News & Analysis as of

Consumer Financial Protection Bureau Dodd-Frank Wall Street Reform and Consumer Protection Act

The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating... more +
The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating consumers about financial products and services, enforcing federal consumer financial laws and studying trends in consumer financial markets.     less -

Treasury Report Proposes Revamping Post-Crash Financial Regulation

by WilmerHale on

On June 12, 2017, the U.S. Treasury Department released a 150-page report (the Report) that recommends revamping many of the rules for banks and other financial services firms put in place after the 2008 financial crisis...more

CHOICE Act: Reform or Recalibration?

by Morrison & Foerster LLP on

In the last session of the US Congress in mid-2016, representative Jeb Hensarling first introduced the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs) Act. This represented an...more

Trump Administration Sets Forth Recommendations for Consumer Finance Regulatory Reform

On June 12, the U.S. Department of the Treasury released a comprehensive report setting forth the Trump Administration’s vision for regulatory reform in the banking sector. Specifically, this report focuses on the depository...more

FTC Provides 2016 Enforcement Report to CFPB

by Ballard Spahr LLP on

The Federal Trade Commission has provided its annual Financial Acts Enforcement Report to the CFPB covering the FTC’s enforcement activities in 2016 relating to compliance with Regulation Z (Truth in Lending Act), Regulation...more

Treasury Echoes Trump: Deregulate to Improve Financial Systems

by Hinshaw & Culbertson LLP on

Shortly after taking office, President Trump issued an Executive Order to establish a policy for regulating the United States financial system under seven "Core Principles," and to order a report from the United States...more

Dodd-Frank News - Summer 2017

by Burr & Forman on

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Kerfuffle on statute of limitations issue in PHH case

by Ballard Spahr LLP on

On June 7, the CFPB submitted a Rule 28(j) letter to the D.C. Circuit in the PHH case. In the letter, the CFPB embraced the fact that the Supreme Court’s recent Kokesh v. SEC decision makes the five-year statute of...more

Treasury report on U.S. financial system recommends significant CFPB reforms

by Ballard Spahr LLP on

The report issued earlier this week by the U.S. Treasury Department to President Trump in response to his February 2017 Executive Order 13772, “A Financial System That Creates Economic Opportunities-Banks and Credit Unions,”...more

Summer 2017 Dodd Frank Wall Street Reform and Consumer Protection Act Update

by Burr & Forman on

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

The State AG Report Weekly Update

by Cozen O'Connor on

AG Elections- 2017 Virginia Attorney General Election Update- Following uncontested primaries, incumbent Democrat AG Mark Herring and Republican challenger John Adams will proceed to the Virginia general election this...more

“Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs” – House Passes Financial Reform Bill

by Snell & Wilmer on

On June 8, the House of Representatives passed the Financial CHOICE Act of 2017 in a bid to reform the financial regulatory system created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill, which...more

U.S. House of Representatives Passes the Financial CHOICE Act of 2017

by Morrison & Foerster LLP on

On June 8, 2017, the Financial CHOICE Act of 2017 (the “CHOICE Act”) was passed on a party line vote by the U.S. House of Representatives, with nearly all Republicans voting in support and nearly all Democrats voting against...more

CFPB withdraws CID issued to structured settlements purchaser, petition to enforce CID denied as moot

by Ballard Spahr LLP on

The CFPB’s petition filed in a Pennsylvania federal district court last June to enforce a CID issued to J.G. Wentworth, LLC, a purchaser of structured settlements and annuities, was denied by the court last week as moot. The...more

Smaller Issuer Relief in the Financial CHOICE Act

by Dorsey & Whitney LLP on

As noted in the earlier post, the House passed the Financial CHOICE Act yesterday. While the headline-grabbing aspects of the Financial CHOICE Act relate to a repeal of the Volcker Rule and reducing the authority of the...more

Congress Takes a Significant Step Towards Replacing Dodd-Frank and Gutting the CFPB

by Hinshaw & Culbertson LLP on

On June 8, 2017, as we anticipated in a previous blog post, the House of Representatives voted along party lines to pass the Financial CHOICE ACT (“FCA”), which would repeal Dodd-Frank and strip the CFPB of its authority....more

Financial Choice Act

by Taylor English Duma LLP on

This week, the House of Representatives will consider and vote on the Financial Choice Act (“FCA”), sponsored by Rep. Jeb Hensarling of Texas – chairman of the House Financial Services Committee. The FCA is a response to the...more

D.C. Circuit Publishes Transcript of PHH v. CFPB Oral Arguments

by Ballard Spahr LLP on

On June 6, 2017, the D.C. Circuit published the 85-page transcript of the May 24, 2017 oral arguments in the PHH v CFPB case...more

Blog: House Passes Financial Choice Act Of 2017. What Now?

by Cooley LLP on

The Financial Choice Act of 2017 has been passed by the House (almost surreptitiously, given the unwavering focus on the Senate hearing today). According to the WSJ, the House vote was 233 to 186. The bill, sponsored by Jeb...more

Congress Seeks Dodd-Frank Overhaul and Elephant Dart for Consumer Financial Protection Bureau

by Hinshaw & Culbertson LLP on

On May 4, 2017, the House Financial Services Committee passed HR 10, the Financial CHOICE ACT (“FCA”) by a 34-26 vote, with all proposed Democratic redlines rejected. The FCA is expected to go to a full House vote as early as...more

Window on Washington - This Week in the Nation's Capital - Vol. 1, Issue 11

by Clark Hill PLC on

House Appropriators Float 12-Bill Omnibus Before Recess: House Republicans are weighing an ambitious plan to pass a 12-bill appropriations package for fiscal 2018 ahead of the August recess, top GOP appropriators told CQ Roll...more

Takeaways From TRANSACT: Payments Industry Legal and Regulatory Trends

by Perkins Coie on

Earlier this month, the Electronic Transactions Association (ETA) hosted its annual TRANSACT conference to connect and educate the various branches of the payments industry. Industry leaders spoke on technology, security,...more

Financial CHOICE Act Passes Committee

by Goodwin on

On May 4, 2017, the U.S. House of Representatives Financial Services Committee passed the Financial CHOICE Act, H.R. 10, with a 34-to-26 vote down party lines. The legislation, co-sponsored by Chairman Jeb Hensarling (R-TX),...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

D.C. Circuit poised to decide constitutionality of CFPB structure in PHH case

by Ballard Spahr LLP on

On May 24, 2017, the US Court of Appeals for the D.C. Circuit (D.C. Circuit) held oral argument in the PHH case, which we have blogged about extensively. The constitutionality of the CFPB’s structure was the central issue at...more

Guest Post: CFPB Issues Request for Information Regarding Small Business Lending

The CFPB has issued a Request for Information (RFI) to collect data that will shed light on how small businesses engage with financial institutions, with a particular focus on women-owned and minority-owned small businesses....more

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