A group of Democratic Senators and House members have sent a letter to Mick Mulvaney and Leandra English expressing concern about Mr. Mulvaney’s announcement that he plans to reorganize the CFPB’s Office of Fair Lending...more
On January 30, 2018 at 10 a.m., the Financial Institutions and Consumer Credit Subcommittee of the House Financial Services Committee will hold a hearing, “Examining Opportunities and Challenges in the Financial Technology...more
Mick Mulvaney, President Trump’s appointee as CFPB Acting Director, plans to make the CFPB’s practices of “pushing the envelope” and “rulemaking by enforcement” things of the past. ...more
1/25/2018
/ Automotive Loans ,
Banking Sector ,
CFPB Bulletins ,
Civil Investigation Demand ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Dodd-Frank ,
ECOA ,
Enforcement Actions ,
Financial Regulatory Reform ,
Regulatory Agenda ,
Regulatory Burden ,
Regulatory Oversight ,
Rulemaking Process
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
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
12/14/2017
/ Article III ,
Banking Sector ,
CSBS ,
Dismissals ,
Financial Services Industry ,
FinTech ,
National Bank Charters ,
NYDFS ,
OCC ,
Popular ,
Regulatory Oversight ,
Special Purpose National Bank Charter ,
Standing ,
Technology Sector
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
11/21/2017
/ Appraisal ,
Banking Sector ,
Banks ,
Cyber Threats ,
Elder Abuse ,
Financial Institutions ,
Financial Regulatory Reform ,
HMDA ,
Legislative Agendas ,
Mortgage Loan Originators ,
Proposed Legislation ,
Qualified Mortgage Rule ,
Regulatory Oversight ,
Rural Areas ,
Senate Banking Committee ,
TILA-RESPA Integrated Disclosure Rule (TRID)
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
In May 2017, we blogged about press reports that the Government Accountability Office (GAO) had accepted a request from Senator Patrick Toomey for a determination concerning whether the CFPB Bulletin 2013-02, titled “Indirect...more
10/27/2017
/ Add-ons ,
Administrative Procedure Act ,
Automotive Loans ,
Banking Sector ,
CFPB Bulletins ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Lenders ,
Credit Reports ,
Debt Collection ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
GAO ,
Interagency Guidance ,
Interest Rates ,
Leveraged Lending ,
Regulation B ,
Regulatory Oversight
Among the more than 20 bills that the House Financial Services Committee is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial...more
10/10/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Collection ,
Disclosure Requirements ,
Financial Services Committee ,
Financial Services Industry ,
HMDA ,
Interest Rates ,
Loans ,
Madden v Midland Funding ,
Manufactured Housing ,
Mortgage Loan Originators ,
Mortgages ,
National Bank Act ,
Online Marketplace Lending ,
Payday Loans ,
Proposed Legislation ,
Regulatory Oversight ,
Threshold Requirements ,
Truth in Lending Act (TILA) ,
U.S. House
A group of Democratic House members led by Rep. Maxine Waters has introduced H.R. 3937, the “Megabank Accountability and Consequences Act of 2017,” that would require federal bank regulators to consider the revocation of a...more
The CFPB’s Spring 2017 rulemaking agenda has been published as part of the Spring 2017 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more
7/21/2017
/ Banking Sector ,
Closing Documents ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Deposit Advances ,
Deregulation ,
Dodd-Frank ,
FDCPA ,
Financial Regulatory Reform ,
Mortgages ,
Overdraft Fees ,
Payday Loans ,
Regulatory Oversight ,
SBREFA ,
Small Business ,
Title Loans
A group of 22 trade associations sent a letter last week to the Chairmen and Ranking Members of the Senate and House Appropriations Committees expressing their “strong support” for the creation of a five-member bipartisan...more
6/27/2017
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Commissions ,
Dodd-Frank ,
Financial CHOICE Act ,
Financial Institutions ,
Financial Regulatory Reform ,
Pending Legislation ,
PHH Corp. v CFPB ,
Regulatory Oversight ,
Removal For-Cause ,
Single Director ,
Trade Associations
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
6/16/2017
/ Banking Sector ,
Civil Investigation Demand ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Executive Orders ,
Financial Institutions ,
Financial Regulatory Reform ,
Pending Legislation ,
Regulatory Oversight ,
Removal At-Will ,
Trump Administration ,
U.S. Treasury ,
UDAAP
The House Financial Services Committee has released the witness list for the hearing it will hold this Wednesday, April 26, 2017, to discuss the Financial CHOICE Act....more
A Democratic congressman has raised concerns about potentially discriminatory lending practices used by fintech companies that extend credit to small businesses, calling on the CFPB “to vigorously investigate whether [such...more
3/17/2017
/ Algorithms ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Discrimination ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
FinTech ,
Innovative Technology ,
Minority-Owned Businesses ,
Regulatory Oversight ,
Small Business
On March 1,2017, by a vote of 241 to 104, the House passed the “OIRA Insight, Reform, and Accountability Act” (H.R. 1009), which would subject independent regulatory agencies such as the CFPB to the regulatory review process...more
Interim Guidance issued by the Office of Information and Regulatory Affairs (OIRA) to implement President Trump’s executive order entitled “Reducing Regulation and Controlling Regulatory Costs” confirms that the order does...more
2/9/2017
/ Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Executive Orders ,
Interim Guidance ,
OIRA ,
PHH Corp. v CFPB ,
Regulatory Agencies ,
Regulatory Oversight ,
Rulemaking Process ,
Trump Administration ,
Two For One Rule
President Trump has signed an executive order entitled “Reducing Regulation and Controlling Regulatory Costs.”
Like the regulatory freeze memo issued on Inauguration Day by Reince Priebus, the President’s Chief of Staff,...more
On February 2, 2017 at 2 p.m. ET, the Federal Reserve will host a free webinar for bankers to provide a consumer compliance regulatory update. ...more
As Inauguration Day approaches, the rhetoric about the CFPB’s future continues to heat up. American Banker reported that, on a conference call with reporters earlier this week, Senate Minority Leader Charles Schumer stated...more
In a letter sent to Majority Leader McConnell and Minority Leader-elect Schumer, the Consumer Bankers Association, the Credit Union National Association, the Independent Community Bankers of America, and the National...more
12/13/2016
/ Banking Sector ,
Banks ,
Community Banks ,
Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Financial Institutions ,
Financial Regulatory Reform ,
Proposed Legislation ,
Regulatory Oversight ,
Trump Administration
The CFPB’s Ombudsman’s Office has issued its fifth annual report covering the Office’s activities during fiscal year 2016 (October 1, 2015 through September 30, 2016). The role of the Ombudsman’s Office is to assist in the...more
The Federal Financial Institutions Examination Council (FFIEC), whose members include the CFPB, has finalized guidance setting forth a revised uniform interagency consumer compliance rating system (CCRS). The revisions...more
The Securities and Exchange Commission has announced that it will host a public forum in Washington, D.C. on November 14, 2016 to discuss financial technology innovation in the financial services industry. The forum is...more
By a vote of 30-26 earlier this week, the House Financial Services Committee approved the “The Financial CHOICE Act of 2016” (H.R. 5983), the bill released in July 2016 by Committee Chairman Jeb Hensarling to replace the...more
9/15/2016
/ Arbitration ,
Arbitration Agreements ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Committee ,
Financial Services Industry ,
Legislative Agendas ,
Native American Issues ,
Online Marketplace Lending ,
Payday Loans ,
Proposed Legislation ,
Regulatory Oversight ,
Tribal Loans