The Consumer Financial Services Association of America and a Texas trade group are arguing before a Texas federal judge that the Consumer Financial Protection Bureau’s payday loan rule should be invalidated because the Supreme Court declared the original structure of the CFPB unconstitutional.
Update on the federal court battle between the CFPB and consumer groups about whether the CFPB Taskforce on Federal Consumer Financial Law is legal.
The Consumer Financial Protection Bureau will begin a process that allows businesses operating under a Consent Order with the agency to apply for early termination of the order, agency officials said Monday.
Contending that complaints about consumer reporting agencies have soared, a coalition of consumer groups on Thursday called on the Consumer Financial Protection Bureau to rescind guidance giving the agencies an extended period of time to resolve complaints.
Consumer Financial Protection Bureau Director Kathy Kraninger last week announced the appointment of new members to the agency’s Credit Union Advisory Council.
The Consumer Financial Protection Bureau would not exempt credit unions from the requirement to report lending to women-owned businesses, minority-owned businesses, and small businesses to the agency, according to an initial proposal being circulated by the bureau.
Credit union trade groups have sought a blanket exemption from the reporting required under the Dodd-Frank Act.
Kirsten Sutton, chief of staff for Consumer Financial Protection Bureau Director Kathleen Kraninger, has been named senior vice president and executive director of the American Bankers Association’s Card Policy Council.
The Card Policy Council handles legislative, regulatory and communications issues facing credit card issuers and payment card networks.
Five Democrats on the Senate Banking Committee are accusing Consumer Financial Protection Bureau Director Kathleen Kraninger of “coddling” large banks and mortgage servicers while failing to help borrowers.
The Consumer Financial Protection Bureau is asking at least three federal courts to affirm decisions the agency has made, even though the U.S. Supreme Court ruled earlier this summer that the structure of the agency was unconstitutional.
The Consumer Financial Protection Bureau may have rescinded large parts of its payday lending rule, but the parts that remain are “unnecessary, arbitrary, capricious, overreaching, procedurally improper, and substantially harmful to lenders and borrowers alike,” associations representing payday lenders said last week, in an amended suit challenging the rule.
The Consumer Financial Services Association of America and its Texas affiliate had challenged the strict payday lending rule issued during the Obama Administration in the U.S. District Court for the Western District of Texas in 2018.