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Fight for Control of CFPB Not Over, Democrats Say

Sen. Chris Dodd and former Rep. Barney Frank say the CFPB-creating law bearing their names does not fall under the purview of the Federal Vacancies Reform Act. They joined other Democrats and activists last week in announcing plans to challenge a federal judge's ruling that denied a CFPB official's attempt to block President Trump’s interim director appointee.

December 1, 2017

It Is Unwise to Lower Your Defenses

The editor wonders how regulators, including two new mini-CFPBs in Pennsylvania and Maryland, view a consumer advocacy group’s highly critical report on how dealers price F&I protections.

November 14, 2017

Bloomberg: Senate Banking Chair Closing In on Bipartisan Dodd-Frank Rollback
House Approves Dodd-Frank Replacement Bill

House Approves Dodd-Frank Replacement Bill

Four days after the U.S. House passed a bill aimed at reversing a number of Dodd-Frank financial regulations and scaling back the CFPB’s authority, the Treasury Department recommended that the bureau’s powers be reduced in a report containing more than 100 suggestions for financial reform.

June 13, 2017

President Trump Orders Review of Dodd-Frank

President Donald Trump took his first step toward making good on his promise to dismantle the Dodd-Frank Wall Street Reform and Consumer Protection Act, signing on Friday an executive order directing the secretary of the Treasury to review the 2010 financial oversight law.

February 3, 2017

Senate Republicans Introduce CFPB-Restructuring Bill

Senate Republicans Introduce CFPB-Restructuring Bill

Senate Republicans have reintroduced legislation aimed at replacing the CFPB’s single-director structure with a five-member bipartisan board. The bill was unveiled as Congressional Democrats and state regulators pledged to defend Director Richard Cordray and his agency.

February 2, 2017

CFPB Orders TransUnion and Equifax to Pay $23.1 Million for Deceptive Practices

The Consumer Financial Protection Bureau (CFPB) this week took action against Equifax and TransUnion, ordering the two credit reporting agencies and their subsidiaries to pay more than $17.6 million in restitution for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The two firms were also ordered to pay $5.5 million in fines to the regulator.

January 4, 2017

Defining the Dark Side

There’s one way to keep federal regulators, plaintiffs’ attorneys, attorneys general and the media at bay. Read on to find out what it is.

December 6, 2016

Are the CFPB’s Days Numbered?

Can President-elect Donald Trump really deliver on his promise to ‘dismantle the Dodd-Frank Act’? The editor’s regulatory insiders say that outcome, while possible, is highly unlikely.

December 6, 2016

U.S. House Committee Passes Bill Aimed at Replacing Dodd-Frank

Last week, the U.S. House Financial Services Committee passed the Financial CHOICE Act, which supporters describe as an alternative to the Dodd-Frank Act. It contains language aimed at repealing the CFPB’s guidance on dealer participation, among other things.

September 15, 2016

The CFPB's Misguided Crusade

AFIP's executive director has some choice words for President Obama, Sen. Warren and the 'smartest guys in the room.'

February 5, 2016

Outing the CFPB

The House Financial Services Committee’s decision to release confidential CFPB documents was a big win for the industry. But will it be enough to stop the bureau’s attack on dealer participation?

January 11, 2016

NADA Files Request to Make CFPB Memo Public

The National Automobile Dealers Association filed a Freedom of Information Act request Monday, seeking to make a Consumer Financial Protection Bureau memo about limiting dealer discretion public.

July 14, 2015

Spin Control

The magazine’s resident legal insider says the media departments at two of the industry’s top regulators got a little too creative with their recent work.

May 1, 2015