A three-judge panel of the Fifth Circuit Court of Appeals today ruled that the Consumer Financial Protection Bureau’s funding structure violates the separation of powers clause of the Constitution.
A federal judge recently moved to vacate CFPB regulations that expanded the number of small-volume lenders deemed exempt from Home Mortgage Disclosure Act reporting requirements. I
The OCC today issued a bulletin for community banks on the legal requirements for protecting non-public OCC information in video teleconferencing services.
Expressing concern that the CFPB is acting contrary to its authorizing statute, three senior members of the House Financial Services Committee yesterday sought information on the CFPB’s collaborations with state attorneys general enforcement actions.
CFPB’s change is “contrary to law and subject to legal challenge” as well as potential congressional action, the groups said.
House Republican lawmakers this week slammed recent changes made by the CFPB to its supervision examination manual for unfair or deceptive acts and practices and its rules of practice and procedure regarding administrative adjudication procedures, noting that these actions “deviate significantly from past practices” and were taken outside of the notice and comment process.
U.S. law enforcement agencies are deputizing—voluntarily or involuntarily—financial institutions to serve as their lead investigators.
The reference guide, created by NACHA’s Payments Innovation Alliance, provides background on the importance of terms and conditions when offering voice payments services and how terms may be modified to suit different needs.
The Financial Crimes Enforcement Network issued an advisory on kleptocracy and foreign public corruption, urging financial institutions to focus their efforts on detecting the proceeds of foreign public corruption.
The CFPB’s newly revised rules of practice for administrative adjudication are “a step in the wrong direction,” expanding the powers of the bureau’s already-powerful director and reducing protections for defendant companies, a coalition of financial services groups including American Bankers Association said.