Banking industry trade groups said a CFPB research proposal on consumer choices related to “junk fees” doesn’t meet legal requirements. They are asking the Office of Information and Regulatory Affairs to reject the proposal.
The Appraisal Foundation updates appraisal standards; the CFPB will distribute $22 million among debt relief scam victims; CFPB Inspector General expresses opposition to legislation about his office.
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 CFPB is facing management challenges in reforming its information security practices, workforce support programs and in embracing new technology and skills in supervisory and enforcement activities.
CFPB Director Rohit Chopra engaged in a live question-and-answer session last month, acknowledging banks’ concerns about nonbank coverage and liability flows.
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.
A majority of the witnesses testifying at a recent House subcommittee hearing voiced support for the Taking Account of Bureaucrats’ Spending Act, which would separate the CFPB from the Federal Reserve System and subject it to the regular appropriations process.
Eight Republican-sponsored pieces of legislation were attached to a recent hearing on CFPB reforms, including one that would convert the bureau’s leadership structure into a five-member commission.
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.
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