In an opinion issued this morning, the U.S. Court of Appeals for the District of Columbia Circuit overturned key provisions of a Federal Communiciations Commission ruling addressing the scope of the Telephone Consumer Protection Act's prohibition on the use of automated dialing devices to make unconsented-to calls to cell phones. In what may prove the most […]
by Jeff Sovern So Banking Exchange reports. Excerpt: Otting believes a flaw of how CRA has evolved is its strong emphasis on low-to-moderate income mortgage lending and lending for low-to-moderate income multifamily housing. He thinks more types of activities should count toward meeting CRA’s intention. For example, he says, small business lending in low-to-moderate income […]
The HIll is reporting that the House insists on going to conference to resolve differences between the House-passed Financial Choice Act and the Senate bill, while the Senate Democrats who supported the bill say they would oppose major changes in it. The House bill makes major changes in the CFPB.
A bipartisan group of House members on Wednesday released a bill that would replace the director of the controversial Consumer Financial Protection Bureau with a five-person commission. The bill would also rename the CFPB the Financial Product Safety Commission. The Hill has the story.
Here. Excerpt: President Donald Trump and other supporters of the major banking bill that cleared the Senate on Wednesday say they want to rescue the nation’s lenders from a crush of regulations. But far from being crushed, the industry looks more like it's booming. Banks have hauled in record profits for the last three years […]
The WSJ report is here. As for the impact on discriminatory lending, see Adam Levitin writing at Credit Slips. It remains unclear how the House will respond to the bill.
by Jeff Sovern Mick Mulvaney has now led the CFPB for three and a half months and during that period, has been subject to attacks, including on our blog. Naturally, his defenders are stepping up. For example, Congressman Blaine Luetkemeyer, who chairs the House Financial Services Subcommittee on Financial Institutions and Consumer Credit and served on […]
by Jeff Sovern Politico's Morning Money newsletter reports: BANKERS NOT AS WORRIED BY REGS — At the Consumer Bankers Assoc. annual conference, CBA Live, attendees were asked about their top worries. The regulatory environment was tops from 2012-2016. On Monday it barely cracked four percent. Which of course raises a question about why Congress is working on […]
"Buried within Senate legislation to roll back restraints on banks is a provision that would exempt an estimated 85 percent of US banks and credit unions from public reporting requirements, raising fears that discriminatory practices by lenders could go undetected. The data that would be exempt from reporting include the financial information of borrowers and loan […]
by Jeff Sovern Kevin Wack in The American Banker has a report headlined Wells was tipped off to government probe by OCC, watchdog says. And yet, Mick Mulvaney wants the CFPB to take a backseat to the OCC when it comes to supervision.