Supreme Court Agrees to Review Constitutionality of CFPB
The U.S. Supreme Court recently agreed to review Seila Law v. Consumer Financial Protection Bureau (CFPB), a case that centers on the constitutionality of the CFPB. The dispute originated when Seila Law, a law firm, refused to turn over documents to the CFPB when...
Disagreements Arise within the Trump Administration over Student Loans
Over the past year, there has been a quiet battle brewing between the Department of Education and the Consumer Financial Protection Bureau (CFPB) over the student loan industry. Kathy Kraninger, Director of the CFPB, sent a letter to Senator Elizabeth Warren stating...
Congressional Democrats Grill Kraninger
House and Senate Democrats grilled the Consumer Financial Protection Bureau’s (CFPB) Director Kathy Kraninger during her semi-annual report to Congress on Wednesday and Thursday. The congressional hearings were expected to be contentious, and they certainly lived up...
CFPB Announces New Taskforce on Federal Consumer Finance Law
Last week, the Consumer Financial Protection Bureau (CFPB) announced a new taskforce that will review federal consumer financial laws with the ultimate responsibility of proposing ways to harmonize and update those laws. “An objective and independent evaluation of...
California Governor Signs Loan Bill
← Previous Article California Governor Gavin Newsom signed into law last week the Fair Access to Credit Act, or AB-539, which sets an interest rate cap of 36 percent on loans between $2,500 and $10,000. The bill would also prohibit prepayment penalties and would... CFPB Director Kraninger Visits Capitol Hill Next Week
← Previous Article Kathy Kraninger, the Director of the Consumer Financial Protection Bureau (CFPB), will visit the House Financial Services Committee and the Senate Banking Committee next week to deliver the semi-annual report of the CFPB.In what promises to be...
State Regulators Seek Comments on Model Language for Multistate Licensing Legislation
← Previous Article Last week, the Conference of State Bank Supervisors (CSBS) released draft language for model payments legislation that would make it easier for fintech companies to operate between states. Nearly half of all state regulators have agreed to...
President Signs Executive Orders Limiting Agency Guidance
← Previous Article President Trump signed two executive orders earlier this week that seek to provide transparency in the ways in which federal regulators utilize guidance. The president stated that federal agencies were habitually issuing regulations and rules...
