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.
The CFPB halts reorganization of its supervision, enforcement and fair lending division; the bureau refuses to rescind a policy regarding credit reporting agencies.
Names of possible successors to Kathy Kraninger include two from Sen. Elizabeth Warren’s inner circle: Rep. Katie Porter and FTC Commissioner Rohit Chopra.
However, it’s not clear whether the motivations are to disempower enforcement or rationalize the integration of enforcement and supervision. Industry watchers weigh in.
The CFPB issues no-action letter to Bank of America; lawsuit against Driver Loan; SMART Payment Plan settles with the CFPB; New York Department of Financial Services outlined expectations for financial institutions to man-age climate change risks.
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.
Ocwen Financial has agreed to pay $5.2 million to Florida regulators to settle allegations it engaged in abusive servicing practices. A similar case filed by the CFPB against the nonbank is pending.
Townstone Financial seeks to dismiss redlining lawsuit; CFPB settles with debt collectors and auto lenders; the bureau will hold a virtual town hall to discuss managing and protecting finances during difficult times.
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.
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