News & Analysis as of

Proposed Legislation Rulemaking Process Consumer Financial Protection Bureau (CFPB)

Orrick, Herrington & Sutcliffe LLP

Senate Parliamentarian rejects Senate’s 0 percent proposal on CFPB funding, will review new 6.5 percent plan

On June 19, the U.S. Senate Committee on the Budget issued an update on the Senate Parliamentarian’s ruling that the provision in HR 1, the “One Big Beautiful Bill Act,” to eliminate all funding the CFPB may request would...more

Holland & Knight LLP

CFPB Budget Cuts Blocked by Senate Parliamentarian

Holland & Knight LLP on

Senate Parliamentarian Elizabeth MacDonough ruled that the Trump Administration and congressional Republicans cannot use the pending budget reconciliation bill to eliminate funding to the CFPB in a June 23, 2025,...more

Ballard Spahr LLP

CFPB to Reopen Rulemaking on the Section 1071 Small Business Loan Data Collection and Reporting Rule

Ballard Spahr LLP on

As we have reported previously, including here, here, and here, the CFPB’s section 1071 small business loan data collection and reporting rule is facing court challenges.  The U.S. Court of Appeals for the Fifth Circuit has...more

Sheppard Mullin Richter & Hampton LLP

California Increases the Pressure on Alleged “Junk Fees”: New Law Targets ATM Charges

The topic of “junk fees” has been in the headlines, spurred by legislative action across various sectors. From regulations on credit card late fees to the Federal TICKET Act targeting concert event fees, lawmakers are...more

Ballard Spahr LLP

CFPB issues Spring 2019 semi-annual report; Director Kraninger to appear before House Financial Services Committee on Oct. 16 and...

Ballard Spahr LLP on

CFPB recently issued its Spring 2019 Semi-Annual Report to Congress covering the period October 1, 2018 through March 31, 2019. The report represents the CFPB’s second semi-annual report under Director Kraninger’s...more

Ballard Spahr LLP

House Financial Services Committee passes more credit reporting bills

Ballard Spahr LLP on

Three more bills dealing with credit reporting were passed on Tuesday by the House Financial Services Committee.  Like the four bills passed by the Committee last week, none of the bills passed yesterday received any...more

Ballard Spahr LLP

Bill to Require Issuance of Guidance by CFPB Introduced in House

Ballard Spahr LLP on

A recent bill introduced in the US House of Representatives would require the CFPB to issue guidance on federal consumer financial laws, and also provide a framework for civil money penalties. H.R. 5534 would create the Give...more

Ballard Spahr LLP

House Financial Services Committee passes Financial Choice Act containing CFPB overhaul, significant changes to rulemaking...

Ballard Spahr LLP on

Last Thursday, by a party-line vote of 34-26, the House Financial Services Committee approved the Financial CHOICE Act (H.R. 10) proposed by Committee Chairman Jeb Hensarling....more

Ballard Spahr LLP

House Financial Services Committee Chairman Hensarling Proposes Changes to the CHOICE Act.

Ballard Spahr LLP on

On Monday, Chairman Hensarling circulated a memorandum to the House Financial Service Committee Leadership Team suggesting key revisions to the CHOICE Act. It only addresses proposed changes to the CHOICE Act; several key...more

Ballard Spahr LLP

House passes proposed Congressional Review Act amendments authorizing en bloc consideration in resolutions of disapproval for...

Ballard Spahr LLP on

We have previously written about the Congressional Review Act (“CRA”), a law enacted in 1996 that establishes a procedure by which Congress can nullify a covered rule adopted by a federal agency. According to a Congressional...more

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