to replace the...more

9/15/2016 - Arbitration Arbitration Agreements Automotive Loans CFPB Consumer Financial Products Dodd-Frank Financial Services Committee Financial Services Industry Legislative Agendas Native American Issues Online Marketplace Lending Payday Loans Proposed Legislation Regulatory Oversight Tribal Loans

Director Cordray Responds To Letter from Senators Seeking Tailored Rulemaking for Community Banks and Credit Unions

Last month, a bipartisan group of 70 senators were signatories to a letter sent to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray urging the CFPB to “carefully tailor its regulations to match the unique...more

9/6/2016 - Banking Sector Banks CFPA CFPB Community Banks Consumer Financial Products Covered Person Credit Unions Dodd-Frank Exemptions Financial Institutions HMDA HOEPA Mortgages Qualified Mortgage Rule Real Estate Market Regulatory Oversight Richard Cordray Rural Areas SBREFA

Chamber files amicus brief in support of challenge to CFPB jurisdiction

The Chamber of Commerce of the United States of America (Chamber) has filed an amicus brief opposing the CFPB’s petition filed in the Eastern District of Pennsylvania to enforce its civil investigative demand (CID) issued to...more

8/26/2016 - Amicus Briefs Annuities CFPB Chamber of Commerce Civil Investigation Demand Dodd-Frank Financial Sector J.G. Wentworth LLC (JGW) Structured Settlements Truth in Lending Act (TILA) UDAAP

Director Cordray responds to letter from Senators seeking tailored rulemaking for community banks and credit unions

Last month, a bipartisan group of 70 Senators were signatories to a letter sent to Director Cordray urging the CFPB to “carefully tailor its regulations to match the unique nature of community banks and credit unions.” In...more

8/23/2016 - Banking Sector Banks CFPA CFPB Community Banks Consumer Financial Products Credit Unions Dodd-Frank Financial Institutions Regulatory Oversight Richard Cordray

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