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Administrative Agency Consumer Protection Finance & Banking

Read need-to-know updates, commentary, and analysis on Administrative Agency issues written by leading professionals.

Richard Cordray’s tenure as CFPB Director is uncertain

by Ballard Spahr LLP on

Clients are always asking me and others in our Consumer Financial Services Group about how long Richard Cordray will remain as CFPB Director. The short answer is nobody knows, perhaps not even Richard Cordray. ...more

US Comptroller of the Currency Discusses Fintech

by Shearman & Sterling LLP on

US Comptroller of the Currency Thomas Curry provided remarks describing actions the OCC has taken to meet the needs of all types of consumers, businesses and communities in the US. Specifically, he described a new department...more

Some suggested questions for Director Cordray’s expected appearance at April 5 House hearing

by Ballard Spahr LLP on

On April 5, 2017, the House Financial Services Committee will hold a hearing, “The 2016 Semi-Annual Reports of the Bureau of Consumer Financial Protection Bureau.” Since Director Cordray has appeared at all of the...more

PLI’s “The CFPB Speaks” panel discussion

by Ballard Spahr LLP on

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

Three Things You Missed Since CFPB Received En Banc Hearing in PHH Case

by Hinshaw & Culbertson LLP on

All eyes are on the future of the CFPB as it fights for its existence in the D.C. Circuit Court of Appeals through the matter, PHH Corp. et al. v. Consumer Financial Protection Bureau. On February 16, the D.C. Circuit agreed...more

Under Trump Administration, Dodd-Frank and the CFPB Continue to Face Challenges

by Sedgwick LLP on

The Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank, was enacted in 2010 in response to the financial crisis. Through Dodd-Frank, the Consumer Financial Protection Bureau (the CFPB) was created. The...more

Cordray’s CNBC interview answers few questions

by Ballard Spahr LLP on

Recently, Richard Cordray was interviewed by CNBC while eating breakfast at a diner in his hometown in Ohio.  The interview was more noteworthy for what it failed to cover than for what it covered.  He was not asked the...more

DC Court of Appeals Orders Rehearing of PHH v. CFPB

by Goodwin on

On February 16, 2017, the United States Court of Appeals for the DC Circuit granted Respondent Consumer Financial Protection Bureau’s (CFPB) petition for rehearing en banc of PHH Corp. v. CFPB, No. 15-1177 (D.C. Cir.). In...more

Plaintiffs in Another Case Challenging CFPB's Constitutionality Move to Intervene in PHH Case

by Ballard Spahr LLP on

The plaintiffs in State National Bank of Big Spring, Texas, et al. v. Lew have filed a "Motion To Intervene In Any En Banc Proceeding That May Be Granted" in the PHH case. The motion follows the D.C. federal district court's...more

DC Circuit Grants CFPB’s Petition for Rehearing En Banc in PHH Case

On February 16, the U.S. Court of Appeals for the D.C. Circuit entered an order granting the Consumer Financial Protection Bureau’s (CFPB) petition for rehearing en banc in the PHH Corporation, et al., v. Consumer Financial...more

D.C. Circuit Grants Rehearing in PHH Case

by McGuireWoods LLP on

On Thursday, February 16, 2017, the D.C. Circuit granted the Consumer Financial Protection Bureau’s (CFPB) petition for rehearing en banc in PHH Corporation v. Consumer Financial Protection Bureau. The Order marks the latest...more

Court Grants CFPB's Petition for Rehearing in PHH

The D.C. Circuit has vacated its prior order in PHH Corporation v. Consumer Financial Protection Bureau and ordered the matter be reheard en banc. The parties have been specifically asked to address the following issues in...more

Republican Senators Introduce Bill to Restructure the Consumer Financial Protection Bureau

by Snell & Wilmer on

On January 11, 2017, U.S. Senator Deb Fischer (R-Neb.) introduced Senate Bill 105 which proposes a substantial change to the leadership structure of the Consumer Financial Protection Bureau (“CFPB”). Senator Fischer was...more

House Financial Services Committee Chairman Hensarling Proposes Changes to the CHOICE Act.

by Ballard Spahr LLP on

On Monday, Chairman Hensarling circulated a memorandum to the House Financial Service Committee Leadership Team suggesting key revisions to the CHOICE Act. It only addresses proposed changes to the CHOICE Act; several key...more

OIRA guidance confirms executive order to reduce regulations does not apply to independent agencies

by Ballard Spahr LLP on

Interim Guidance issued by the Office of Information and Regulatory Affairs (OIRA) to implement President Trump’s executive order entitled “Reducing Regulation and Controlling Regulatory Costs” confirms that the order does...more

Trump Executive Order on Financial Regulation: Implications for CFPB

by Dorsey & Whitney LLP on

On February 3, 2017, President Trump signed an Executive Order on “Core Principles for Regulating the United States Financial System.” This is what the Order might mean for the Consumer Financial Protection Bureau (CFPB)....more

"The Uncertain Future of the Consumer Financial Protection Bureau"

Since its inception in July 2011, the Consumer Financial Protection Bureau (CFPB) has sought to prove itself as a powerful regulator through significant enforcement actions and settlements. In 2016, the CFPB continued to...more

Some thoughts on President Trump’s authority to replace Director Cordray

by Ballard Spahr LLP on

There has been some debate about President Trump’s authority to designate a replacement for Director Cordray should he resign or be removed by the President. The Dodd-Frank Act authorizes the CFPB Director to appoint a...more

Text of Senate bill released to replace CFPB leadership with five-person board

by Ballard Spahr LLP on

Last month, we blogged about reports that a bill (S. 105) has been introduced by three Republican Senators to change the CFPB’s single-director leadership structure to a five-person commission....more

The looming student debt crackdown: compliance and enforcement lessons from the foreclosure crisis

Given the parallels between the current student loan debt crisis (including the CFPB, Illinois and Washington’s recent lawsuits against Navient) and the foreclosure crisis of 2010-14, now is a good time to reflect on the...more

Court reported to reject request of plaintiffs in another case challenging CFPB’s constitutionality for consolidation with PHH

by Ballard Spahr LLP on

According to a Law360 report, the D.C. federal district court has denied the request of the plaintiffs in State National Bank of Big Spring, Texas, et al. v. Lew, et al. to consolidate their case with PHH on appeal to the...more

Another view on Presidential authority to remove Director Cordray

by Ballard Spahr LLP on

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

D.C. Circuit grants PHH’s motion for leave to file supplemental response

by Ballard Spahr LLP on

Last Friday, the D.C. Circuit entered an order granting 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...more

Tenth Circuit ruling on constitutionality of SEC administrative judges: implications for CFPB

by Ballard Spahr LLP on

Just before year-end, the U.S. Court of Appeals for the Tenth Circuit, in Bandimere v. United States Securities and Exchange Commission, set aside an SEC decision finding the petitioner liable for violating various securities...more

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

by Ballard Spahr LLP on

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

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