In opening briefs before the Supreme Court, a California law firm and the CFPB argued the bureau’s structure is unconstitutional, but took opposing positions on how to remedy the situation.
The Supreme Court will hear only one challenge to the CFPB’s constitutionality in its current term. Two other circuit court cases on the issue are on hold.
The CFPB’s latest financial report for fiscal year 2019 reveals a cut in the agency's workforce, lower funding levels and a slower enforcement process.
The CFPB will announce changes to its consent order termination policy, making it easier for firms to get out from under post-enforcement monitoring, agency Director Kathy Kraninger said in a recent speech. She also hinted at a few other soon-to-be-announced items.
Two Democratic senators are pressing for a CFPB examination of the Apple Card's underwriting standards, while demanding information about the agency's enforcement of fair lending standards.
The Pennsylvania Department of Banking and Securities unveiled six enforcement actions during the third quarter against licensed mortgage lenders for operating a servicing business without a license.
A district court not convinced that the CFPB’s structure is unconstitutional declined to drop a case filed by the bureau against Ocwen Financial Corp. over alleged mortgage servicing failures.
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