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Category Archives: CFPB General

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Process vs. Outcomes Debated at Hearing on Constitutionality of CFPB Structure

Posted in CFPB General, Hot Issues

As we had indicated, on March 16, the subcommittee on Oversight and Investigations of the House Financial Services Committee conducted a hearing entitled “The Bureau of Consumer Financial Protection’s Unconstitutional Design.” Unsurprisingly, Republicans and Democrats on the subcommittee talked past each other in making remarks and questioning the four witnesses: Ted Olson, Saikrishna Prakash, Adam… More >

House subcommittee to hold hearing tomorrow on CFPB’s constitutionality

Posted in CFPB General

The Subcommittee on Oversight and Investigations of the House Committee on Financial Services has scheduled a hearing for tomorrow entitled “The Bureau of Consumer Financial Protection’s Unconstitutional Design.”  The memo from the Committee’s Majority Staff to Committee Members states that “the [h]earing will examine whether the structure of the Bureau violates the Constitution as well… More >

Trump’s DOJ supports striking Cordray’s removable-only-for-cause protection from Dodd-Frank

Posted in CFPB General, Federal Agencies, Hot Issues, Richard Cordray

The DOJ submitted its amicus brief in the PHH case on Friday, March 17.  We have blogged extensively about this case since its inception. Unsurprisingly, the Trump DOJ supports striking from Dodd-Frank the removal-only-for-cause protection currently applicable to the director of the CFPB.  In its “view, the panel correctly applied severability principles and therefore properly… More >

CFPB covered by executive order on plan for reorganizing executive branch

Posted in CFPB General

President Trump has signed a new executive order entitled “Presidential Executive Order on a Comprehensive Plan for Reorganizing the Executive Branch.” Unlike the regulatory freeze memo issued on Inauguration Day by Reince Priebus, the President’s Chief of Staff, the so-called “two for one” executive order on reducing regulation and controlling costs, and the executive order… More >

Competing House and Senate bills aim to eliminate or reform the CFPB

Posted in CFPB General

Although the Trump Administration has largely been silent with respect to Dodd-Frank and the future of the CFPB, some members of Congress have been very active in proposing significant legislative changes. Several measures to reform the agency are pending in the House and Senate. These bills can generally be broken down into two categories. The… More >

Trump ignores Dodd-Frank and CFPB in Congressional address

Posted in CFPB General

In his more than one hour nationwide address last night to a joint session of Congress, President Trump discussed a broad range of topics:  repeal of Obamacare, tax relief, immigration, rebuilding the Country’s infrastructure, strengthening the military, foreign trade.  All of these topics, and others mentioned by him, were important campaign issues for Trump.  Noticeably… More >

President issues executive order to enforce compliance with regulatory reform agenda

Posted in CFPB General

As part of his 100-day action plan, the President promised to institute a regulatory moratorium by requiring that for every new federal regulation, two existing regulations must be eliminated.  On January 30, 2017, the President signed an executive order that purported to accomplish this goal by requiring agencies to “identify” two rules to be revoked… More >

ABA comments on CFPB’s RFI on consumer access to financial information; Ballard Spahr to hold March 16 webinar on RFI

Posted in CFPB General

The American Bankers Association has submitted a comment letter in response to the CFPB’s request for information regarding consumer access to financial information. The ABA observes that while larger institutions have the resources to develop secure portals and the ability to impose privacy and data security requirements through contractual provisions negotiated with aggregators, community banks… More >

The Eastern District of Michigan affirms the CFPB’s broad authority to issue civil investigative demands

Posted in CFPB General

A recent decision from the Eastern District of Michigan in CFPB v. Harbour Portfolio Advisors, LLC; National Asset Advisors, LLC; and National Asset Mortgage, LLC serves as a reminder that the CFPB’s authority to issue a Civil Investigative Demand (“CID”) is very broad, particularly when compared to discovery in federal litigation. For example, federal courts… More >

CFPB Consumer Advisory Board to meet March 2

Posted in CFPB General

The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board will be held on March 2, 2017.  The notice indicates that the Board will discuss the consumer credit information marketplace, CFPB enforcement actions, trends and themes in consumer financial markets, and enhancements to the CFPB Consumer… More >

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

Posted in CFPB General

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 features of the original version, including subjecting the CFPB to congressional appropriations, remain in place but are not addressed in the memorandum…. More >

President Trump issues executive order on core principles for regulating the financial system

Posted in CFPB General, CFPB Rulemaking

On February 3, 2017, the President issued an Executive Order titled “Core Principles for Regulating the United States Financial System.”  The Executive Order is a high-level policy statement consisting of a series of Core Principles that are designed to inform the manner in which the Administration regulates the financial system. On March 6, 2017, Ballard… More >

Some thoughts on President Trump’s authority to replace Director Cordray

Posted in CFPB General

There has been some debate about President Trump’s authority to designate a replacement for Director Cordray should he resign or be removed by the President. The Dodd-Frank Act authorizes the CFPB Director to appoint a Deputy Director who shall “serve as acting Director in the absence or unavailability of the Director.”  Since the resignation of… More >

Ballard Spahr launches new money laundering blog

Posted in CFPB General

I am pleased to announce that under the leadership of my partner Peter Hardy, Ballard Spahr has launched Money Laundering Watch, a new blog focused exclusively on money laundering issues to keep you informed of the latest developments in enforcement, compliance, and policy.  Please visit the blog, and subscribe to receive updates.  Drawing on the… More >

Ballard Spahr to hold webinar on 2016 presidential election’s effect on consumer financial services

Posted in CFPB General

The 2016 presidential election’s effect on the CFPB and the consumer financial services industry is the subject of considerable speculation and interest.  On Wednesday, February 8, 2017, from 12:00 pm to 1:00 pm ET, we will hold a special webinar, “Consumer Financial Services Under the Trump Administration,” to discuss many of the questions that are now… More >

CFPB representatives to be featured at 22nd Annual PLI Consumer Financial Services Institute

Posted in CFPB General

The 22nd Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, will take place on March 27-28, 2017 in New York City (and by live webcast and groupcast in Atlanta; Philadelphia, Pittsburgh, and Mechanicsburg PA) and on May 4-5, 2017 in Chicago.  PLI has made a special 25% discounted registration fee available to… More >

Democratic leadership plans to oppose change in CFPB structure

Posted in CFPB General

As Inauguration Day approaches, the rhetoric about the CFPB’s future continues to heat up.  American Banker reported that, on a conference call with reporters earlier this week, Senate Minority Leader Charles Schumer stated that that he would not support legislation to replace the CFPB’s single-director leadership with a five-person commission. Such a change in the… More >

CFPB previews company portal update

Posted in CFPB General

The CFPB has released an overview of an updated online company portal for viewing and responding to consumer complaints that it plans to launch in early 2017. The overview is intended to serve “only as a first glance at the updated system and is designed to highlight key Portal updates and changes.”  The CFPB states… More >

Lawmakers take sides on Director Cordray’s future; Senator Warren urges consumer advocates to defend CFPB

Posted in CFPB General

Battle lines over Director Cordray’s future at the CFPB are predictably forming along party lines.  Earlier this week, two Republican senators sent a letter to Vice President-elect Pence urging Director Cordray’s removal by President-elect Trump.  Also earlier this week, a group of 21 Democratic members of the House Financial Services Committee, including ranking member Maxine… More >

Updated HMDA resources for data collected in 2017 and 2018

Posted in CFPB General, CFPB Rulemaking

As we have previously discussed, on October 15, 2015, the Consumer Financial Protection Bureau (CFPB) released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring certain data on mortgage applications and loans to be collected in 2017 by “Covered Institutions.” The 2017 HMDA institutional chart  provides guidance on how… More >