A U.S. district court convened a two-day hearing last week in the National Treasury Employees Union’s lawsuit aimed at stopping an effort by the Trump administration to greatly diminish the CFPB. The judge extended a freeze on contract terminations by the CFPB while contemplating a ruling on a preliminary injunction.
Just before the vote, Sen. Elizabeth Warren, D-MA, released the CFPB nominee’s answers to a series of questions regarding the bureau. Warren said his responses were filled with “non-answers that regurgitated the agency’s obligations under the law.”
It typically takes the CFPB less than one day to process a consumer’s complaint and send it to the company identified in the complaint. After the Trump administration disrupted operations at the bureau, the average complaint processing time temporarily jumped to six days.
Several CFPB offices have been authorized to continue working, but the process has been filled with confusion between new bureau leadership and bureau employees.
The House Financial Services Committee voted 30-19 to pass a Congressional Review Act resolution to reverse a CFPB final rule that will limit overdraft fees charged by large banks and credit unions.
A Texas federal judge granted the CFPB’s request to stay for 30 days all pending deadlines in the credit card late fee lawsuit as it works with the plaintiffs in the case to resolve the matter.
PHH claimed that the Supreme Court’s ruling to overturn Chevron deference made the CFPB’s RESPA regulations invalid as far as civil claims filed by mortgage borrowers.
District court denies request from CFPB to pause litigation against Comerica Bank; CFPB drops lawsuit against Zelle; lawsuits involving Military Lending Act moving forward; CFPB stays on case with state AGs; CFSA seeks ruling from Supreme Court on payday loan rule.
CFPB Director-nominee Jonathan McKernan at his confirmation hearing promised to perform the statutory functions of the bureau. But he didn’t directly respond to the question of whether he agrees with President Trump’s statement that it’s important to “get rid of” the bureau.
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