Trade associations want bipartisan commission to run CFPB

On June 22, 2017, over 20 trade associations signed a joint letter to the Chairmen and Ranking members of the Senate and House Appropriations Committees urging Congress to pursue legislation that would allow a bipartisan commission to lead the CFPB. In their letter, the associations write that “a Senate confirmed, bipartisan commission leading the [...]

By | 2017-06-27T00:08:34+00:00 June 26th, 2017|0 Comments

The case for overhauling the CFPB

Earlier this month, the Treasury Department issued a report with recommendations designed to ease regulations imposed on the financial services industry by restructuring major provisions of the Dodd-Frank Act, which was passed in 2010 in response to the financial crisis. The report came less than a week after the House passed the Financial CHOICE [...]

By | 2017-06-26T23:18:42+00:00 June 26th, 2017|0 Comments

Cordray responds to accusations that CFPB botched Wells Fargo investigation

On June 6, 2017, the House Financial Services Committee issued a report criticizing CFPB Director Richard Cordray for the Bureau’s handling of the Wells Fargo fake account scandal. Republican Committee members allege in the report that Cordray lied about the Bureau’s involvement in the investigation during April testimony before Congress and that the CFPB [...]

By | 2017-06-16T20:03:29+00:00 June 16th, 2017|0 Comments

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

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

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