Tag Archives: CFPA

CFPB Director Kraninger Declares For-Cause Removal Provision of the CFPA Unconstitutional

On September 17, Consumer Financial Protection Bureau (“CFPB”) Director Kathleen Kraninger sent letters to House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell stating that the CFPB “has determined that the for-cause removal provision of the Consumer Financial Protection Act . . . is unconstitutional.”  The Bureau now affirms that the for-cause removal provision … Continue Reading

CFPB Announces Settlement with Broker of High-Interest Credit Offers to Veterans

On January 23, 2019, the CFPB announced a settlement with Mark Corbett following an investigation by the Bureau, the Arkansas Attorney General, and the South Carolina Department of Consumer Affairs into Mr. Corbett’s brokerage of contracts offering high-interest credit to veterans.  As detailed in the consent order, Mr. Corbett facilitated high-interest contracts between veterans and … Continue Reading

CFPB Complaint Against Intercept Corporation is Dismissed for Failure to State a Claim

On March 17, 2017, the U.S. District Court for the Eastern District of North Dakota dismissed without prejudice the CFPB’s complaint against third-party payment processor Intercept Corporation and two of its executives for failure to state a claim. The CFPB’s June 2016 complaint alleged that defendants had violated the Consumer Financial Protection Act (the “CFPA”) … Continue Reading
LexBlog