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Consumer Financial Protection Bureau (CFPB) Senate Banking Committee Financial Services Industry

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Senate Parliamentarian says elimination of CFPB funding cannot be included in budget bill but delay of Section 1071 rule passes...

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The Senate parliamentarian has ruled that a key Senate Banking, Housing and Urban Affairs (Banking Committee) provision that would eliminate all funding for the CFPB cannot be included in the massive budget reconciliation...more

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Senate Banking Republican reconciliation bill would eliminate CFPB funding source

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The Senate Banking, Housing and Affairs Committee (Banking Committee) would eliminate the CFPB’s current funding source, as part of Committee’s Republican version of its part of the massive budget reconciliation bill,...more

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Trump to nominate CFPB nominee to Treasury Department position

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Treasury Secretary Scott Bessent announced May 9 that President Trump intends to nominate Jonathan McKernan, his nominee to head the CFPB, as the Undersecretary of Domestic Finance at Treasury....more

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House Financial Services Committee finds savings by slashing CFPB budget

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The House Financial Services Committee has approved its part of the massive budget bill, saving some $1 billion by, among other things, slashing the CFPB’s budget by more than 60%....more

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Banking Committee sends nomination of Jonathan McKernan as CFPB Director to full Senate

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The Senate Banking Committee on March 6 approved the nomination of Jonathan McKernan to be Director of the Consumer Financial Protection Bureau. ...more

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New CFPB Director Testifies on Agency Leadership and Enforcement Approach

On February 27, new CFPB Director Jonathan McKernan testified before the Senate Banking Committee, emphasizing his commitment to enforcing the law while operating within the confines of the law. His testimony focused on his...more

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Republican leaders of House Financial Services Committee tell CFPB to stop issuing final rules

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The current and incoming Republican leaders of the House Financial Services Committee have asked financial regulators, including the CFPB, to stop “finalizing partisan rulemaking” over the next several weeks....more

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Sen. Scott: CFPB ignoring call to pause rulemaking until Trump takes office

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Senate Banking Committee ranking Republican Sen. Tim Scott, R-S.C. said on December 11 that unlike several other regulators, the CFPB is ignoring his call to pause rulemaking until the Trump Administration takes office....more

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Senate Banking Committee pens support on CFPB’s proposed BNPL supervision

On September 10, Senators Jack Reed (D-RI), Sherrod Brown (D-OH) and Tammy Duckworth (D-IL) penned a letter expressing their support for a new interpretive rule by the CFPB classifying “Buy Now, Pay Later” (BNPL) providers as...more

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CFPB issues semi-annual report to Congress; CFPB Director Chopra to appear before House and Senate committees this week

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Last week, the CFPB issued its Semi-Annual Report to Congress covering the period beginning April 1, 2023 and ending September 30, 2023. On June 12, 2024, CFPB Director Chopra is scheduled to appear before the Senate Banking...more

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Congress Continues to Pressure Zelle and Other Payment Apps to Change Their Fraud Policies

On February 15, Senators Sherrod Brown (D-OH), Jack Reed (D-RI) and Elizabeth Warren (D-MA) sent a letter to Zelle seeking clarification of its reimbursement policy for victims of imposter scams. Calling its protocol for...more

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Democratic Senators continue to pressure Zelle and other payment apps to change fraud policies

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On February 15, 2024, Senators Sherrod Brown (D-OH), Jack Reed (D-RI) and Elizabeth Warren (D-MA) sent a letter to Zelle seeking clarification of its reimbursement policy for victims of imposter scams and urging Zelle to...more

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CFPB’s Chopra testifies at Senate Banking Committee hearing

On November 30, the Director of the CFPB, Rohit Chopra, testified during the Senate Banking Committee’s hearing on the Bureau’s Semi-Annual Report to Congress. The Senate Banking Committee questioned Chopra on the Bureau’s...more

Orrick, Herrington & Sutcliffe LLP

Senate Banking Committee holds hearing on account fees

On July 26, the Senate Banking Committee held a hearing regarding “fees and tactics impacting Americans’ wallets” in relation to financial services and the role of the CFPB in addressing harmful fees. Leading the hearing,...more

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Chopra testifies at congressional hearings

On June 13, CFPB Director Rohit Chopra testified before the Senate Banking Committee to discuss the Bureau’s most recent semi-annual report to Congress. Covering the period beginning April 1, 2022 and ending September 30,...more

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CFPB issues Semi-Annual Report to Congress; CFPB Director Chopra to appear before House and Senate committees this week

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At the end of last week, the CFPB issued its Semi-Annual Report to Congress covering the period beginning April 1, 2022 and ending September 30, 2022.  Tomorrow, June 13, CFPB Director Chopra is scheduled to appear before...more

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Don’t hold your breath, Professor Sovern!

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In Wednesday’s edition of Consumer Law & Policy Blog, Professor Jeff Sovern laments that during Director Rohit Chopra’s recent testimony before the Senate Banking Committee and the House Financial Services Committee, neither...more

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CFPB Director Nomination Advances in the US Senate

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On September 21, the U.S. Senate voted 49-48 along party lines on a procedural motion to advance the nomination of current Federal Trade Commission (FTC) Commissioner Rohit Chopra to become the director of the Consumer...more

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Senate Banking Committee to hold July 29 hearing on 36% national rate cap

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On Thursday, July 29, the Senate Banking Committee will hold a hearing entitled, “Protecting Americans from Debt Traps by Extending the Military’s 36% Interest Rate Cap to Everyone.” ...more

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Chopra Nomination Moves To Senate Floor Following Banking Committee Tied Vote

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The vote in the Senate Banking Committee today on Rohit Chopra’s nomination to serve as CFPB Director resulted in a 12-12 tie....more

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Senate Banking Committee holds hearing on Chopra nomination

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Despite expectations to the contrary, Rohit Chopra faced little in the way of hostile questioning by Republican members of the Senate Banking Committee at the hearing yesterday on his nomination by President Biden as CFPB...more

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Senate Banking Committee Releases Prepared Statement Of CFPB Director Nominee Rohit Chopra

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In advance of his confirmation hearing tomorrow, the Senate Banking Committee has released the prepared statement of Rohit Chopra, President Biden’s nominee for CFPB Director. ...more

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Senate Banking Committee to hold July 29 hearing on CFPB

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On July 29, 2020, the Senate Banking Committee will meet remotely to conduct a hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” CFPB Director Kraninger is the only scheduled...more

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CFPB issues Fall 2019 Semi-Annual Report to Congress

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The CFPB has issued its Fall 2019 Semi-Annual Report to Congress covering the period April 1, 2019 through September 30, 2019. ...more

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Director Kraninger testifies at House and Senate hearings

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CFPB Director Kraninger was the sole witness at a House Financial Services Committee hearing thsi week on the Bureau’s Spring 2019 semi-annual report and at a Senate Banking Committee hearing yesterday on the report. ...more

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