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Budget amendment introduced to change CFPB appropriations

Another Republican CFPB effort to subject the CFPB to the congressional appropriations policy took the form of an amendment to the Senate’s 2015 Budget Resolution introduced last week by Senator David Perdue. Earlier in...more

Tax Policy Update

NUMBER OF THE WEEK: $900 billion. The amount of additional taxes that would fall on businesses and families under Republicans’ budget plans, according to a “fact check” by the Associated Press in a story with a title made of...more

West Virginia Legislature Proposes Changes to the WVCCPA

West Virginia’s Legislature just concluded its 2015 session. Among the more than 260 bills sent to Governor Earl Ray Tomblin is S.B. 542, which makes amendments to the West Virginia Consumer Credit and Protection Act...more

Legislation Introduced to Modify CFPB Structure: Will It Gain Traction?

Earlier this month, a year after the House passed a bill to change the structure of the Consumer Financial Protection Bureau (CFPB), Rep. Randy Neugebauer (R-Tex.) again introduced legislation that would modify the structure...more

Congressman Introduces Legislation to Reform CFPB

On March 4, U.S. House Representative Randy Neugebauer introduced H.R. 1266, a bill to reform the CFPB’s leadership structure to replace its single director with a five-member commission appointed by the President....more

US House Republicans Renew Focus on Consumer Financial Protection Bureau Oversight

During the third month of the 114th Congress, Republicans in the US House of Representatives are renewing efforts to overhaul the US Consumer Financial Protection Bureau (CFPB), the agency established by the 2010 Dodd-Frank...more

More CFPB reform bills introduced in House

In addition to the bill introduced last week by Republican Congressman Randy Neugebauer that would replace the CFPB’s director with a five-member commission, four other CFPB reform bills have been introduced by Republican...more

House Republicans introduce another bill to create commission to run CFPB

House Republicans are making another attempt to replace the CFPB’s director with a five-member commission. A similar attempt passed the House early last year but failed in the Senate. H.R. 1266, introduced earlier this week...more

President Obama’s Proposed Privacy Bill of Rights - Part 3: Who’s Covered

This week we have brought you a multi-part series analyzing the Obama administration’s proposed Consumer Privacy Bill of Rights, which would require greater transparency by businesses in their privacy practices, and grant...more

U.S. House Representatives Reintroduce Bill to Create Independent IG Position at CFPB

On February 12, Congressmen Steve Stivers (R-OH) and Tim Walz (D-MN) re-introduced the Bureau of Consumer Financial Protection-Inspector General Act of 2015, legislation that would create an independent IG position at the...more

Industry Trade Groups Urge Congress to Pass Legislation to Protect Consumers from Data Breaches

On February 12, seven industry trade associations co-authored a letter to Congress regarding anticipated data breach legislation. The letter urges Congress to protect its constituents from the impact of identity theft and...more

White House Summit on Cybersecurity and Consumer Protection

Many of the nation's leading cyber, data and privacy experts convened Friday at a White House Summit at Stanford University to discuss ways to improve our nation's cybersecurity. During the summit, President Obama signed an...more

House Financial Services Committee Approves Agenda for 114th Congress

On January 21, the Committee on Financial Services, in a voice vote, agreed to a new oversight plan that identifies the areas that the Committee and its subcommittees plan to oversee during the 114th Congress. Notable...more

Alert: Obama Makes Cybersecurity A National Priority

Over the past two weeks, President Obama has made clear that cybersecurity continues to be a concern, and he and the administration are increasing their focus on the issue. ...more

Dodd-Frank Act Changes Are Coming

For over four years after enactment of the Dodd-Frank Act (“Dodd-Frank”), President Obama and the Democratic Senate successfully blocked any changes to that act. For example, in the 113th Congress, the House passed 26 bills...more

House Financial Services Committee approves oversight plan; Committee chair gets new subpoena authority

The House Financial Services Committee voted unanimously today to approve the Committee’s oversight plan for the 114th Congress. The plan provides that the Committee intends to continue its close examination of the...more

Four Key Voices in Washington’s Housing Finance Reform Debate

The 113th Congress adjourned on Dec. 16, 2014. Among its legislative shortcomings, including the last-minute failure to extend the Terrorism Risk Insurance Act (‘‘TRIA’’), was the inability to produce any meaningful reform to...more

Year in Review: Legislation and Guidance for Financial Institutions in 2014

2014 was a year replete with new legislative and regulatory initiatives impacting federally regulated financial institutions. The key initiatives introduced or implemented in 2014 are outlined in our annual year in review....more

Before Adjourning, US Congress Adopts Budget With Dodd-Frank Amendments; Fails To Pass Terrorism Risk Insurance Legislation

Before the 113th Congress adjourned on December 16, Congress adopted the Consolidated and Further Continuing Appropriations Act of 2015, which ensures the federal government operates with budget certainty until September...more

Lawmakers Query Banks About Data Security

Why it matters - Suffered a cyber attack over the last year? Members of Congress want to hear about it, and all financial institutions should be prepared to competently respond to government inquiries if they are a...more

Executive Order Mandates Heightened Data Security Measures for Government Agencies

On October 17, 2014, President Obama signed an executive order for its BuySecure Initiative requiring government agencies to transition payment processing terminals and credit, debit and other payment cards to employ enhanced...more

CFPB’s constitutionality again before D.C. Circuit in Morgan Drexen appeal

The CFPB’s constitutionality is again before the D.C. Circuit, with the D.C Circuit now being asked to consider the impact of the U.S. Supreme Court’s decision in NLRB v. Canning on actions taken by the CFPB while Director...more

The 2014 Election: A Critical Juncture in Financial Services Legislation, Regulation, and Oversight

As November draws closer, the financial services industry is staking out a front row seat in tracking the outcomes of the 2014 midterm elections. The 114th Congress’ legislative agenda in this area will be shaped in large...more

New Executive Order Seeks to Improve Security of Consumer Financial Transactions

The Obama Administration is taking new steps aimed at improving the security of consumer financial transactions. Specifically recognizing that identity crimes, including credit card fraud, are a risk to U.S. economic...more

Alert: The "Chip-and-PIN" Executive Order

On Friday, October 17, Obama signed his second major cyber-related executive order in the past two years. This most recent EO, entitled "Improving the Security of Consumer Financial Transactions," focuses squarely on the...more

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