Most briefs filed in the Seila Law v. CFPB case before the Supreme Court argue that the “for-cause” removal protection is not severable, and the court should invalidate the CFPB in its entirety or send the statute back to Congress.
Democratic senators have asked the Government Accountability Office to investigate whether the CFPB has fulfilled its statutory obligation to combat discriminatory lending practices. Separately, Rep. Maxine Waters questioned the bureau’s potential hiring of an enforcement director.
The U.S. Supreme Court agreed to review a case challenging the CFPB’s constitutionality. The court directed both parties to file briefs on a possible remedy.
Bryan Schneider, who previously led the Illinois Department of Financial and Professional Regulation, has been named associate director of the supervision, enforcement and fair lending division at CFPB.
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 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.
The CFPB named a high-ranking official of a student loan servicer as the bureau’s private education loan ombudsman. The move has drawn criticism from consumer groups.