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Bill to create CFPB small business advisory board introduced

A bill to require the CFPB to establish a small business advisory board was recently introduced by Republican Congressmen Robert Pittenger and Denny Heck....more

CFPB General Counsel Meredith Fuchs in the “Disparate Impact” Hot Seat

As we previously reported, the House Financial Services Committee has been interested in the specific methodology and metrics used by the CFPB in its disparate impact analysis under the Equal Credit Opportunity Act and...more

House to hold hearing on economic consequences of actions taken by CFPB and other federal regulators

This Tuesday, April 8, the House Financial Services Committee will hold a hearing entitled “Who’s in Your Wallet: Examining How Washington Red Tape Impairs Economic Freedom.” ...more

Senate Banking subcommittee holding hearing on alternative financial products

The Senate Banking Committee’s subcommittee on Financial Institutions and Consumer Protection is holding a hearing today titled: “Are Alternative Financial Products Serving Consumers?” Observers have noted that the hearing...more

More on the CFPB’s closed-door meeting policy

Last week, we reported that Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, has called on the CFPB to end its closed-door meeting policy for its four advisory groups. Those groups...more

House Financial Services Chairman Presses CFPB On Auto Finance Enforcement

House Financial Services Committee Chairman Jeb Hensarling (R-TX) sent a letter today to CFPB Director Richard Cordray once again pressing the CFPB for information about its March 2013 auto finance guidance and its actions...more

Congresswoman Urges OCC to Scrutinize Mortgage Servicing Rights Sales to Nonbank Servicers

Congresswoman Maxine Waters, who serves as the ranking member on the House of Representatives Committee on Financial Services, sent a letter to the Office of the Comptroller of the Currency and the Office of Mortgage...more

House passes CFPB reform bill

The CFPB continues to be a target of House Republicans, with the House passing a bill last week that would make structural and other changes to the CFPB. H.R. 3193, which passed by a 232-182 vote, incorporates five CFPB...more

Director Cordray confirms 2014 focus on payday and other small-dollar loans

According to a report by Kim Chipman and Carter Dougherty of Bloomberg, in a Q&A with state attorneys general that followed a speech today in Washington, D.C. to the National Association of Attorneys General, Director Cordray...more

Attorney General Holder Calls on Congress to Establish Strong National Data Breach Notification Standard

Yesterday, in his weekly video address, Attorney General Eric Holder urged Congress to create a national data breach notification standard requiring companies to quickly notify consumers of a breach of their personal or...more

White House Issues Statement on House Bill to Alter CFPB

The White House issued a statement in opposition of the House of Representatives’ passage of H.R. 3193, the Consumer Financial Protection Safety and Soundness Improvement Act of 2013, citing that it would undermine critical...more

Senate Committees Hold Data Security Hearings

On Monday, February 3, and Tuesday, February 4, the Senate Banking and Senate Judiciary Committees (respectively) held hearings on the topic of data security and breach notification. Witnesses at both hearings included...more

CFPB Director Defends Mortgage Rules, Discusses Plans In Other Markets

On January 28, the House Financial Services Committee held a lengthy hearing with CFPB Director Richard Cordray in connection with the CFPB’s November 2013 Semi-Annual Report to Congress, which covers the period April 1, 2013...more

Turn around is fair play

The House Financial Services Committee appears to have stolen a page from the CFPB’s play book. The CFPB’s website invites consumers to “tell us your story, good or bad, about your experience with consumer financial products”...more

House Financial Services Subcommittee Holds Hearing on How QM Harms Homeowners

On January 14, 2014, the House Subcommittee on Financial Services held a hearing entitled “How Prospective and Current Homeowners Will Be Harmed by the CFPB’s Qualified Mortgage Rule.” Four lender representatives and one...more

Senator Warner introduces prepaid card bill

Despite the CFPB’s plans to issue a proposed regulation concerning prepaid cards this spring, Senator Mark Warner has introduced a bill (S. 1903 ) that would require new disclosures for prepaid cards. The bill, entitled the...more

House Financial Services Committee to hold hearing on QM rule

The House Financial Services Committee has announced that on Tuesday, January 14, it will hold a hearing entitled “How Prospective and Current Homeowners Will Be Harmed by the CFPB’s Qualified Mortgage Rule.”...more

CFPB’s hand seen in student loan bill

Four Senate Democrats (Senators Boxer, Warren, Durbin and Reed) recently introduced a bill entitled the “Student Loan Borrower Bill of Rights.” On March 1, 2014, the CFPB will begin overseeing servicers of federal and private...more

Financial Services Legislative and Regulatory Update -- December 9, 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - While the Senate was on recess, the House was in, but staffs from...more

House committee approves six CFPB reform bills

The House Financial Services Committee has approved a series of six bills that would make structural and other changes to the CFPB. Unfortunately, this will probably amount to no more than a “feel good” exercise for House...more

Private Fund Update - November 25, 2013

In this issue: - The 113th Congress - Securities and Exchange Commission - Commodity Futures Trading Commission (CFTC) - The Administration - Private Equity Growth Capital Council...more

U.S. House of Representatives Oversight and Investigations Subcommittee Examines Disparate Impact Theory in Fair Housing and...

On November 19, 2013, the Oversight and Investigations Subcommittee of the U.S. House of Representatives Committee on Financial Services conducted a hearing titled "A General Overview of Disparate Impact Theory." Under the...more

Proposed California Ballot Initiative Targets Dealer Markups

Recently, the consumer advocacy group Consumers for Auto Reliability and Safety announced that it submitted a new ballot initiative in California that would, among numerous other things, prohibit dealer markups in auto...more

CFPB Director Testifies Before Senate Banking Committee

On November 12, CFPB Director Richard Cordray testified before the Senate Banking Committee in connection with the CFPB’s recent Semi-Annual Report to Congress, which covered the period April 1, 2013 through September 30,...more

Financial Services Legislative and Regulatory Update -- November 18, 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; International; Miscellaneous; and Upcoming Hearings. Excerpt from Leading the Past Week - While Washington and the country were...more

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