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CFPB issues final rule to adjust civil penalties for inflation

The CFPB has published a final rule in the Federal Register to adjust for inflation the civil penalties within its jurisdiction. The adjustments are required by the Federal Civil Penalties Inflation Adjustment Act of 1990...more

Senator Warren claims CFPB data collection freeze unjustified

In a letter to Leandra English and Mick Mulvaney, Senator Elizabeth Warren calls the freeze imposed by Mr. Mulvaney on the CFPB’s collection of personally identifiable information (PII) “unjustified.” (Not surprisingly,...more

Former House Financial Services Committee staffer to serve as CFPB chief of staff

In a press release issued by the House Financial Services Committee, Committee Chairman Jeb Hensarling announced that Kirsten Mork, the Committee’s Staff Director, has been named CFPB Chief of Staff. Mr. Hensarling was a...more

CFPB submits Fall 2017 rulemaking agenda

The CFPB has submitted its Fall 2017 rulemaking agenda to the Fall 2017 Unified Agenda of Federal Regulatory and Deregulatory Actions issued by the Office of Information and Regulatory Affairs, a part of the Office of...more

CFPB adjusts HMDA data collection, TILA mortgage escrow thresholds

In notices published in today’s Federal Register, the CFPB adjusted the thresholds of the asset-size exemptions for collecting HMDA data and establishing an escrow account for certain mortgage loans under TILA....more

Mulvaney reported to announce CFPB staff additions from Trump administration

According to media reports, Mick Mulvaney, President Trump’s designee as CFPB Acting Director, has told CFPB staff that he plans to add six new staff members who currently work in the Trump administration.  The new staff...more

English files response to DOJ opposition to preliminary injunction motion

Leandra English filed a response to the DOJ’s opposition to her motion for a preliminary injunction in her action seeking a declaration that she, rather than Mick Mulvaney, has the legal right to serve as CFPB Acting...more

Three amicus briefs in support of President Trump and Mick Mulvaney filed in D.C. CFPB Acting Director litigation

Three amicus briefs have been filed in support of President Trump and Mick Mulvaney, who are opposing the motion for a preliminary injunction filed by Leandra English in her action in D.C. federal district court seeking a...more

CFPB’s Ombudsman’s Office issues sixth annual report

The CFPB’s Ombudsman’s Office has issued its sixth annual report covering the Office’s activities during fiscal year 2017 (October 1, 2016 through September 30, 2017).  The role of the Ombudsman’s Office is to assist in the...more

Court dismisses NYDFS lawsuit challenging special purpose national bank charter for fintech companies

A New York federal district court has dismissed the lawsuit filed by the New York Department of Financial Services (DFS) challenging the OCC’s authority to grant special purpose national bank (SPNB) charters to nondepository...more

Five amicus briefs in support of Leandra English filed in CFPB Acting Director dispute

Five amicus briefs were filed last Friday in support of the motion for a preliminary injunction filed by Leandra English in her action seeking a declaration that she, rather than Mick Mulvaney, has the legal right to serve as...more

Mulvaney puts hold on CFPB data collection, takes other actions as Acting Director

We have previously blogged about reports that Mick Mulvaney, President Trump’s designee as CFPB Acting Director, has put a 30-day freeze on all regulatory action, CFPB hiring, and new enforcement cases. ...more

Cordray announces candidacy for Ohio governor

Ending many months of speculation, former CFPB Director Richard Cordray announced yesterday that he is running for Ohio governor....more

Democratic lawmakers, Republican attorneys general submit amicus briefs in CFPB Acting Director dispute

Past and present Democratic Representatives and Senators filed an amicus brief in support of the motion for a temporary restraining order filed by Leandra English to block Mick Mulvaney from exercising the authority of CFPB...more

OCC Revises its Enforcement Policies and Procedures Manual

In an update to its Policies and Procedures Manual (PPM), the Office of the Comptroller of the Currency (OCC) has revised PPM 5310-3, “Enforcement Action Policy,” dated September 9, 2011. The PPM sets forth the OCC’s policies...more

OCC Revises its Enforcement Policies and Procedures Manual

In an update to its Policies and Procedures Manual (PPM), the Office of the Comptroller of the Currency (OCC) has revised PPM 5310-3, “Enforcement Action Policy,” dated September 9, 2011. The PPM sets forth the OCC’s policies...more

Senate Banking Committee schedules Dec. 5 markup of regulatory reform bill

Last week, members of the Senate Banking Committee announced that they had reached bipartisan agreement on “legislative proposals to improve our nation’s financial regulatory framework and promote economic growth.” ...more

CFPB opposes petition for certiorari filed by tribal lenders in Ninth Circuit case

The CFPB has filed a brief opposing the petition for certiorari filed by two tribally-affiliated lenders seeking U.S. Supreme Court review of the Ninth Circuit’s decision in CFPB v. Great Plains Lending, LLC, et al. In that...more

Director Cordray announces resignation plans to CFPB staff

According to widespread media reports, Director Cordray informed CFPB staff members today that he expects to resign as CFPB Director by the end of this month. ...more

CFPB issues fifth Financial Literacy Annual Report

The CFPB has issued its fifth Financial Literacy Annual Report to Congress. The report describes the CFPB’s ongoing financial literacy work, “with an emphasis on work during October 2016 through September 2017.”...more

CFPB sues nation’s largest debt-settlement services provider

The CFPB has filed a lawsuit in a California federal district court against Freedom Debt Relief (FDR) and its CEO for alleged violations of the Consumer Financial Protection Act (CFPA) and the Telemarketing Sales Rule (TSR). ...more

CFPB seeking information on consumer experience with free credit score access; announces plan to update public list of companies...

The CFPB has published the following notices in today’s Federal Register: - Request for Information. Through the RFI, the CFPB seeks to learn more about consumers’ experience with access to free credit scores and the...more

CFPB/Fed/OCC increase exemption thresholds for appraisal requirement, Regs Z and M

The CFPB, Fed, and OCC have published notices in the Federal Register announcing that they are increasing three exemption thresholds that are subject to annual inflation adjustments. Effective January 1, 2018 through...more

Director Cordray cleared of Hatch Act violation

The U.S. Office of Special Counsel (OSC) has issued a letter stating that it “found no evidence that [Director Cordray had] engaged in any of the preliminary activities directed toward candidacy that would violate the Hatch...more

Fed issues consent order for bank’s alleged deceptive practices involving balance transfer credit cards

The Federal Reserve Board announced that it had issued a Consent Order against Mid America Bank and Trust Company (Bank) for alleged deceptive marketing practices in violation of section 5 of the FTC Act related to balance...more

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