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Category Archives: Federal Agencies

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Federal agencies to host SCRA webinar

By Emily Miller on Posted in Federal Agencies

Next Monday, September 10, the federal financial regulatory agencies will host an interagency discussion on servicemember protections and SCRA compliance issues. The discussion topics include: Permanent Change of Station Guidance HAMP Enhancements Short Sale Assistance for Military Homeowners Recent Enforcement Actions SCRA Compliance Tips The discussion will be followed by a Q&A session. Questions can… More >

House and Senate Bills offer incomplete “fixes” to privilege waiver issue

By Keith R. Fisher on Posted in CFPB General, Federal Agencies, Hot Issues

In a recent blog on the Bacchus-Capito letter to CFPB Director Richard Cordray, possible “legislative fixes” to the highly publicized privilege waiver issues involving the Bureau and possible amendments to 12 U.S.C. §§ 1821(t) and 1828(x) were discussed.  The major shortcoming identified with regard to such amendments was the persistent problem of the Bureau’s sharing… More >

House urges Cordray not to request privileged material pending “legislative fix”

By Keith R. Fisher on Posted in CFPB General, Federal Agencies, Hot Issues

A hearing entitled “How will the CFPB Function under Richard Cordray?” was held on January 24 by the House Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs. At that hearing, Mr. Cordray testified that Congress’s failure to amend 12 U.S.C. § 1828(x) to include the Bureau was an oversight and that… More >

Plenty to worry about in the CFPB-FTC MOU

By Christopher J. Willis on Posted in Federal Agencies, Hot Issues

The CFPB and the FTC recently released their long-awaited Memorandum of Understanding (MOU), outlining how they plan to work together on non-bank enforcement, rulemaking and research in the consumer financial services market.  For non-banks subject to the CFPB’s jurisdiction, there is plenty of cause for concern in the MOU, principally arising from the sharing of… More >

Either way, we all pay

By Mark J. Furletti on Posted in CFPB General, Federal Agencies, Hot Issues

In an article in this weekend’s Cleveland Plain Dealer entitled Congress Fiddles While Anger at Wall Street Burns: Plain Dealing, business columnist Sheryl Harris takes Senate Republicans to task for not confirming Richard Cordray to lead the Bureau.  Ms. Harris’ analysis is premised on a number of assertions that are simply not true. Take, for… More >

Found: Some missing MOUs

By Barbara S. Mishkin on Posted in CFPB General, Federal Agencies

In an earlier posting, my colleague Mercedes Tunstall reported on the CFPB’s announcement that prior to the designated transfer date (July 21, 2011), it had put in place memoranda of understanding (MOUs) with various other federal agencies. Mercedes also reported that to her dismay, she could not locate copies of those MOUs in any of… More >

The Bureau’s Ex Parte Presentations Policy: a “transparency” rule with two big blind spots

By Christopher J. Willis on Posted in CFPB Rulemaking, Federal Agencies

On August 19, 2011, the CFPB announced its “Policy on Ex Parte Presentations in Rulemaking Proceedings,” and posted that policy on its web site.  The rule essentially requires anyone who communicates with the CFPB about a pending rulemaking to submit a written copy of the presentation (or a summary of an oral presentation) on the… More >

More on MOUs

By Alan S. Kaplinsky on Posted in CFPB Rulemaking, Federal Agencies

In my post dated August 8, 2011, I took the CFPB to task for saying in its recent Progress report that it had entered into a MOU with the FTC when it had not done so according to Joel Winston, Associate Director of the Division of Financial Practices. I recently learned that the CFPB has… More >

When you share information with the CFPB, you’re also sharing with …

By Christopher J. Willis on Posted in CFPB Rulemaking, Federal Agencies

One of the Interim Final Rules released by the CFPB, Disclosure of Records and Information Rules, sets forth the CFPB’s position with regard to sharing information that it gathers and obtains though its activities.  The Rule begins by defining much of the information received or generated by the CFPB as “confidential” – including consumer complaint-related… More >

Missing MOUs

By Mercedes Kelley Tunstall on Posted in CFPB General, Federal Agencies

The CFPB presented a report this past Monday trumpeting their accomplishments during the implementation period. And, they mention that they have a memorandum of understanding (MOU) in place with just about every transferor agency or other federal agency (i.e., the FTC) with whom they will be working. Thanks to the misleadingly “open” design of the… More >

How the CFPB and the FTC interact (part 1)

By Mercedes Kelley Tunstall on Posted in Federal Agencies

In this first part, we look at how the Dodd-Frank Act structured interactions between the Federal Trade Commission and the Consumer Financial Protection Bureau. The FTC has consumer protection jurisdiction over just about every business in the country, but for a few significant exceptions—financial institutions regulated by federal banking regulators, insurance companies and telecommunications companies… More >