Rep. Patrick McHenry, R-NC, has threatened to use the Congressional Review Act to prevent implementation of the CFPB’s new reporting requirements on small business lending.
The Equal Credit Opportunity Act includes an affirmative obligation to continually search for whether any adverse impacts from a model can be mitigated by a less discriminatory alternative.
The CFPB released a final rule implementing Dodd-Frank Act Section 1071, which requires financial institutions to collect and report data on their small business lending activities.
The Second Circuit Court of Appeals’ ruling last month deepens a circuit split on the constitutionality of the CFPB’s funding structure, which is set for hearing before the Supreme Court next term.
In a special edition supervisory highlights report, the CFPB revealed old and new ways in which mortgage servicers are attempting to collect unlawful fees from borrowers.
A ruling against the CFPB could reshape the bureau’s funding structure and call into question every action taken by the consumer watchdog since its inception in 2011.