On the heels of publishing a new rule on mandatory arbitration, the Consumer Financial Protection Bureau (CFPB) is caught in a struggle for its future in multiple federal courts and Congress. As courts diverge and lawmakers clash over healthcare, the budget, Russia,...
Senator Mark Warner (D- VA) introduced a new bill that would allow a third party that purchased or otherwise obtained a debt from a bank to continue charging during collection the interest rates of the bank’s home state. The bill contains similar language to...
Mortgage servicer Ocwen Financial will have support in its bid to have the structure of the Consumer Financial Protection Bureau (CFPB) declared unconstitutional after a Florida judge recently ruled that the U.S. Attorney General’s office could provide its views on...
On the back of reports that Americans spent $15 billion last year in bank overdraft fees, the Consumer Financial Protection Bureau (CFPB) is mulling new standard disclosure forms for banks that allow customers to opt-in to overdraft protection. In addressing the new...
In the wake of the mortgage crisis of 2008, a bipartisan Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) to stabilize financial markets and shield consumers from predatory financial products and services. Following the...
The newly proposed federal budget bill for fiscal year (FY) 2018 (House Concurrent Resolution 71) contains a number of provisions that could reshape key sections of the Dodd-Frank Act. The proposed budget is part of a larger 10 year plan to balance the federal budget...
A bipartisan group of Senators led by Tim Scott (R- SC) and Mark Warner (D- VA) introduced companion legislation to a House bill this week called the Credit Score Competition Act. The bill permits Freddie Mac and Fannie Mae to rely on alternative sources of data, like...
A bipartisan coalition made up of Reps. Steve Stivers (R- OH) and Tim Waltz (D- MN) introduced legislation this week to create the new position of Inspector General at the Consumer Financial Protection Bureau (CFPB). The bill mirrors a similar offer made back in March...
Barely a week after Acting Comptroller of the Office of the Comptroller of the Currency (OCC) Keith Norieka threatened to bring the Consumer Financial Protection Bureau’s (CFPB) recent rule on arbitration before the Financial Stability Oversight Council, the OCC is...
Rep. Maxine Waters (D- CA), the ranking member of the House Financial Services Committee, released a report on July 21st compiled by staff chronicling the numerous successes of the Consumer Financial Protection Bureau (CFPB) and attempts by House Republicans to...
