CFPB’s change is “contrary to law and subject to legal challenge” as well as potential congressional action, the groups said.
Browsing: CFPB reform
The American Bankers Association and the Consumer Bankers Association this week expressed support for the Consumer Financial Protection Bureau’s recent announcement that it will increase nonbank supervision.
These challenges will affect all markets, but will have local distinctions that will be important for market participants to understand as they navigate the uncertain road ahead.
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.
In a letter to Rep. Blaine Luetkemeyer (R-Mo.) today, ABA and several financial trade groups expressed support for H.R. 4773, the Consumer Financial Protection Commission Act, a bill that would transition the governance structure of the Consumer Financial Protection Bureau from having a sole director to a five-person, bipartisan commission.
President-Elect Biden today announced that he would nominate Rohit Chopra to serve as director of the Consumer Financial Protection Bureau and Gary Gensler to chair the Securities and Exchange Commission.
The Consumer Financial Protection Bureau’s Task Force on Federal Consumer Financial law today issued an…
The Consumer Financial Protection Bureau today announced the appointment of new members to its Community Bank Advisory Council.
The American Bankers Association joined a broad coalition of financial and housing industry groups today in a letter of support for a recent bill, S. 3990, that would replace the Consumer Financial Protection Bureau’s sole director with a bipartisan, five-member commission.
The high court electrified its docket by deciding to hear two cases on the Consumer Financial Protection Bureau’s leadership structure and the Securities and Exchange Commission’s enforcement power.