All American Check Cashing’s petition before the SCOTUS presents a new question: what is the remedy if the bureau’s leadership structure is found to be unconstitutional?
The CFPB recently published guidance to address the upcoming change in transitional licenses for mortgage loan originators who move between states or from banks to nonbanks.
In yet another volte-face, the CFPB now believes the rule limiting the president’s ability to fire the bureau’s head is unconstitutional, according to a brief filed last week by the Department of Justice.
The CFPB in a recent amicus brief defended states’ authority to bring parallel claims against financial institutions for unfair, deceptive and abusive acts or practices.
The third meeting this year between officials of the CFPB and the CMLA focused on the loan originator compensation rule. The trade group noted that bureau Director Kathy Kraninger is open to industry feedback.
A dozen Republican state attorneys general asked the Supreme Court to review the challenge to the CFPB’s structure, stating their belief the bureau directorship is unconstitutional.
The House Financial Services Committee passed four bills aimed at reforming the credit reporting system. They are expected to pass the full House, but their fate in the Senate is uncertain.
Seila Law has now asked the Supreme Court to decide whether the CFPB’s structure is constitutional. The law firm lost before the U.S. Court of Appeals for the Ninth Circuit on the same issue.
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