Legislation

Browse articles from all of our Newsletters related to Legislation.

April 16, 2018 - Inside the CFPB

Other News in Brief: CFPB Commission; Consumer Website; African Americans in CFPB

Trade Groups Wrote to Support a CFPB Commission. Twenty-three trade organizations representing the financial services industry, including the American Bankers Association and Mortgage Bankers Association, last week wrote to Congress to support legislation that would change the CFPB’s leadership structure from a single director to a bipartisan commission. The letter was sent to Reps. Dennis Ross, R-FL, Kyrsten Sinema, D-AZ, David Scott, D-GA, and Ann Wagner [Includes four briefs] ...


April 16, 2018 - Inside the CFPB

Nonbank Group Asks CFPB To Tailor Regulations

The Community Home Lenders Association called for regulatory streamlining for smaller independent mortgage bankers in a comment letter to the CFPB in response to its request for information on enforcement and supervision. The CHLA, which claims to be the only national association that exclusively represents IMBs, said the bureau should reduce burdens and compliance risks faced by IMBs “through targeted CFPB exam and enforcement exemptions.” Under current law, every nonbank ...


April 16, 2018 - Inside the CFPB

Personal Showdown: Sen. Warren Faces Off With Mulvaney

After rounds of exchanging increasingly nasty letters, Sen. Elizabeth Warren, D-MA, finally got a face-to-face opportunity to question Mick Mulvaney, the acting director of her brainchild – the CFPB. In Mulvaney’s testimony before the Senate Banking, Housing, and Urban Affairs Committee last week, Warren turned her five-minute questioning time into a passionate speech generally claiming that Mulvaney is hurting the American people “Here’s what you don’t get, Mr. Mulvaney – this isn’t about me,” Warren said ...


April 2, 2018 - Inside the CFPB

CFPB Seeks Input on Inherited Regs and Guidance

The CFPB late this month issued two more requests for information – one on the its inherited regulations, and another on bureau guidance and implementation support. Under the Dodd-Frank Act, the agency has the rulemaking authority for federal consumer financial laws previously vested in certain other federal agencies. The bureau is considering whether it should amend the regulations or exercise the rulemaking authorities it inherited. This RFI solicits public input on all aspects of ...


April 2, 2018 - Inside the CFPB

CFPB is Denied Reconsideration in Another RESPA Case

After losing ground in a Real Estate Settlement Procedures Act interpretation in the PHH case, the CFPB lost the motion for reconsideration in another RESPA case, which carries further implications for the industry, attorneys said. The U.S. District Court for the Western District of Kentucky denied the CFPB’s motion to reconsider a decision in favor of Kentucky law firm Borders & Borders over allegations it illegally paid kickbacks under the RESPA statute. The significance of the case lies in the fact ...


April 2, 2018 - Inside the CFPB

Lawmakers Push to Ease Payday Lending Rules, Critics Antsy

Congressional lawmakers are seeking ways to ease restrictions on payday loans and rescue the industry from what some lenders feel are onerous CFPB rules promulgated under past agency leadership. Sen. Lindsey Graham, R-SC, introduced a Congressional Review Act resolution to repeal the agency’s payday rule, and the House Financial Services Committee gave a green light to bank payday lending. The CFPB finalized its payday rule in October under former Director Richard Cordray with ...


March 19, 2018 - Inside the CFPB

PHH Still Waiting to Hear from the CFPB on RESPA Case

PHH Corp., which is slated to be bought by Ocwen Financial, is waiting to see if it still has any legal liability from a Real Estate Settlement Procedures Act enforcement matter brought by the CFPB, according to a recent 10-K filing. In January 2018, the en banc court of the United States Court of Appeals for the District of Columbia Circuit reinstated an October 2016 panel decision as it related to RESPA issues, which included vacating the CFPB’s order imposing $109 million of disgorgement ...


Poll

What’s your opinion on how Mick Mulvaney has managed the CFPB since he took over three months ago?

He’s done a good job of paring back the agency’s excesses and we’d like to see more.

35%

I hope he totally dismantles the agency and sends those functions back to the agencies hence they came.

14%

Not bad, but he needs to take his time making additional changes.

12%

We’re totally aghast. He’s gone way too far in protecting the rights of companies not consumers!

39%