Tag Archives: CFPB

CFPB Introduces New Strategic Plan under Acting Director Mulvaney

Yesterday, the CFPB released a new Strategic Plan for fiscal years 2018 to 2022.  The new Plan is a further demonstration of Acting Director Mulvaney’s efforts to reshape the Bureau.  As the Acting Director says in the message that prefaces the Plan, “if there is one way to summarize the strategic changes occurring at the … Continue Reading

CFPB Issues Request for Information on Enforcement Processes

On February 7, 2018, the Consumer Financial Protection Bureau issued a Request for Information (“RFI”) seeking comments and information from the public regarding the Bureau’s enforcement processes. The RFI seeks public input on “how best to achieve meaningful burden reduction or other improvement” to the Bureau’s enforcement processes “while continuing to meet the Bureau’s statutory … Continue Reading

CFPB’s Fair Lending Office Stripped of Supervision and Enforcement Powers

The Consumer Financial Protection Bureau (the “Bureau” or “CFPB”) has made its first major organizational change under the leadership of Acting Director Mick Mulvaney. The Bureau moved the Office of Fair Lending and Equal Opportunity (the “Fair Lending Office”) inside the Office of the Director and stripped it of responsibility for enforcement and day-to-day oversight … Continue Reading

CFPB Issues Request for Information on Administrative Adjudications

On January 31, 2018, the Consumer Financial Protection Bureau (the “Bureau” or “CFPB”) issued a Request for Information (“RFI”) seeking comments and information from the public regarding the Bureau’s use of administrative adjudications.  The Bureau intends to use the comments received to inform deliberations as to whether and how to revise and update the Bureau’s … Continue Reading

D.C. Circuit Holds CFPB Structure Constitutional in PHH v. CFPB Reversal

Today, the D.C. Circuit Court of Appeals, sitting en banc, held that the structure of the CFPB is constitutional, overturning an earlier ruling by a panel of the Court that would have allowed the President to fire the CFPB director at will.  The Court’s decision, finding that the Bureau’s structure is protected by well-established precedent … Continue Reading

CFPB Issues Request For Information on Civil Investigative Demands

On January 24, 2018, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) published a Request for Information (“RFI”) on its civil investigative demand (“CID”) process. This is the first in a series of planned RFIs on the Bureau’s activities. In the RFI, the CFPB recognizes that “responding to a CID can impose burdens on … Continue Reading

Mulvaney Outlines “New Mission” for the CFPB in Email to Bureau Staff

Yesterday afternoon, Acting Director Mulvaney sent an email to the entire CFPB staff in which he drew a sharp contrast with the views of his predecessor, Director Richard Cordray, and outlined a new direction  for the Bureau. In explaining how “things would be different” at the Bureau, Acting Director Mulvaney  criticized the agency’s aggressive approach … Continue Reading

CFPB Dismisses Suit Against Tribal Lenders

In a surprising turn of events, the CFPB on Thursday dismissed its ongoing litigation against Golden Valley Lending, Inc., Silver Cloud Financial, Inc., Mountain Summit Financial, Inc., and Majestic Lake Financial, Inc.  The Bureau’s case was predicated on a controversial theory that turned alleged violations of state law into alleged violations of the Dodd-Frank Act, … Continue Reading

CFPB Requests Public Comment on Bureau Activities

The Consumer Financial Protection Bureau announced today a planned series of Requests for Information on the Bureau’s activities and how those activities impact consumers and covered entities. According to the press release, the goal of issuing these Requests for Information is to “ensure the Bureau is fulfilling its proper and appropriate functions to best protect … Continue Reading

CFPB Intends To Reconsider Payday Rule

Yesterday, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) announced that it “intends to engage in a rulemaking process so that the Bureau may reconsider the Payday Rule.” The Payday Rule, previously published last fall, became effective on January 16, 2018. The announcement may be a first step toward substantially reversing or eliminating the … Continue Reading

CFPB Releases Credit Card Report

On December 27, 2017, the CFPB released its biennial report on the state of the credit card market. The CFPB’s report found the market to be stable and growing steadily. In particular, the Bureau found that the cost of credit card credit to consumers remains stable overall, in terms of both total costs and the … Continue Reading

CFPB Acting Director Institutes Suspension of Data Collection, Reveals Plans to Bring in More Political Appointees, and Announces Review of Pending Enforcement Matters

Acting CFPB Director Mick Mulvaney made three important announcements this week.  First, on December 4, he announced a suspension of the agency’s collection of consumers’ personal information due to concerns about cybersecurity. Mulvaney, who said he is taking data security “very, very seriously” according to The Wall Street Journal report (paywall), explained that the Bureau … Continue Reading

CFPB Sues Tribal-Affiliated Online Loan Servicer for Collecting on Allegedly Void Loans

On November 16, 2017, the CFPB filed suit in Montana federal court against Think Finance for activities connected to its tribal-affiliated internet lending business.  Think Finance worked with lenders owned by Native American tribes to offer small-dollar loans to consumers that the Bureau alleges are void under state law.  This suit came on the same … Continue Reading

CFPB Requests Information Related to Consumers’ Access to Free Credit Scores

On November 13, 2017, the Consumer Financial Protection Bureau published two notices in the Federal Register seeking information related to consumers’ access to free credit scores.  These notices highlight the Bureau’s continued focus on credit scoring and consumer understanding of credit scores as a priority area for the CFPB. In the first notice, the CFPB’s … Continue Reading

Kristen Donoghue Appointed As New CFPB Enforcement Chief

The Consumer Financial Protection Bureau announced today that Kristen Donoghue would be appointed as its new Assistant Director of Enforcement, effective next Friday, November 17. As we explained in an earlier post, Anthony Alexis, the former head of enforcement, announced his intention to step down from his position upon appointment of his successor.  Donoghue is … Continue Reading

CFPB Director Cordray Delivers Remarks at Consumer Advisory Board Meeting

On November 2, 2017, Consumer Financial Protection Bureau (“CFPB” or “Bureau”) Director Richard Cordray delivered remarks at a meeting of the Consumer Advisory Board in Tampa, Florida. Director Cordray’s remarks touched on the following issues: Reverse Mortgages: Noting that Florida is home to millions of senior Americans, Director Cordray discussed reverse mortgages, a financial product … Continue Reading

CFPB Issues Principles for Consumer-Authorized Access of Financial Data

On October 18, 2017, the Consumer Financial Protection Bureau issued “Consumer Protection Principles” for protecting consumers’ interests in the context of consumer-authorized data sharing and aggregation. The principles are related to the Request for Information that the Bureau issued in connection with section 1033 of the Dodd-Frank Act late last year. The Consumer Protection Principles … Continue Reading

CFPB Releases Draft Strategic Plan for FY 2018–2022

On October 18, 2017, the Consumer Financial Protection Bureau published a draft Strategic Plan for FY 2018–2022 and invited comment by November 18, 2017. The draft is organized around four overarching goals: Prevent financial harm to consumers while promoting good practices that work for consumers, responsible providers, and the economy as a whole. Empower consumers … Continue Reading

CFPB Head of Enforcement to Step Down

On October 13, 2017, the Consumer Financial Protection Bureau announced the upcoming departure of its enforcement chief, Assistant Director of Enforcement Anthony “Tony” Alexis. Assistant Director Alexis has been with the CFPB since 2012, and in a statement (paywall) to The Wall Street Journal, CFPB Director Richard Cordray described him as “my strong right arm.” … Continue Reading

CFPB Finalizes Payday Lending Rule

On October 5, 2017, the CFPB finalized its long-awaited rule on payday, vehicle title, and certain high-cost installment loans, commonly referred to as the “payday lending rule.” The final rule places ability-to-repay requirements on lenders making covered short-term loans and covered longer-term balloon-payment loans. For all covered loans, and for certain longer-term installment loans, the … Continue Reading

CFPB Releases Results of Survey on U.S. Consumer Financial Well-Being

On September 26, 2017, the Consumer Financial Protection Bureau (“CFPB”) released the results of its first national survey regarding the financial well-being of both specific groups of U.S. consumers and the population as a whole.  Designed as a component of the CFPB’s strategy for improving consumer financial capability, the National Financial Well-Being Survey was conducted … Continue Reading
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