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Treasury Department report recommends CFPB overhaul

The Treasury Department released its report on reforming financial regulations on Monday evening. The report, entitled “A Financial System that Creates Economic Opportunities” recommends limits on the CFPB and a reassessment of various banking rules. The Treasury Department prepared the highly-anticipated report after President Trump issued an executive order in February mandating that the [...]

By | 2017-06-13T22:26:43+00:00 June 13th, 2017|0 Comments

House approves bill to overhaul Dodd-Frank

On June 9, the House of Representatives pass the Financial CHOICE Act in a party-line vote of 233-186. The bill would repeal and replace many of the financial regulations put in place by the Dodd-Frank Act and includes an overhaul of the CFPB’s structure and power while proposing significant changes to the Bureau’s rulemaking [...]

By | 2017-06-13T23:54:44+00:00 June 12th, 2017|0 Comments

Why the CFPB wants to separate debt collection regulation into two rules

Last Thursday, CFPB Director Richard Cordray announced that the Bureau intends to separate debt collection rulemaking into two rules. Cordray explained that during the Bureau’s research and industry outreach it became apparent that “writing rules to make sure debt collectors have the right information about their debts is best handled by considering solutions from [...]

By | 2017-06-14T00:29:30+00:00 June 10th, 2017|0 Comments

Cordray: First-party creditors responsible for providing accurate consumer debt information

On Thursday, CFPB Director Richard Cordray announced during a Consumer Advisory Board Meeting that banks and other first-party creditors are responsible for the accuracy of information that they provide to third-party debt collectors. Cordray explained that the CFPB will “consolidate all the issues of 'right consumer, right amount' into the separate rule we will [...]

By | 2017-06-09T20:23:13+00:00 June 9th, 2017|0 Comments

Republicans threaten contempt proceedings against CFPB Director, Democrats respond

Earlier this week, the Republicans on the House Financial Service Committee’s subcommittee on Oversight and Investigations called for possible contempt proceedings against CFPB Director Richard Cordray. According to a 15-page report released on Tuesday, Cordray allegedly lied to Congress in April about the CFPB’s investigation into the Wells Fargo fake account scandal.  The report [...]

By | 2017-06-09T20:26:12+00:00 June 9th, 2017|0 Comments

Is surge in litigation taking its toll on CFPB?

On Wednesday, American Banker published an article taking a closer look at the recent rise in litigation at the CFPB. With the uncertain political climate and legal challenges that threaten to overhaul the Bureau's structure, funding, and day-to-day operations, more and more financial companies opted to push back against CFPB enforcement actions. According to the [...]

By | 2017-06-09T20:16:01+00:00 June 8th, 2017|0 Comments

The CFPB v. PHH: What about RESPA?

The legal battle between PHH and the CFPB focuses primarily on whether the CFPB is a constitutionally structured independent agency – a decision on that issue is sure to have widespread implications for the entire financial services industry. There is, however, another issue which also carries a tremendous amount of weight for a major [...]

By | 2017-06-06T20:47:22+00:00 June 6th, 2017|0 Comments

Outlook for Financial CHOICE Act

The House is expected to vote this week on a sweeping regulatory reform bill called the Financial CHOICE Act. In fact, a vote could take place as early as this Thursday. In an article title “The Top Ten Reasons to pass the Financial CHOICE Act,” the National Law Review claims that the legislation could [...]

By | 2017-06-06T21:31:26+00:00 June 6th, 2017|0 Comments

FTC takes action against robocall scam that pitched worthless credit card rate reduction programs

On June 5, 2017, the FTC issued a press release announcing that, in a case filed by the agency and the Florida Attorney General (AG), a Florida federal district court judge has entered eight orders against a collection of Orlando-based individuals and companies that harassed consumers with unlawful robocalls from “Card Member Services,” to [...]

By | 2017-06-06T19:18:26+00:00 June 5th, 2017|0 Comments

Massachusetts judge voids hundreds of illegal online auto title loans

On May 25, 2017, the Massachusetts Attorney General issued a press release announcing that it had obtained a judgment in Superior Court against Liquidation LLC, an unlicensed auto little lender that made hundreds of illegal loans to Massachusetts consumers. According to the press release, the court declared the loans void, dissolved the liens that [...]

By | 2017-06-09T22:36:57+00:00 June 1st, 2017|0 Comments