More than a dozen briefs have been filed before the Supreme Court defending the CFPB’s constitutionality. State attorneys general told the high court that killing the bureau would harm states’ consumer protection authority.
The question now facing lenders is how they should respond to the CFPB’s civil investigative demands pending the Supreme Court’s decision in the Seila Law case.
Thomas Ward, deputy assistant attorney general overseeing the torts branch in the civil division of the DOJ, will now serve as the CFPB’s assistant director for enforcement.
The House of Representatives greenlighted a package of bills aimed at overhauling the credit reporting system. The legislation, however, has a dim future in the Senate.
To provide greater clarity to financial institutions in meeting their legal obligations, the CFPB will add a new “compliance aids” category to its guidance.
CFPB updates HMDA small entity compliance guide; the bureau files a lawsuit against Citizens Bank for credit card dispute issues; industry and consumer groups seek a delay in risk-retention rule revision.
After Pennsylvania, New Jersey and New York, the Golden State will be the fourth state to establish a state-level agency to boost consumer financial protection.
The court-appointed CFPB defender said the petition challenging the bureau’s structure is “remarkably weak.” According to him, there is no basis “to take the grave step of invalidating an act of Congress.”
Consumer complaints filed with the CFPB regarding mortgages hit a record low in the final quarter of 2019, with double-digit declines in two categories. (Includes two data charts.)
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