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Cordray’s Appearance Before Senate Banking Committee Renews Debate on CFPB Restructuring Proposals

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray appeared before the U.S. Senate Committee on Banking, Housing and Urban Affairs on Wednesday, July 15, 2015....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

U.S. House Appropriations Committee Approves Amendment to Delay CFPB Arbitration Rule

On June 17, the U.S. House Appropriations Committee approved an amendment that would require the CFPB to conduct a peer-reviewed cost-benefit analysis of the use of arbitration agreements prior to issuing a final rule....more

Lawmakers urge CFPB to reopen arbitration study

A group of more than 80 House and Senate Republicans have sent a letter to Director Cordray asking the CFPB to reopen its arbitration study. The CFPB released the final results of its empirical study of consumer arbitration...more

Nevada Senate Passes Bill Affecting Super-Priority Liens in Foreclosure

The Nevada Legislature recently passed a bill intended, in part, to address issues resulting from the Nevada Supreme Court’s decision that a homeowners association lien is a true super-priority lien that, if foreclosed,...more

Nevada Enacts Payday Lender Best Practices Act

On May 27, Nevada Governor Brian Sandoval signed into law S.B. 242, enacting the Payday Lender Best Practices Act. The legislation requires payday and similar lenders to use various specified best practices – advocated by the...more

Oklahoma Amends SAFE Act

Governor Mary Fallin signed SB-377 on May 12, amending provisions relating to the Oklahoma SAFE Act (the Act). The amendment clarifies the Act by adding references to “mortgage lenders” and “servicing” throughout the Act and...more

The Trend Toward Payroll Cards

Last month, Georgia became the latest state to pass legislation governing the payment of wages via “payroll cards.” Gov. Nathan Deal signed the new law on May 5, 2015. Prior to the passing of this bill, the payment of wages...more

Banking Committee Chairman Introduces the Financial Regulatory Improvement Act of 2015

For more than two decades, each and every Congress has considered and adopted wide-ranging financial services legislation that has significantly altered the legal and regulatory landscape governing financial institutions in...more

255 members of Congress seek TILA/RESPA integrated disclosure rule grace period

A bipartisan group of 255 members of Congress have sent a letter to the CFPB seeking a grace period for enforcement of the TILA-RESPA Integrated Disclosure (TRID) rule which becomes effective on August 1, 2015. They ask for...more

Senator Shelby Speaks to Baker Donelson; Releases Financial Regulatory Proposal

U.S. Senator Richard Shelby (R-Alabama), chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, last week released the text of the discussion draft of "The Financial Regulatory Improvement Act...more

58 members of Congress urge CFPB to ban consumer arbitration

Senator Al Franken and 57 other members of Congress signed a letter sent to Director Cordray last week urging the CFPB “to move forward quickly to use its authority under the Dodd-Frank Act to issue strong rules to prohibit...more

Senator Perdue renews attempt to change CFPB funding

Republican Senator David Perdue has introduced a bill, S.1383 entitled the ‘‘Consumer Financial Protection Bureau Accountability Act of 2015,” that would make the CFPB subject to the congressional appropriations process....more

Democrats release alternative regulatory relief bill

Democrats on the Senate Banking Committee have released a regulatory relief bill intended to be an alternative to the bill released by Senator Richard Shelby. While Senator Shelby’s bill is entitled the “Financial Regulatory...more

Shelby Draft Regulatory Relief Bill Addresses Various Residential Mortgage Issues

On May 12, 2015 Senator Richard Shelby (R-AL) released a draft of a regulatory reform bill entitled the Financial Regulatory Improvement Act of 2015. The draft bill addresses various residential mortgage lending issues, a...more

Bipartisan House Bill Introduced To Create Temporary Safe Harbor from Enforcement of TILA-RESPA Integrated Disclosure Rules

Republican Congressman Steve Pearce and Democratic Congressman Brad Sherman have introduced a bill in the House of Representatives (H.R. 2213) that would provide lenders with a temporary safe harbor from enforcement of the...more

Governor Tomblin Signs into Law Significant Amendments to West Virginia Consumer Credit Protection Act

On March 31, 2015, West Virginia Governor Earl Ray Tomblin signed SB 542 into law. This new law amends frequently litigated sections of the West Virginia Consumer Credit Protection Act (“WVCCPA”), W. Va. Code section 46A, in...more

House to hold March 14 hearing on TILA-RESPA integrated disclosures

On March 14, 2015, the House Financial Services Committee’s Subcommittee on Housing and Insurance will hold a hearing on “TILA-RESPA Integrated Disclosure: Examining the Costs and Benefits of Changes to the Real Estate...more

CFPB Report Recaps 2014 Fair Lending Activities

On April 28, the CFPB published its third annual report to Congress on its fair lending activities. Among other developments, the report highlights the following key supervision and enforcement priorities taken by the Bureau...more

CFPB Releases its Third Fair Lending Report to Congress

On April 28, 2015, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”), established in 2010 by The Dodd-Frank Wall Street Reform and Consumer Protection Act, issued its third Fair Lending Report (the “Report”)...more

Bipartisan House bill introduced to create temporary safe harbor from enforcement of TILA-RESPA integrated disclosure rule

Republican Congressman Steve Pearce and Democratic Congressman Brad Sherman have introduced a bill in the House of Representatives (H.R. 2213) that would provide lenders with a temporary safe harbor from enforcement of the...more

Senate Democrats offer Consumer Privacy and Protection Act of 2015

Senate Democrats, led by Senate Judiciary Committee Ranking Member Patrick Leahy of Vermont, introduced legislation on April 30, 2015 directed to online consumer privacy and data protection. The Consumer Privacy and...more

Proposed MLA expansion in limbo

Despite the CFPB’s efforts to build support for the Department of Defense’s proposal to significantly expand Military Loan Act coverage, it now appears that the proposal may be put on hold. The DoD proposal would revise the...more

Rule Expanding Military Lending Act Protections In Limbo

The Department of Defense's (DoD) proposed rule to revise and expand the coverage of its rule implementing the Military Lending Act (MLA) may be put on hold. The House Committee on Armed Services Subcommittee for Military...more

House passes bill to cut CFPB funding; White House threatens veto

Yesterday, the House of Representatives, by a vote of 235-183, passed H.R. 1195, titled the “Bureau of Consumer Financial Protection Advisory Boards Act.” As originally proposed, the bill would codify the CFPB’s existing...more

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