Here. We reported on the plan to separate debt collection regulation into two rules on Thursday. Weinberger reports on speculation on the Bureau's motivation in proceeding in that fashion: But doing the less controversial update of debt collection communications and disclosures first could also potentially allow the CFPB to avoid any rule getting invalidated by […]
Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern Here's his tweet: Donald J. Trump ✔ @realDonaldTrump Congratulations to Jeb Hensarling & Republicans on successful House vote to repeal major parts of the 2010 Dodd-Frank financial law. GROWTH!
by Jeff Sovern Last summer, the CFPB issued a document indicating its tentative plan for third-party debt collector regulation, and saying that it was going to move forward on first-party debt collectors separately. Today, CFPB Director Richard Cordray gave a speech saying that in light of feedback the Bureau had received, it has: now decided to […]
Yesterday, Allison wrote about the House Financial Services Committee staff report threatening CFPB Director Richard Cordray with contempt charges. Democrats on the Committee replied here. Excerpt: Debunking Republicans’ Alternative Facts: Fiction: “Wells Fargo has cooperated in full with the Committee’s investigation to date.” Fact: Wells Fargo has not responded to Democrats’ multiple requests to provide Democratic staff the same […]
by Jeff Sovern The House passed the Financial Choice Act, H.R. 10, which would cripple the CFPB. According to Law360's Evan Weinberger, the vote was 233-186, and as expected followed party lines.
Here. The whole piece is worth a read, but here's an excerpt: The bill would take away the CFPB’s ability to inspect banks, mortgage brokers, foreclosure relief firms, student and payday lenders, debt collectors, credit reporting agencies and auto financing companies to ensure they accurately disclose credit terms to borrowers and that they comply with […]
The House Rules Committee voted to permit House consideration last night. The Hill story is here. Excerpt: The House Rules Committee on Tuesday night cleared for a vote on the House floor a Republican effort to strip much of the Dodd-Frank Act. The powerful panel — the last stop for every bill considered by the […]
Here, in The Hill. Quick served as senior counsel to the Senate Banking Committee and senior attorney for OCC. Excerpt: Trump is well on his way to effecting change in financial regulation through his appointments, and Congress appears poised to stall new financial regulation through changes to the rulemaking process, most significantly through the Regulatory Accountability […]
On Tuesday at 5:00 pm, the House Rules Committee will hold a hearing on the Financial Choice Act, presumably to grant a rule for full House consideration later in the week. The Committee Report accompanying the bill is linked to here.
Here. Excerpt on the CFPB's proposed arbitration reg: [Ballard Spahr's] Alan S. Kaplinsky told Bloomberg BNA that “it would be bordering on reckless” for CFPB Director Richard Cordray to finalize the rule because of the risk it will be overturned under the [Congressional Review Act].* * * Congressional Republicans will be in lock step against […]