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Government Accountability Office Consumer Financial Protection Bureau (CFPB)

Holland & Knight LLP

Federal Reserve Office of the Inspector General to Expand Its Investigation of CFPB

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The Federal Reserve's Office of Inspector General (OIG) reportedly committed to reviewing the Trump Administration's efforts to eliminate the vast majority of CFPB employees and agency contracts on June 6, 2025. This decision...more

Orrick, Herrington & Sutcliffe LLP

GAO agrees to investigate recent CFPB actions

On April 23, the GAO confirmed receipt of a request from Sens. Elizabeth Warren (D-MA) and Andy Kim (D-NJ) and agreed to investigate recent actions undertaken at the CFPB and the impact that DOGE and other CFPB actions have...more

Ballard Spahr LLP

GAO agrees to investigate attempted CFPB firings, other recent bureau actions

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The Government Accountability Office has agreed to investigate recent CFPB moves to fire more than 1,400 employees and the impact it and other agency actions have had on the bureau’s ability to operate....more

Holland & Knight LLP

GAO and OIG to Investigate the CFPB's Recent Staff Reductions

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U.S. Sen. Elizabeth Warren (D-Mass.), on behalf of 40 Democratic Senators, wrote a letter to CFPB Acting Director Russell Vought on April 28, 2025, expressing "grave concerns" about the agency's ability to fulfill more than...more

Orrick, Herrington & Sutcliffe LLP

Congressmembers urge GAO and Fed OIG to investigate the efforts to eliminate the CFPB

On February 27, Reps. Maxine Waters (D-CA), Ranking Member of the U.S. House of Representatives Committee on Financial Services, along with Al Green (D-TX), Ranking Member of the Subcommittee on Oversight and Investigations,...more

Goodwin

2023 Year in Review: Fintech

Goodwin on

Welcome to the Fintech chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - The CFPB is expected to finalize rulemaking authorizing supervision of payment application...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2023 # 5

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To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

Hudson Cook, LLP

Government Accountability Office Annual Report Weighs Benefits and Risks of Consumer Fintech Products

Hudson Cook, LLP on

Fintech is increasingly prevalent in the financial services marketplace, allowing providers to offer myriad innovative products and services that are dramatically changing how consumers can interact with financial service...more

Paul Hastings LLP

Daily Financial Regulation Update -- Saturday, April 29, 2023

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April 28, 2023- The Board of Governors of the Federal Reserve System (Federal Reserve) on Friday announced the results from the review of the supervision and regulation of Silicon Valley Bank....more

Ballard Spahr LLP

GAO issues report on fintech products; recommends CFPB clarify when earned wage access products are “credit” under Truth in...

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The Government Accountability Office (GAO) has issued a new report entitled “Financial Technology: Products Have Benefits and Risks to Underserved Consumers, and Regulatory Clarity Is Needed.”...more

Ballard Spahr LLP

GAO report on household access to banking services finds limited availability of small-dollar loans from banks and credit unions

Ballard Spahr LLP on

In opposing efforts by federal and state lawmakers to impose rate caps on small-dollar loans, industry representatives have pointed out the harm that a rate cap can create for consumers, particularly those with less than...more

Ballard Spahr LLP

GAO Issues Report Finding that CFPB Needs to Assess the Impact of Recent Changes to its Fair Lending Activities

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During May 2021, the federal Government Accountability Office (“GAO”) issued a report (GAO-21-393) containing findings from its review of issues related to the CFPB’s oversight and enforcement of the Equal Credit Opportunity...more

Pillsbury Winthrop Shaw Pittman LLP

The Return of the Congressional Review Act

Little used before the Trump administration and with limited time to act, what regulations will the Biden administration target with the CRA? Democrats can use the Congressional Review Act to overturn regulations passed in...more

Bradley Arant Boult Cummings LLP

FHA Tasked With Improving Reverse Mortgage Oversight

The U.S. Government Accountability Office (GAO) published two reports on September 25 identifying several weaknesses in the Federal Housing Administration’s (FHA) oversight of reverse mortgages made under the Home Equity...more

Morrison & Foerster LLP

Financial Services Report, Fall 2019

We start this issue with a feeling of déjà vu all over again. Decisions made during the mortgage crisis are back in the news with a powerhouse legal ruling and the Treasury’s initial thinking on how to turn back time. First,...more

Ballard Spahr LLP

GAO report on private student loan rehabilitation programs calls on CFPB to provide clarification

Ballard Spahr LLP on

A new report issued by the Government Accountability Office titled, “Private Student Loans: Clarification from CFPB Could Help Ensure More Consistent opportunities and Treatment for Borrowers,” calls on the CFPB to provide...more

Clark Hill PLC

Window On Washington - Vol. 3, Issue 16

Clark Hill PLC on

Outlook for This Week in the Nation's Capital - Congress. After a frantic first three months, the House and Senate have now adjourned for a much needed two week recess, with many questions remaining on how various...more

White & Case LLP

Consumer financial services: The road ahead: Mortgage origination and servicing

White & Case LLP on

In 2018, the CFPB issued multiple rules, and Congress passed legislation, to clarify, revise and update the regulatory framework applicable to the home mortgage origination and servicing market....more

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden's 2019 Insights: Preparing for Democratic Oversight Investigations

Following eight years of Republican majorities in Congress, Democrats took control of the House of Representatives in January 2019, thereby regaining the ability to control committee and subcommittee agendas, hold hearings...more

Ballard Spahr LLP

Five federal regulators issue statement clarifying role of supervisory guidance

Ballard Spahr LLP on

In what seems to be a response to the Government Accountability Office’s (“GAO”) determination that the Consumer Financial Protection Bureau’s indirect auto finance bulletin (the “Bulletin”) was a rule subject to the...more

Morrison & Foerster LLP

Financial Services Report – Summer 2018

BELTWAY - The Wayback Machine - Congress passed, and on May 24, 2018, the president signed into law, the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155). The law makes significant changes to...more

Goodwin

Senate Takes Steps to Repeal CFPB Indirect Auto Lending Guidance

Goodwin on

On April 17, 2018, U.S. Senate Majority Leader Mitch McConnell (R-KY) announced that the Senate would seek to repeal the Consumer Financial Protection Bureau’s (CFPB’s) indirect auto lending guidance. The Senate passed a...more

A&O Shearman

US Government Accountability Office Releases Report Regarding US Federal Financial Institution Regulator Compliance with the...

A&O Shearman on

The US Government Accountability Office released a report that details the compliance of six US federal financial institution regulators (the US Board of Governors of the Federal Reserve System, the US Office of the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Consumer Financial Protection Bureau Update

A degree of uncertainty hangs over the Consumer Financial Protection Bureau (CFPB) following the November 2017 resignation of its first director, Richard Cordray. On his last day in office, Cordray appointed his chief of...more

Baker Donelson

Indirect Auto Lending: GAO Opinion Sets Wheels in Motion for Regulatory Clarity

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A recent finding by the U.S. Government Accountability Office (GAO) could have a significant impact on the indirect auto lending industry. Last month, the GAO issued an opinion declaring that a Consumer Financial Protection...more

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