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California and Washington, D.C. issue student loan servicing regulations

by Ballard Spahr LLP on

California and the District of Columbia have recently released regulations under their respective student loan servicing laws. Each is taking comments on its regulations, but whereas California has merely issued proposed...more

Additional guidance from HUD/Freddie/Fannie/Ginnie/VA on mortgage-related disaster relief for hurricane victims

by Ballard Spahr LLP on

In addition to the guidance regarding Hurricane Harvey disaster relief, the housing agencies and government-sponsored enterprises (GSEs) recently addressed the mortgage-related relief available to victims of both Hurricane...more

Director Cordray Invites Secretary DeVos to Resurrect CFPB-ED Cooperation

by Ballard Spahr LLP on

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray has responded to the letter from the Department of Education (ED) terminating the Memoranda of Understanding (MOUs) between the agencies....more

Director Cordray delivers second September speech in Ohio refueling rumors of Ohio gubernatorial run

by Ballard Spahr LLP on

On September 12, 2017, Director Cordray appeared as the keynote speaker at the Seventh Annual Ohio Land Bank Conference. Director Cordray’s appearance came on the heels of his speech at the Cincinnati AFL-CIO Labor Day...more

Director Cordray praises his work at CFPB at Cincinnati AFL-CIO Labor Day picnic but does not resign and launch his campaign for...

by Ballard Spahr LLP on

Ever since it was announced that Richard Cordray would be delivering a speech at the annual Cincinnati AFL-CIO Labor Day picnic, there was wide speculation that he would use that occasion to launch his campaign to run for...more

Director Cordray keeps mum on departure plans

by Ballard Spahr LLP on

Director Cordray, responding today to a letter from Rep. Jeb Hensarling who chairs the House Financial Services Committee, stated that “I have no further insights to provide” on whether he intends to serve his full term as...more

HUD/VA/Fannie/Freddie address mortgage-related disaster relief for Hurricane Harvey victims

by Ballard Spahr LLP on

On Monday, August 28, HUD announced that it was committed to “speed federal disaster assistance to the State of Texas and provide support to homeowners and low-income renters forced from their homes due to Hurricane Harvey.”...more

Director Cordray to remain at CFPB beyond Sept. 1; Rep. Hensarling seeks confirmation of Director Corday’s departure plans

by Ballard Spahr LLP on

Despite the various signs suggesting Director Cordray would resign before Labor Day, it now appears that he intends to remain as Director until at least a date in September. ...more

A fourth sign of Director Cordray’s imminent departure?

by Ballard Spahr LLP on

Last Friday, we blogged about a new sign that Director Cordray’s resignation may be imminent. That sign was the CFPB’s posting on its website of a notice of a meeting on September 7, 2017 of the Fall 2017 Credit Union...more

Another sign that Richard Cordray will resign soon, perhaps next week?

by Ballard Spahr LLP on

We have previously blogged about two upcoming events that have led to speculation that Richard Cordray is about to resign as Director of the CFPB. The first event is a speech he is giving in Cincinnati, Ohio at a Labor Day...more

Cordray's Departure Will Mean Big Changes at the CFPB

by Pepper Hamilton LLP on

One of two scenarios will likely occur in the near future at the CFPB. Either Director Richard Cordray will be fired by President Trump (for cause), or Cordray will resign to enter the 2018 Ohio gubernatorial race. If either...more

California Department of Business Oversight wins award for process improvements

by Ballard Spahr LLP on

On July 28, 2017, California Governor Jerry Brown’s Office of Business and Economic Development recognized the California Department of Business Oversight for a successful Lean Six Sigma project that dramatically reduced the...more

More speculation about Director Cordray’s resignation

by Ballard Spahr LLP on

On July 20, we reported that Director Cordray is scheduled to give a speech at the September 4 Cincinnati AFL-CIO Labor Day picnic.  Assuming the speculation that Director Cordray plans to run for Ohio governor is accurate,...more

Why David Silberman, the CFPB’s Acting Deputy Director, will not succeed Richard Cordray (if and when he resigns)

by Ballard Spahr LLP on

On July 31, I published a blog post in which I suggested that, if Director Cordray resigns, Treasury Secretary Mnuchin would be the obvious and logical person to serve as CFPB Acting Director until President Trump nominates,...more

Can President Trump appoint an Acting Director upon Director Cordray’s departure?

by Ballard Spahr LLP on

Given the speculation that Director Cordray will soon resign to run for Ohio governor, we have been pondering whether President Trump could appoint an Acting Director upon his resignation or whether David Silberman, the...more

FDIC adopts revised guidelines for appeals of material supervisory determinations

by Ballard Spahr LLP on

Effective July 18, 2017, the FDIC has adopted amendments to its Guidelines for Appeals of Material Supervisory Determinations.  The FDIC proposed the amendments last August and received only two comment letters, one from a...more

Lucia appeals D.C. Circuit ruling to Supreme Court

by Ballard Spahr LLP on

On July 21, 2017, an investment adviser sought review by the Supreme Court of the D.C. Circuit’s recent ruling in Lucia that allowed to stand a district court decision holding that SEC administrative law judges (“ALJs”) are...more

What the D.C. Circuit decision vacating stay of EPA rule could mean for final CFPB arbitration and payday loan rules

by Ballard Spahr LLP on

I recently blogged about the rumor I heard from a reliable source that the CFPB will issue a final arbitration rule by the end of July. That rumor appears to be gaining traction, with a major industry trade group telling its...more

Financial Services Weekly News - June 2017 #3

by Goodwin on

Editor's Note - In This Issue. President Trump announced his intended nominee for Chairman of the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB) proposed updates to its...more

President Trump expected to nominate Joseph Otting to head OCC

by Ballard Spahr LLP on

The American Bankers Association and numerous media sources, including Politico and American Banker, have reported that the White House has announced that President Trump will nominate Joseph Otting to serve as Comptroller of...more

Fleeting Glimpse of RESPA Issues in PHH Argument as Court Focuses on Bureau Constitutionality

by Foley & Lardner LLP on

Although the RESPA issues were addressed in the briefs filed by the parties in the PHH case, at oral argument this week the parties and the en banc D.C. Circuit focused heavily on whether the president’s authority is...more

The Battle Over the CFPB Continues

The battle over the future of the Consumer Financial Protection Bureau (CFPB) rages on, with Republicans trying a host of measures to challenge and contain the agency....more

What You Need to Know from the CFPB Spring 2017 Supervisory Highlights

by Baker Donelson on

The Consumer Financial Protection Bureau (CFPB) released its Spring 2017 Supervisory Highlights last month. This is the 15th volume to be released and each volume is a great resource to obtain line-of-sight into what the CFPB...more

Trump’s FY 2018 Budget Subjects CFPB to Congressional Appropriations Process

by Ballard Spahr LLP on

Tuesday, President Trump released an outline of his FY 2018 Budget entitled “A New Foundation for American Greatness”. There is good news and bad news for the CFPB, although most of it is bad news. The good news for the...more

Professional Regulatory Alert: If It Looks like a Duck: British Columbia Court of Appeal Rules on Title Use

by Field Law on

Professional regulators are often faced with non-members who use titles similar to those used by regulated members of the profession but not explicitly prohibited by the governing statute. In Organization of Chartered...more

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