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|CFPB Enforcement, CFPB Rulemaking, Politics|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|CFPB Rulemaking, Politics|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|CFPB Rulemaking, Politics|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|CFPB Rulemaking, Debt Collection|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|CFPB Rulemaking, Debt Collection|0 Comments

CFPB proposes delay to Prepaid Card Rule effective date

On March 9, 2017, the CFPB released a proposal to delay the effective date of its final rule govern prepaid accounts by six months. This proposal will push the effective date back from October 1, 2017 to April 1, 2018. Through ongoing discussions with companies in the prepaid industry, CFPB staff learned that some industry [...]

By | 2017-03-13T11:46:27+00:00 March 13th, 2017|CFPB Rulemaking, Prepaid Cards, Uncategorized|0 Comments

House passes bill that would require OMB to review new CFPB Rules

Last week, the House of Representatives passed a bill that would require the Office of Information and Regulatory Affairs (OIRA) to review significant regulations promulgated by independent agencies. The bill would potentially affect rules proposed by independent agencies such as the Securities and Exchange Commission, the Federal Trade Commission, and the CFPB. […]

By | 2017-03-08T07:23:02+00:00 March 8th, 2017|CFPB Rulemaking, Politics, Uncategorized|0 Comments

Hensarling memo reveals plans for CFPB overhaul

Earlier this week, House Financial Services Committee Chairman Jeb Hensarling circulated a memorandum to committee leaders outlining potential upcoming changes to the Financial CHOICE Act that will be introduced during the 115th Congress. Those proposed changes would affect several significant aspects of the Dodd-Frank Act, such as providing regulatory relief for strongly capitalized banks, taking steps [...]

By | 2017-02-10T06:33:44+00:00 February 10th, 2017|CFPB Rulemaking, Politics, Uncategorized|0 Comments
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