What Trump’s regulatory moratorium means for CFPB payday rule

does freeze memo apply to payday ruleOn January 20, the Trump Administration issued a memo directing the recipients to freeze the review and final publication of pending regulations. The memo states, “send no regulation to the Office of the Federal Register (the “OFR”) until a department or agency head appointed by the President after noon on January 20, 2017, reviews and approves the regulation.” The memo clarifies that these instructions extend to “any substantive action by an agency (normally published in the Federal Register) that promulgates or is expected to lead to the promulgation

Cordray discusses future of CFPB in Trump era

CFPB Director CordrayOn January 24, at a Wall Street Journal event in Washington DC (video here), Cordray was asked about his job security amidst the change in administration. He explained that he intends to serve the remainder of his five-year term despite calls from Republican lawmakers for his removal. Cordray, who became the CFPB’s first-ever Director in 2013, explained that his term straddles two presidential terms by design. The reason? To ensure the independence of the position and the agency and to avoid partisan politics.

CFPB sues TCF National Bank for deceptive overdraft practices

CFPB sues TCFOn January 19, the CFPB filed a lawsuit against TCF National Bank for “tricking consumers into costly overdraft services.” The CFPB’s complaint alleges that TCF violated Regulation E and the Consumer Financial Protection Act.

TCF National Bank is headquartered in Wayzata, Minnesota and operates 376 retail branches in Arizona, Colorado, Illinois, Indiana, Michigan, Minnesota, South Dakota, and Wisconsin.

CFPB releases findings from consumer debt collection survey

The CFPB released the findings from its long-awaited national debt collection consumer survey. The survey was originally proposed on March 7, 2014, when the CFPB published a notice in the Federal Register, providing notice of its intent to conduct a “consumer” survey on debt collection and to request public comment on the survey methodology. The notice said that the “CFPB plans to conduct a mail survey of consumers to learn about their experiences interacting with the debt collection industry.” The notice also explained that the survey would ask
consumers “whether they have been contacted by debt collectors in the past, whether they recognized the debt that was being collected, and about their interactions with the debt collectors.”