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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

Congress To Take Up Major Cybersecurity Legislation During “Cyber Week”

Earlier this month, House Majority Leader Kevin McCarthy (R-CA) released an April agenda in which he designated the upcoming week to passing legislation to secure cyber networks and prevent data breaches. Making good on that...more

House passes bill to amend TILA points and fees definition for mortgage loans

Earlier this week, the House of Representatives passed a bill to amend the TILA definition of “points and fees” that is used to determine whether a loan is a high-cost mortgage or, for purposes of TILA’s ability to repay...more

Rogue Agency or Champion of Consumers? House Votes for CFPB Transparency

A common complaint against the CFPB is that the agency wields too much power without enough accountability. House Financial Services Committee Chairman Jeb Hensarling recently described the CFPB as “single most powerful and...more

House passes regulatory reform bills

Earlier this week, the House of Representatives, in bi-partisan votes, passed the following regulatory reform bills: The “Eliminate Privacy Notice Confusion Act, H.R. 601, would create an exemption from the Gramm-Leach-Bliley...more

Senate Banking Committee to hold April 16 hearing on mortgage credit availability

On April 16, 2015, the Senate Committee on Banking, Housing and Urban Affairs will conduct a hearing entitled, “Regulatory Burdens to Obtaining Mortgage Credit.” The witnesses scheduled to appear are...more

House Republicans ask CFPB and banking agencies to disclaim “Operation Choke Point”

Six Republican members of the House Financial Services Committee, including Chairman Jeb Hensarling, have sent identical letters to the CFPB, OCC, Fed and NCUA asking each agency to “publicly disclaim [its] past, present, and...more

Congressional Payments Technology Caucus Formed

Innovation in the payments industry continues to accelerate as both established and emerging companies invest significant resources in the development of new payment systems and technologies. Recognizing the challenge that...more

Financial and Merchant Industries Group and Obama Administration to Address Privacy Concerns

On behalf of its 19 participating trade association members from the merchant and financial services industries, the Merchant Financial Cyber Partnership (MFCP) announced "8 Next Steps" to protect customers and their...more

Obama Administration Recognizes Cyber Threats to U.S. Critical Infrastructure as a National Emergency

Many cybersecurity experts have warned that the United States is already engaged in covert cyber warfare against hostile actors around the world. The latest cybersecurity Executive Order reflects formal recognition that,...more

President Obama Issues New Executive Order Authorizing Sanctions Against Cyber Attackers

President Obama issued an Executive Order (the “Order”) on April 1, 2015 that authorizes financial sanctions against certain “persons” (including both individuals and entities) designated by the Treasury Secretary to be...more

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

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

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