It took about an hour for someone on the Senate Finance Committee during its hearing today to mention the “elephant in the room” — namely, the fact that the CFPB is only allowed under Dodd-Frank to be funded out of “combined...more
Last week, the CFPB issued its Semi-Annual Report to Congress covering the period beginning April 1, 2023 and ending September 30, 2023. On June 12, 2024, CFPB Director Chopra is scheduled to appear before the Senate Banking...more
The CFPB is continuing its crusade against so called “junk fees,” and now is looking at credit reporting fees. In a May 20 speech to the Mortgage Bankers Association, Director Rohit Chopra highlighted the rising costs of...more
In a recent speech at the Financial Data Exchange Global Summit, Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB), discussed the current state of open banking in the United States and emphasized the...more
Last week, the CFPB issued its Semi-Annual Report to Congress covering the period beginning October 1, 2022 and ending March 31, 2023. ...more
In his recent address at the Better Markets Conference and his address at the Mortgage Collaborative National Conference, CFPB Director Rohit Chopra reflected on lessons from the 2008 financial crisis, discussing the...more
At a White House Roundtable on protecting Americans from allegedly harmful “data broker” practices, Consumer Financial Protection Bureau (CFPB or Bureau) Director Rohit Chopra announced the Bureau’s intention to expand the...more
Last Friday, July 21, 2023, marked the CFPB’s twelfth anniversary. To publicize the occasion, the CFPB published a blog post on July 20 in which it touted its achievements and ongoing initiatives....more
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more
At a U.S. Justice Department (DOJ) interagency event in Newark, New Jersey, Consumer Financial Protection Bureau (CFPB or Bureau) Director Rohit Chopra announced the next phase in the Bureau’s attempt to eliminate what he...more
On April 26, 2023, the CFPB will hold a field hearing in Brooklyn, New York on “zombie second mortgages.” At the event, Director Chopra will host a discussion with local community organizations, advocates, leaders, and...more
On October 19, 2022, three judges in the Fifth Circuit Court of Appeals ruled that the funding mechanism of the Consumer Financial Protection Bureau (CFPB) is unconstitutional. Specifically, the court found CFPB’s receiving...more
According to a report appearing in today’s Law360, CFPB Director Rohit Chopra has indicated that the agency appears unlikely, at least in the near future, to undertake new rulemaking that would regulate the use of consumer...more
According to media reports, CFPB Deputy Director Martinez sent a memo to staff last week announcing the following organizational changes...more
In a June 17 blog post, Consumer Financial Protection Bureau (CFPB or Bureau) Director Rohit Chopra announced that the CFPB intends to “move away from highly complicated rules” in favor of “simpler and clearer rules.” As part...more
Delivering the University of Pennsylvania Law School’s 2022 Distinguished Lecture on Regulation yesterday, CFPB Director Chopra addressed the following question: “How do we stop large dominant firms from violating the law...more
On October 30, the CFPB announced changes in two key leadership positions, Assistant Director for the Office of Supervision Policy and Assistant Director for the Office of Enforcement....more
On October 29, the Consumer Financial Protection Bureau (CFPB or Bureau) announced leadership changes in two positions: the assistant director for the Office of Supervision Policy and the assistant director for the Office of...more
The CFPB has published the statement that Director Chopra sent to CFPB staff and other financial regulators following his swearing-in on October 12. ...more
On October 12, Rohit Chopra was sworn in as CFPB Director. On October 14, from 12:00 p.m. to 1:00 p.m. ET, Ballard Spahr will hold a webinar, “Rohit Chopra Confirmed as New CFPB Director: What to Expect Next?” ...more
A statement sent by Acting CFPB Director Oejio to CFPB staff makes clear that he plans to be more than just a caretaker for Rohit Chopra, President Biden’s nominee for CFPB Director, and instead intends to make significant...more
Following Director Kraninger’s resignation yesterday, the White House announced that President Biden has appointed David Uejio to serve as Acting CFPB Director....more
The Consumer Financial Protection Bureau (CFPB) will soon fall under the leadership of an aggressive consumer advocate. On January 18, President-elect Joe Biden announced that he will nominate current Federal Trade Commission...more
According to media reports, Director Kraninger has submitted her resignation to President Biden. President Biden has nominated Rohit Chopra to serve as the CFPB’s next Director and is expected to appoint an individual to...more