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Category Archives: CFPB General

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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 >

Trump transition team releases names of additional CFPB landing team members

Posted in CFPB General

The Trump transition team has released the names of three more individuals who will be members of the CFPB landing team.  “Landing teams” are members of the incoming president’s transition team tasked with gathering information about their assigned agency. We previously reported that Paul Atkins would be on the landing team for the CFPB as… More >

CFPB issues fourth report to appropriations committees

Posted in CFPB General

The CFPB has issued its fourth report entitled “Report of the Consumer Financial Protection Bureau Pursuant to Section 1017(e)(4) of the Dodd-Frank Act.”  That Dodd-Frank section requires the CFPB’s Director to submit an annual report to the House and Senate Committees on Appropriations “regarding the financial operating plans and forecasts of the Director, the financial… More >

CFPB seeks new members for Academic Research Council

Posted in CFPB General

The CFPB has published a notice in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Academic Research Council (ARC). Appointments to the ARC are typically for four years. The CFPB seeks “tenured academics with a world class research and publishing background, and a record of public… More >

CFPB seeking new members for advisory groups

Posted in CFPB General

The CFPB has published a notice in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Consumer Advisory Board (Board), Community Bank Advisory Council (CBAC), or Credit Union Advisory Council (CUAC).  Appointments to the Board are typically for three years and appointments to the CBAC and CUAC… More >

CFPB issues tenth Semi-Annual Report

Posted in CFPB General

The CFPB has issued its tenth Semi-Annual Report to the President and Congress covering the period April 1, 2016 through September 30, 2016. The 178-page report recycles information from previously-issued CFPB reports and reviews ongoing and past developments, which we have covered in previous blog posts. By way of aggregate statistics, the report indicates that… More >

Director Cordray reported to have no departure plans

Posted in CFPB General

Politico has reported that CFPB Communications Director Jen Howard has indicated in an e-mail that Director Cordray has no current plans to leave the CFPB.  According to Politico, Ms. Howard stated “Director Cordray was confirmed by a bipartisan group of 66 senators to serve a term until July 2018 and has no plans to step… More >

CFPB unveils Consumer Credit Trends web-based tool

Posted in CFPB General

The CFPB has unveiled “Consumer Credit Trends,” which it describes as “a web-based tool to help the public monitor developments in consumer lending and forecast potential future risks.” The tool, which was released in beta version, tracks originations for mortgages, credit cards, auto loans, and student loans.  For each category, the tool shows loan volume… More >

Banking trade groups urge creation of commission to run CFPB

Posted in CFPB General

In a letter sent to Majority Leader McConnell and Minority Leader-elect Schumer, the Consumer Bankers Association, the Credit Union National Association, the Independent Community Bankers of America, and the National Association of Federal Credit Unions urge Congress to pass legislation to create a five-member commission to run the CFPB. In their letter, the trade groups… More >