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

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
News & Analysis as of

SEC Whistleblower Program May Be Facing Congressional Cutback

According to a memo circulating amongst Republican-party leaders as of February 13th, Republicans in the House of Representatives are planning to propose a significant curtailment of the U.S. Securities and Exchange...more

Alternative Facts? A World Without Dodd-Frank and Basel III

What if Dodd-Frank and Basel III were to largely go away? Eliminating Dodd-Frank has been a hobbyhorse of Representative Hensarling, the chair of the House Services Committee, for several years and has figured prominently in...more

Court Grants CFPB's Petition for Rehearing in PHH

The D.C. Circuit has vacated its prior order in PHH Corporation v. Consumer Financial Protection Bureau and ordered the matter be reheard en banc. The parties have been specifically asked to address the following issues in...more

D.C. Circuit Vacates and Grants En Banc Review of Decision That Declared CFPB Unconstitutional

In an order on February 16, 2017, the U.S. Court of Appeals for the District of Columbia Circuit vacated the panel decision and granted the petition by the Consumer Financial Protection Bureau for an en banc rehearing in PHH...more

CFPB seeking information on use of alternative data in credit process, including by small business lenders

The CFPB has issued a request for information (RFI) that seeks information about the use of alternative data and modeling techniques in the credit process. According to the CFPB, the RFI stems from the Bureau’s desire...more

D.C. Circuit grants CFPB’s petition for rehearing en banc in PHH case

The D.C. Circuit has entered an order granting the CFPB’s petition for rehearing en banc in the PHH case.  Because the order was issued per curiam, it does not indicate which of the active judges voted to grant the petition...more

Plaintiffs in another case challenging CFPB’s constitutionality move to intervene in PHH case

The plaintiffs in State National Bank of Big Spring, Texas, et al. v. Lew have filed a “Motion To Intervene In Any En Banc Proceeding That May Be Granted” in the PHH case. The motion follows the D.C. federal district court’s...more

House GOP Chairman Outlines New Dodd-Frank Reforms - Revised Replacement Bill Forthcoming

A newly leaked memo from U.S. House of Representatives Financial Services Committee Chairman Jeb Hensarling (R-TX) to the Committee’s leadership team has provided stakeholders in the banking industry with a preview of major...more

President Trump’s Financial Regulation Executive Order – This is Just the Beginning

On February 3, President Trump issued an Executive Order titled “Core Principals for Regulating the United States Financial System.” This order outlines the President’s policy for the regulation of the U.S. financial system...more

Pending Senate Bill Would Restructure CFPB Leadership

On January 11, 2017, a trio of Republican Senators introduced a bill that would change the leadership structure of the Consumer Financial Protection Bureau (“CFPB”) from a single director to a five-member bipartisan “Board of...more

Democratic lawmakers/ Democratic state AGs/ consumer advocacy groups seek reconsideration en banc of motions to intervene in PHH...

After the D.C. Circuit panel issued a per curiam order on February 2 denying the three motions to intervene that were filed in the PHH case, we expected the next development in the case to be a decision by the D.C. Circuit on...more

House Financial Services Committee Chairman Hensarling Proposes Changes to the CHOICE Act.

On Monday, Chairman Hensarling circulated a memorandum to the House Financial Service Committee Leadership Team suggesting key revisions to the CHOICE Act. It only addresses proposed changes to the CHOICE Act; several key...more

Director Cordray responds to questions on proposed arbitration rule

Director Cordray has sent a letter to Senator Jeff Flake responding to a series of questions posed by the Senator on the CFPB’s proposed arbitration rule. The comment period on the proposed rule closed on August 22, 2016. ...more

Financial Services Weekly News - February 2017 #2

Editor's Note - No Short-Term Fixes. On February 3, President Trump signed an Executive Order and a Presidential Memorandum intended to provide a framework to “roll back” the Dodd-Frank Act (Dodd-Frank) and to review the...more

CFPB/NY AG lawsuit against RD Legal Funding may signal greater scrutiny of non-loan financial products such as merchant cash...

The CFPB and the New York Attorney General this week filed an action against RD Legal Funding, LLC, two of its affiliates, and their principal (collectively, “RD”), alleging that a litigation settlement advance product...more

President Trump issues an executive order on core principles for regulating the financial system

On February 3, 2017, the President issued an Executive Order titled “Core Principles for Regulating the United States Financial System.”  The Executive Order is a high-level policy statement consisting of a series of Core...more

Trump Signals Beginning of Efforts to Curtail Dodd-Frank

On February 3, President Donald J. Trump signed an executive order that signaled the beginning of the Trump Administration’s efforts to dismantle parts of the Dodd-Frank Wall Street Reform and Consumer Protection Act...more

"The Uncertain Future of the Consumer Financial Protection Bureau"

Since its inception in July 2011, the Consumer Financial Protection Bureau (CFPB) has sought to prove itself as a powerful regulator through significant enforcement actions and settlements. In 2016, the CFPB continued to...more

Some thoughts on President Trump’s authority to replace Director Cordray

There has been some debate about President Trump’s authority to designate a replacement for Director Cordray should he resign or be removed by the President. The Dodd-Frank Act authorizes the CFPB Director to appoint a...more

D.C. Circuit denies motions to intervene in PHH case

The D.C. Circuit panel that issued the PHH decision last October has issued a per curiam order denying the three motions to intervene that were filed in the case last month....more

Text of Senate bill released to replace CFPB leadership with five-person board

Last month, we blogged about reports that a bill (S. 105) has been introduced by three Republican Senators to change the CFPB’s single-director leadership structure to a five-person commission....more

PHH opposes motion to intervene filed by Democratic lawmakers

PHH has filed a response in opposition to the motion filed with the D.C. Circuit by Democratic lawmakers Senator Sherrod Brown and Representative Maxine Waters to intervene in the PHH appeal.  The lawmakers are, respectively,...more

Court Enforces CFPB Civil Investigative Demand Against Tribal Lending Entity; Rejects Argument that Tribal Sovereignty Precludes...

On January 20, 2017, in CFPB v. Great Plains Lending, a three-judge panel of the Ninth Circuit Court of Appeals upheld the Consumer Financial Protection Bureau’s civil investigative demands for documents from lending...more

ML Strategies Update on Financial Services

Introduction - The financial services industry is poised to receive some regulatory relief from an unlikely source: President-elect Donald J. Trump. On the campaign trail, Trump often sounded like a populist crusader...more

Ninth Circuit affirms tribal lenders subject to CFPB investigative demands

The Ninth Circuit recently issued its opinion in CFPB v. Great Plains Lending, LLC, et al., in which three tribal-affiliated, for-profit lending companies (“Tribal Lenders”) challenged the authority of the CFPB to issue civil...more

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