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Holder Vows To Continue Operation Choke Point; House Considers Bill To Stop It

Depending on whom you ask, Operation Choke Point has a promising future ahead of it – or will soon be history. The controversial initiative by the Department of Justice (DOJ) is intended to limit certain lenders and...more

House Appropriations Amendments Would Halt CPSC’s Voluntary Recalls Rule; Fund Testing Relief

The House of Representatives is currently considering H.R. 5016, the Financial Services and General Government Appropriations Act of 2015, which provides funding to many different parts of the federal government for the next...more

CPSC Nominees Kaye, Mohorovic, and Adler Sent to Senate Floor for Confirmation Vote

Yesterday, the Senate Commerce, Science, and Transportation Committee approved three pending nominations for the Consumer Product Safety Commission (CPSC). The Committee approved Elliot Kaye as Chairman and Joe Mohorovic and...more

The Supreme Court Limits the President's Recess Appointment Power

In January 2012, President Obama made recess appointments of the first Director of the Consumer Financial Protection Bureau and two members of the National Labor Relations Board during a three day period when the Senate was...more

GE food-labelling bill fails in California Senate

Despite the recent passage of a genetically engineered (GE) food-labelling law in Vermont, and similar bills appearing in legislatures in other states, proponents of labelling have again failed to pass such a law in...more

Capital Thinking: Technology and Communications

Legislative Activity Online Competition and Consumer Choice Act of 2014 Introduced in the House and the Senate Last Tuesday, June 17, Senator Patrick Leahy (D-Vermont) and Representative Doris Matsui (D-California)...more

Weight Loss Claims and Dr. Oz Gain Congressional Interest

We’ve all heard the statistics showing obesity rates rising in the U.S. year after year. Most of us are well aware of the billion dollar diet and weight-loss supplement industry to which millions turn with the hope of finding...more

CFPB to issue whitepaper on methodology for identifying auto finance discrimination and consider use of advisory opinions

While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the...more

House Committee holds third hearing on alleged discrimination at the CFPB

Yesterday, the House Financial Services Committee’s Oversight and Investigations Subcommittee held a third hearing in its series of hearings addressing alleged discrimination at the CFPB. The Subcommittee heard testimony from...more

Full House Committee to hold hearing on the CFPB’s fifth semi-annual report

The House Committee on Financial Services will hold a hearing tomorrow to receive the Semi-Annual Report of the CFPB and Director Cordray’s testimony on the report. CFPB Director Cordray is scheduled to be the only...more

Obama takes action to increase assistance to student borrowers

President Obama issued a Presidential Memorandum last Monday directing the Secretary of Education to issue regulations that allow additional students to take advantage of a program to cap their student loan payments at 10...more

House to hold third hearing on CFPB discrimination

The House Financial Services Committee’s Oversight and Investigations Subcommittee will be holding a hearing tomorrow entitled “Allegations of Discrimination and Retaliation within the Consumer Financial Protection Bureau,...more

Senator Hagan Introduces the Servicemember Higher Education Protection Act

New legislation, titled the Servicemember Higher Education Protection Act (the “Bill”), was introduced recently by Senator Kay Hagan (D-NC). The Bill includes several provisions that expand protections under the...more

Student Loan Refinancing Bill Stalled in Senate

Late last week, the student loan refinancing bill introduced by Senator Warren (D-MA) came up 4 votes short of the 60 needed to end debate and prevent a filibuster. If enacted, S. 2292, the Bank on Students Emergency Loan...more

No Quorum at Senate Nominations Hearing for CPSC’s Adler; Three CPSC Nominees Now Waiting for Committee Action

The CPSC’s Acting Chairman, Robert (Bob) Adler, testified before the U.S. Senate Committee on Commerce, Science, and Transportation for his confirmation hearing this week along with four other nominees for various positions...more

House Committee holds markup of CFPB bills

On Tuesday, June 10, the House Financial Services Committee held a markup to discuss several bills designed to promote greater transparency and accountability at the CFPB. In his opening statement, Chairman Hensarling...more

‘Operation Choke Point’ under Fire

"Operation Choke Point," the coordinated multiagency federal effort to choke off banking services to alleged fraudsters (according to its defenders) or politically unpopular industries (according to its detractors), has come...more

Director Cordray testifies before Senate committee

Yesterday, the Senate Committee on Banking, Housing and Urban Affairs heard testimony from Director Cordray at its hearing titled “The Consumer Financial Bureau’s Semi-Annual Report to Congress.” Noteworthy aspects of...more

Senate holds hearings on student loans

Last Wednesday, the Senate Budget Committee and the Senate Banking Committee held separate hearings about student loans. Interestingly, the CFPB was represented in only one of the hearings. The Senate Budget Committee...more

House to hold full Committee markup

The House Financial Services Committee will hold a markup this Tuesday, June 10. The full Committee will meet to discuss several bills, including some relating to the CFPB that were discussed at the Committee’s last hearing...more

House Oversight Committee Report Challenges DOJ’s Operation Choke Point

On May 29, the House Oversight Committee released a staff report on Operation Choke Point, DOJ’s investigation of banks and payment processors purportedly designed to address perceived consumer fraud by blocking fraudsters’...more

Confirmation Hearing for Commissioner Adler on June 11th

According to the Senate Commerce Committee’s hearings calendar, the committee will be holding a nominations hearing on June 11th at 2:30pm to “consider several nominations.” There are unconfirmed reports that the CPSC’s...more

Director Cordray to testify in front of Senate Committee

The Senate Banking Committee announced that it would be holding a hearing on June 10, 2014 on the CFPB’s fifth Semi-Annual Report to Congress. CFPB Director Richard Cordray is the only witness scheduled to testify....more

Former CPSC Chairman Brown Expresses Concern over CPSC’s Voluntary Recalls Rule

Former CPSC Chairman Ann Brown recently sent a letter to the leaders of the CPSC’s congressional oversight committee asking for them to “urge the Commission to consider its proposed [voluntary recalls] rule carefully and to...more

House Financial Services Committee Approves Several Mortgage Bills

On May 22, the House Financial Services Committee resumed activity on a series of bills—several of which are mortgage-related—that it considered earlier this month but for which it had postponed recorded votes. The committee...more

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