Consumer advocacies claim the CFPB task force on consumer financial law does not serve a public interest and has violated the Federal Advisory Committee Act by operating behind closed doors.

The legislation is aimed at replacing the CFPB’s single director with a five-member bipartisan commission. Meanwhile, the Supreme Court is close to ruling on the constitutionality of the CFPB.

Democratic senators have called upon the CFPB and the FHFA to immediately address trends to better facilitate fair lending oversight.

Annual fair lending report issued; CFPB’s COO Kate Fulton to join FHFA; consumer complaint database enhanced.

The Supreme Court justices hearing oral arguments in the CFPB constitutionality case appeared divided, which means any sweeping change to the consumer watchdog is unlikely, according to industry attorneys.

A panel in the Fifth Circuit Court ruled the CFPB’s leadership structure is constitutional. Interestingly, the circuit court last year said the structure of the FHFA — which is similar to the CFPB — is unconstitutional.

Senate Democrats during a hearing last week questioned CFPB Director Kathy Kraninger on the bureau’s plans to help out borrowers impacted by the coronavirus.

The Sword of Damocles hung over his head during his last year at the helm of the bureau, former CFPB Director Richard Cordray disclosed in his new book.

The U.S. Supreme Court this week will hear oral arguments on whether the leadership structure of the CFPB is constitutional.