The CFPB has issued its Spring 2020 Semi-Annual Report to Congress covering the period September 30, 2019 through March 31, 2020.
The report represents the CFPB’s fourth semi-annual report under Director Kraninger’s...more
7/28/2020
/ Banking Sector ,
Congressional Investigations & Hearings ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Fair Lending ,
Financial Institutions ,
Financial Services Committee ,
Financial Services Industry ,
Regulatory Agenda
CFPB Director Kathy Kraninger is scheduled to appear before the Senate Banking Committee today, March 10, at hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” ...more
3/10/2020
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Director Kraninger ,
Financial Services Industry ,
Payday Lending Rule ,
Payday Loans ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Oversight
The House Financial Services Committee has announced that it will hold the following hearings this month:
On January 14, the Subcommittee on Consumer Protection and Financial Institutions will hold a hearing entitled, “The...more
1/6/2020
/ Banks ,
Community Reinvestment Act ,
Congressional Investigations & Hearings ,
FDIC ,
Financial Services Committee ,
Financial Services Industry ,
FinTech ,
Interest Rate Caps ,
Interest Rates ,
Madden v Midland Funding ,
Mobile Payments ,
OCC ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process
CFPB recently issued its Spring 2019 Semi-Annual Report to Congress covering the period October 1, 2018 through March 31, 2019.
The report represents the CFPB’s second semi-annual report under Director Kraninger’s...more
10/14/2019
/ Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Committee ,
HMDA ,
Information Reports ,
Legislative Agendas ,
Proposed Legislation ,
Regulatory Agenda ,
Rulemaking Process
The CFPB announced that the following people have joined its executive team...
- Bryan A. Schneider will serve as Associate Director in the Supervision, Enforcement and Fair Lending Division. Mr. Schneider most recently...more
Nicholas Smyth, Assistant Director of the Pennsylvania Attorney General’s Bureau of Consumer Protection, was our guest speaker for a webinar yesterday. Formerly a CFPB enforcement attorney, Nick was appointed by PA Attorney...more
Two Democratic Senators have sent a letter to CFPB Director Kraninger and Education Secretary DeVos asking the regulators to explain what roadblocks are preventing the CFPB and ED from entering into a new memorandum of...more
The CFPB has published its Spring 2019 rulemaking agenda as part of the Spring 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget (OMB). ...more
5/24/2019
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Deregulation ,
Director Kraninger ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Industry ,
HMDA ,
Minority-Owned Businesses ,
OMB ,
PACE ,
Payday Lending Rule ,
Regulatory Agenda ,
Rulemaking Process ,
Women-Owned Businesses
The California Reinvestment Coalition has filed a lawsuit against the CFPB in a California federal district court seeking a declaration that the CFPB’s failure to issue regulations implementing Section 1071 of the Dodd-Frank...more
5/23/2019
/ Administrative Procedure Act ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Data Management ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Regulatory Reform ,
HMDA ,
Minority-Owned Businesses ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process ,
Small Business ,
Women-Owned Businesses
Last week, the House Financial Services Committee established two task forces, one on financial technology and the other on artificial intelligence. Both task forces were established pursuant to resolutions adopted by...more
In remarks yesterday at the Bipartisan Policy Center (BPC), CFPB Director Kathy Kraninger outlined how she plans to use the various “tools” available to the CFPB. ...more
A memorandum issued by the Office of Management and Budget entitled “Guidance on Compliance with the Congressional Review Act” imposes a new review process on final rules issued by the CFPB and other independent regulatory...more
A group of 24 Democratic state attorneys general and the D.C. attorney general have submitted a comment letter to the CFPB setting forth their opposition to the CFPB’s proposal to delay the compliance date for the...more
3/22/2019
/ Ability-to-Repay ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Services Industry ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Regulatory Agenda ,
Rulemaking Process ,
Title Loans ,
UDAAP
Yesterday’s hearing on the CFPB held by the House Financial Services Committee highlighted the continuing partisan divide over the CFPB’s implementation of its consumer protection mission but with Democratic and Republican...more
3/8/2019
/ Ability-to-Repay ,
Administrative Authority ,
Congressional Investigations & Hearings ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Committee ,
Financial Services Industry ,
Military Lending Act ,
Payday Loans ,
Regulatory Agenda ,
Rulemaking Process
The CFPB’s proposal to revise its final payday/auto title/high-rate installment loan rule to rescind the rule’s ability-to-repay (ATR) provisions in their entirety and its proposal to delay the compliance date for the ATR...more
2/14/2019
/ Ability-to-Repay ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Federal Register ,
Online Marketplace Lending ,
Payday Loans ,
Regulatory Agenda ,
Rulemaking Process ,
Title Loans
Seventy-four organizations that describe themselves as “consumer, community, civil rights, faith, labor and legal services groups” have sent a letter to CFPB Director Kathy Kraninger to “reiterate our concerns about...more
The CFPB and the federal banking agencies—the FDIC, Fed, and OCC— remain open during the government shutdown as their funding does not come from congressional appropriations. ...more
The CFPB has issued its Spring 2018 Semi-Annual Report to Congress covering the period October 1, 2017 through March 31, 2018. ...more
The American Bankers Association and the Bank Policy Institute have sent a letter to the Board of Governors of the Federal Reserve System (Fed) to petition the Fed to engage in rulemaking to clarify the Fed’s September 2018...more
The CFPB’s Spring 2018 rulemaking agenda has been published by the Office of Information and Regulatory Affairs (OIRA) as part of its Spring 2018 Unified Agenda of Federal Regulatory and Deregulatory Actions. ...more
The New Jersey Attorney General recently announced that the state’s governor will nominate Paul R. Rodriguez to serve as the Director of the New Jersey Division of Consumer Affairs, the state’s lead agency charged with...more
In remarks yesterday at the winter meeting of the National Association of Attorneys General in Washington, D.C., Mick Mulvaney indicated that the CFPB will be looking to state attorneys general for “much more collaboration...more
3/1/2018
/ Attorney General ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Enforcement Actions ,
Financial Regulatory Reform ,
Policy Statement ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process ,
State and Local Government
The CFPB’s newly-released strategic plan for fiscal years 2018-2022 reflects the restrained approach to the CFPB’s exercise of its authority previously outlined by Mick Mulvaney, President Trump’s designee as CFPB Acting...more
Appearing before the House Financial Services Committee Tuesday at a hearing entitled “The Annual Report of the Financial Stability Oversight Council” (FSOC), Treasury Secretary Mnuchin indicated that he intends to discuss...more
2/8/2018
/ Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Cyber Attacks ,
Data Breach ,
Enforcement Actions ,
Equifax ,
Financial Services Industry ,
FSOC ,
Government Investigations ,
Hackers ,
Personally Identifiable Information ,
Popular ,
Regulatory Agenda
Mick Mulvaney, President Trump’s appointee as CFPB Acting Director, plans to make the CFPB’s practices of “pushing the envelope” and “rulemaking by enforcement” things of the past. ...more
1/25/2018
/ Automotive Loans ,
Banking Sector ,
CFPB Bulletins ,
Civil Investigation Demand ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Dodd-Frank ,
ECOA ,
Enforcement Actions ,
Financial Regulatory Reform ,
Regulatory Agenda ,
Regulatory Burden ,
Regulatory Oversight ,
Rulemaking Process