Native tribes and organizations: recent CFPB action could set dangerous precedent for tribally owned businesses, tribal sovereignty
Tribes and Native organizations join forces in letter to CFPB expressing concern about recent consent order November 16, 2017 WASHINGTON, DC – A recent Consumer Financial Protection Bureau (CFPB) action is deeply troubling for tribal sovereignty and...
Cordray Announces Resignation as CFPB Director
After months of speculation, the Director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray, announced Wednesday, November 15 that he would be stepping down from his post by the end of the month. His announcement comes just days after an internal...
Subprime Auto Loans Driving Debt Rise, Face Regulatory Scorn
According to the New York Fed, household debt reached $13 trillion in the 3rd quarter of 2017. Home mortgages remain the bulk of that balance at $8.7 trillion, but a surprise industry caught the attention of the Fed- car loans. At the end of September, auto loans rose...
CFPB Responds to Tribal Lenders’ Petition to Supreme Court
The Consumer Financial Protection Bureau (CFPB) filed its response on November 6th to a petition by two tribal lending entities (TLEs) to have the U.S. Supreme Court hear a case on the power of the federal consumer watchdog to issue civil investigative demands (CIDs)...
Household Wealth At or Below Zero for 1 in 5 Americans
New findings by the Institute for Policy Studies detail the growing wealth gap in the United States and the struggles many Americans face building wealth in the modern economy. The report noted that the three wealthiest people in America, Bill Gates, Jeff Bezos, and...
Continuity Expected as CFPB Names New Enforcement Head
Beginning November 17th, long-time Deputy Enforcement Director for Strategy and Policy Kristen Donoghue will assume a promotion to the Assistant Director of Enforcement for the Consumer Financial Protection Bureau (CFPB). Donoghue has worked in the agency’s...
Growing Wealth Divide Driving Need for Alternative Financial Services
The Federal Reserve recently published findings from its Survey of Consumer Finances, a review of household finances and wealth conducted every 3 years. While the survey generally shows wealth nearing pre-recession levels, it does highlight a growing wealth gap...
CFPB Director Absolved of Possible Hatch Act Violations
In a recent letter, the United States Office of Special Counsel (OSC) found that Consumer Financial Protection Bureau (CFPB) Director Richard Cordray did not violate the Hatch Act, a federal law that prohibits federal employees from engaging in certain political...
