One of Seila Law’s arguments was that the CID cannot be ratified because the applicable three-year statute of limitations had expired. The court, however, said the time bar only applies to lawsuits.
Names of possible successors to Kathy Kraninger include two from Sen. Elizabeth Warren’s inner circle: Rep. Katie Porter and FTC Commissioner Rohit Chopra.
The CFPB has created a new office within the supervision, enforcement and fair lending division to assign cases to the enforcement office. Critics say the change will weaken the bureau’s enforcement power.
Industry experts believe CFPB Director Kathy Kraninger’s job may be on the line if Joe Biden wins the presidential election. A few ongoing rulemakings also could be in trouble.
Significant structural changes at the CFPB under the Trump administration; CSBS allows consumer gripes on its examination platform; Ed Pinto complains about the QM patch.
The CFPB’s consumer advisory committee has more consumer advocacy representatives than it has ever had under the Trump administration. Nine out of 12 members are from the consumer advocacy world.
The CFPB warned of market disruption if its past actions — which have led to numerous regulations governing the mortgage industry — are open to new interpretations.
In a motion to partially dismiss, the CFPB is trying to blunt a challenge by consumer groups over the creation and composition of its consumer financial law task force, arguing they are not directly harmed.
It’s possible the validity and outcomes of pending lawsuits involving enforcement actions will be fact-based and vary case by case, according to attorneys tracking the issue.
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