Rep. Maxine Waters urges CFPB leadership not to finalize any “midnight” regulations; Upstart receives no-action letter; CFPB brings lawsuits against online lender LendUp Loans and debt-relief service provider DMB.
Much of the conversation over the past few weeks following the election of Joe Biden to the White House has focused on the bureau’s mortgage-related actions.
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.