White House, Senate Reach Compromise that Brings NLRB & CFPB Appointments Near
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The Consumer Financial Protection Bureau (CFPB) was created under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) in July 2010 in the wake of a financial crisis, as an independent agency tasked with...more
In a blog post last week, we noted that there had been no official statement from the CFPB about Congress’ override of the CFPB’s arbitration rule, which President Trump signed on November 1....more
On November 1, President Trump signed legislation disapproving a CFPB rule designed to prohibit class action waivers in certain consumer financial services contracts. In so doing, Trump rejected a last minute personal appeal...more
On November 1, President Trump formally did away with a Consumer Financial Protection Bureau (CFPB) arbitration rule that would have given consumers the opportunity to file class actions against banks and other companies in...more
CFPB Director Richard Cordray yesterday sent a letter to President Trump asking him to uphold the Bureau’s arbitration rule even though the Senate recently joined the House in authorizing a repeal of the rule under the...more
In an op-ed published in today’s New York Times, CFPB Director Richard Cordray argues against congressional repeal of the agency’s final arbitration rule by “correcting the record.” He contends that the CFPB’s March 2015...more
A report by the majority staff of the House Financial Services Committee concludes that there is a “valid and factual basis” for instituting contempt of Congress proceedings against Director Cordray. The report states that...more
In 2016, the Consumer Financial Protection Bureau (CFPB) announced that it was seeking public comment on proposed rules that would limit the effect of mandatory arbitration clauses for consumer finance transactions and allow...more
The letter-writing war between Director Cordray and Acting Comptroller Keith Noreika continues. Director Cordray sent a letter dated July 18, 2017 to Acting Comptroller Noreika in which he purports to respond to Acting...more
Under a controversial new final rule issued by the Consumer Financial Protection Bureau (CFPB) on July 10, 2017, banks and credit card companies are prohibited from forcing consumers into arbitration to avoid class action...more
I have previously expressed serious doubt whether Director Cordray will issue a final arbitration rule. In the CFPB’s last semi-annual regulatory agenda issued last year, the CFPB stated that the arbitration rule would be...more
Earlier this week, we attended the LendIt USA conference in New York City, a leading annual fintech conference, at which CFPB Director Richard Cordray and Comptroller of the Currency Thomas Curry both spoke....more
Last month, a bipartisan group of 70 senators were signatories to a letter sent to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray urging the CFPB to “carefully tailor its regulations to match the unique...more
Last month, a bipartisan group of 70 Senators were signatories to a letter sent to Director Cordray urging the CFPB to “carefully tailor its regulations to match the unique nature of community banks and credit unions.” In...more
The US Consumer Financial Protection Bureau issued a lengthy proposed rule to regulate so-called “pay day loans.” Specifically, the proposed rule would impose restrictions on “covered loans,” defined as (i) loans with a term...more
In this article we highlight the role played by the Consumer Financial Protection Bureau in regulating small business lending. Broadly speaking, the bureau’s jurisdiction is limited to the marketplace for consumer financial...more
At a presentation on February 18, 2016 to the American Constitution Society, CFPB Director Richard Cordray devoted most of his remarks to the subject of consumer arbitration. Director Cordray revealed that the effect on...more
On February 18, 2016, Director Richard Cordray of the Consumer Financial Protection Bureau (CFPB) gave a speech at the American Constitution Society, in which he repeatedly attacked arbitration provisions found in consumer...more
Director Cordray is scheduled to be a panelist at the Financial Inclusion Forum to be held in Washington, D.C. on December 1, 2015. Hosted by the U.S. Department of the Treasury and the U.S. Agency for International...more
Consumer Financial Protection Bureau (CFPB) Director Richard Cordray recently issued a warning to mortgage technology vendors for a lack of compliance with the CFPB’s TILA-RESPA Integrated Disclosure (TRID) Rule. Addressing...more
The Consumer Financial Protection Bureau (CFPB) recently released its monthly Complaint Report for October, in which the CFPB focuses heavily on credit card companies, specifically calling attention to cardholder complaints...more
On October 7, 2015, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) released an outline of proposals under consideration to ban class action waivers in contracts for consumer financial products and services....more
In testimony before the Senate Committee on Banking, Housing & Urban Affairs on July 15, CFPB Director Richard Cordray affirmed the Bureau’s intention to proceed with rulemaking governing arbitration clauses in consumer...more
On Wednesday, July 15, CFPB Director Richard Cordray appeared before the Senate Committee on Banking, Housing, & Urban Affairs to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which...more
A group of more than 80 House and Senate Republicans have sent a letter to Director Cordray asking the CFPB to reopen its arbitration study. The CFPB released the final results of its empirical study of consumer arbitration...more