Despite expectations fueled by statements from Senate Majority Leader Harry Reid’s office that he planned to hold a procedural vote on Richard Cordray’s nomination this week, it now appears the Senate will not vote on the nomination before the Memorial Day recess. According to a report in Politico, Senator Reid would not specify when the vote would… More >
Category Archives: CFPB General
Subscribe to CFPB General RSS FeedMore on CFPB employee vote to unionize
Posted in CFPB GeneralAs we reported last week, the National Treasury Employees Union (NTU) won an election to represent over 800 of the CFPB’s 1,200 employees. The vote was 378 in favor and 86 against. I asked Shannon Farmer, a colleague who is a labor lawyer, whether this move would make it harder for the CFPB to fire… More >
CFPB employees unionize
Posted in CFPB GeneralAccording to a report from Politico, CFPB employees voted last week to join the National Treasury Employees Union, a federal union that also represents employees at other financial regulators, including the FDIC, OCC and SEC. The report states that “according to several people familiar with the situation,” the move to unionize “was driven in large… More >
CFPB launches Spanish language website
Posted in CFPB GeneralThe CFPB has announced the launch of its Spanish language website. According to the CFPB, in response to research showing that two-thirds of Latinos who are online tend to access the Internet from a mobile device, the website is designed so that “it works beautifully on mobile devices as well as on desktops.” The website… More >
NEWS FLASH: Third Circuit agrees with D.C. Circuit reading of Recess Appointments Clause
Posted in CFPB GeneralThe dark cloud that has been hanging over CFPB Director Richard Cordray’s recess appointment just got darker. In a 2-1 decision in NLRB v. New Vista Nursing and Rehabilitation, the U.S. Court of Appeals for the Third Circuit ruled today that, under the U.S. Constitution’s Recess Appointments Clause (RAC), the President may only make recess… More >
Trade group charges CFPB’s closing of Consumer Advisory Board meeting to public violates federal law
Posted in CFPB General, Payday LendingA letter sent today to the CFPB by an attorney for the Community Financial Services Association of America (CFSA), a national trade organization for payday lenders, asserts that the CFPB violated the Federal Advisory Committee Act (FACA) by excluding the public from portions of today’s meeting of the CFPB’s Consumer Advisory Board (CAB). According to the… More >
Second Circuit ILSA decision follows CFPB position
Posted in CFPB GeneralThe decision of the U.S. Court of Appeals for the Second Circuit in Berlin v. Renaissance Rental Partners, LLC issued on May 6 represents a win for the CFPB’s amicus program. At the court’s invitation, the CFPB filed a letter brief supporting the consumer/appellee’s position that a single-floor condominium unit in a multistory building is… More >
CFPB issues report on servicemember complaints
Posted in CFPB GeneralThe CFPB’s Office of Servicemember Affairs has issued a report on complaints submitted by servicemembers, veterans or their spouses and dependents (“servicemember complaints”) over the period from January 1, 2012 through December 31, 2012. In 2012, the CFPB received 3,455 servicemember complaints, with predominately mortgage complaints, followed by credit card and credit reporting complaints. Of… More >
CFPB’s Consumer Advisory Board to meet May 15
Posted in CFPB GeneralThe CFPB’s Consumer Advisory Board will hold a meeting on May 15-16, 2013 in Los Angeles. According to the agenda, there will be a discussion of the CFPB’s white paper on payday and deposit advance loans. Other discussion topics include the CFPB’s remittance transfer rule and its report on designations for senior financial advisors. The… More >
Director Cordray urges financial education for young Americans
Posted in CFPB GeneralIn remarks given earlier this week at the Investing in Our Future Conference in Washington, D.C., Director Cordray spoke about the need to make financial education a part of the school curriculum for the nation’s children and unveiled a white paper titled “Transforming the Financial Lives of a Generation of Young Americans” setting forth the… More >
CFPB issues civil penalty fund final rule and proposes revisions
Posted in CFPB GeneralLast Friday, the CFPB simultaneously issued a final rule to govern the administration of the Bureau’s Civil Penalty Fund (CPF) and proposed revisions to that rule. The final rule is effective immediately upon publication in the Federal Register, with the CFPB taking the position that the rule was exempt from the notice-and-comment requirements of the… More >
CFPB issues tribal consultation policy
Posted in CFPB GeneralThe CFPB has issued a “Policy for Consultation with Tribal Governments.” The policy sets forth the principles that will guide such consultation, including the CFPB’s commitment “to regular and meaningful consultation and collaboration with tribal officials…on CFPB policies that would be expressly directed to tribal governments or tribal members or that would have direct implications… More >
Director Cordray’s appearance at Senate Banking Committee hearing yields arbitration news
Posted in Arbitration, CFPB GeneralThe only new item of information revealed by Director Cordray during his appearance yesterday before the Senate Banking Committee hearing (in response to a question from Senator Elizabeth Warren) was that he feels “quite sure” that at least “some” of the results of the CFPB’s study of consumer arbitration will be publicly released this year…. More >
CFPB issues report on financial advisers to seniors
Posted in CFPB GeneralThe CFPB, through its Office of Financial Protection for Older Americans, has issued a report to Congress and the SEC that makes recommendations for informing older consumers about the legitimacy of certifications of financial advisers to seniors, assisting older consumers in selecting the most appropriate financial adviser, and enabling older consumers to verify a financial… More >
Director Cordray to appear before Senate Banking Committee on April 23
Posted in CFPB GeneralThe Senate Banking Committee has announced that on April 23, 2013, it will conduct a hearing on the CFPB’s third Semi-Annual Report to Congress. CFPB Director Richard Cordray is the only witness scheduled to appear. According to the Consumer Bankers Association, Director Cordray is likely to be questioned about the CFPB’s data collection efforts. Those… More >
CFPB’s Strategic Plan, Budget, and Performance Plan and Report tracks supervision and enforcement emphasis
Posted in CFPB GeneralThe CFPB’s FY 2013-FY 2017 Strategic Plan, FY 2013 and FY 2014 Budget, and FY 2013 Annual Performance Plan and Report tracks the Bureau’s focus on supervision and enforcement. (While Director Cordray’s letter accompanying the report states that the CFPB has combined the three documents into a single report rather than publishing them as separate documents, the… More >
How secure is the CFPB’s consumer complaint system?
Posted in CFPB GeneralAn audit of the CFPB’s Consumer Response System (CRS) by the Federal Reserve’s Office of Inspector General (OIG) found that improvements are needed to ensure that the requirements of the Federal Information Security Management Act of 2002 are met. The system allows consumers to submit complaints through the CFPB’s website. The OIG’s Executive Summary of… More >
CFPB seeking information on strategies to build financial capabilities for veterans and other special groups
Posted in CFPB GeneralThe CFPB is looking for responses by April 12 to two Requests for Information it has filed seeking information on how to build financial capabilities for people with disabilities, veterans in transition, and people who are economically vulnerable. One RFI requests input from organizations and vendors that have an interest in and/or experience in providing financial… More >
Congressional Research Service issues two reports on Canning decision
Posted in CFPB GeneralThe D.C. Circuit’s January 2013 decision in Noel Canning v. NLRB is the subject of two recently-issued reports by the Congressional Research Service. The decision held that President Obama’s recess appointments of three individuals to the National Labor Relations Board violated the Recess Appointments Clause of the U.S. Constitution (RAC). One report, titled “The Recess… More >
General Counsel of CFPB addresses PLI Annual Institute on Consumer Financial Services in NYC
Posted in CFPB GeneralI am co-chairing the Annual Institute today. The morning panels are devoted to the CFPB. We began with the keynote address by Meredith Fuchs, the General Counsel of the CFPB. Meredith provided an overview of the major developments at the Bureau. On response to my question about what the future has in store with respect… More >
CFPB complaint system now taking money transfer complaints
Posted in CFPB General, Remittance TransfersThe CFPB announced yesterday that it is now accepting complaints about money transfers. Last week, the CFPB announced it had expanded its public Consumer Complaint Database to include complaints about mortgages, bank deposit products and services, student loans, and other consumer loans (which category includes complaints about auto loans and leases). The database was previously limited… More >
CFPB partnering with “The Big Apple”
Posted in CFPB GeneralThe CFPB has entered into a partnership with another local government. According to a New York City press release, on April 2, Mayor Michael Bloomberg and CFPB Director Cordray announced a partnership between New York City, the CFPB, and the Mayor’s Cities for Financial Empowerment (CFE) Fund to help cities around the country enhance their… More >
CFPB issues third Semi-Annual Report
Posted in CFPB GeneralThe CFPB has issued its third Semi-Annual Report to the President and Congress. The report notes that it “predominately” covers the CFPB’s activities from July 1 through December 31, 2012 but, in certain sections, covers the time period January 1 through December 31, 2012. As did the CFPB’s previous Semi-Annual report, much of this report contains information… More >
Update on PLI’s 18th Annual Consumer Financial Services Institute
Posted in CFPB GeneralThe 18th Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, will take place on April 8-9, in New York City (and by live webcast and groupcast in Philadelphia, Pittsburgh, and Mechanicsville, Pennsylvania), and on May 2-3, in Chicago. As I have done for the past 17 years, I will again be co-chairing… More >
