CFPB – Page 2 – Washington Credit Union Daily

CFPB: Equal Credit Opportunity Act Prohibits Lenders From Sexual Orientation, Gender Identity Discrimination

March 10, 2021David BaumannCFPB

The Consumer Financial Protection Bureau is issuing an “interpretative rule” that the Equal Credit Opportunity Act prohibits discrimination based on sexual orientation and/or gender identity. As an “interpretative rule” it will not be open for public comment and will become effective when published in the Federal Register. The CFPB then intends to take enforcement actions if the rule is violated.

Key Senate Republican Blasts CFPB Management, Nominee

March 3, 2021David BaumannCFPB

Senate Banking Committee ranking Republican Sen. Pat Toomey of Pennsylvania used the confirmation hearing of Rohit Chopra to raise his concern that the Consumer Financial Protection Bureau is returning to regulation through enforcement.

CFPB Nominee Likely to Face Stiff Questioning, as Administration Signals Shift

March 2, 2021David BaumannCFPB

Rohit Chopra, President Biden’s choice to head the Consumer Financial Protection Bureau, will have his confirmation hearing on March 2 before the Senate Banking Committee. The battle lines between legislators about the role of the agency are already clear before the hearing starts.

Acting CFPB Director Uejio Says He Will Rescind Kraninger’s Business-Friendly Policies

February 1, 2021David BaumannCFPB

Consumer Financial Protection Bureau Acting Director Dave Uejio has notified agency employees that the CFPB will be tightening up supervision and enforcement policies, starting with the Military Lending Act. He is preparing the agency for the arrival of Biden’s nominee for director, Rohit Chopra, who is awaiting confirmation by the Senate.

NCUA, CFPB Memorandum Calls for Coordination of Compliance, Enforcement

January 23, 2021David BaumannCFPB, NCUA, News

The Consumer Financial Protection Bureau and the National Credit Union Administration released the Memorandum of Understanding that they signed recently, without waiting for the processing of a Freedom of Information Act request. The MOU says the NCUA and CFPB will attempt to coordinate their regulation of credit unions with assets of more than $10 billion.

Biden Orders Regulatory Review, Casting Doubt on NCUA Proposals

January 22, 2021David BaumannCFPB, NCUA

President Biden has issued a temporary moratorium on regulations until they can be reviewed by people in his administration. His Executive Order, signed the day of his inauguration, says that, with a few exceptions, until rules are approved by someone designated by him, agencies should not send rules to the Federal Register for publication. Rules that have been published but have not become effective should be delayed for 60 days.

CFPB’s Kraninger Resigns at Request of President Biden

January 20, 2021David BaumannCFPB

Consumer Financial Protection Bureau Director Kathleen Kraninger resigned Wednesday, at the request of President Biden.

Chopra Likely to Return Agency to Cordray-Era Enforcement at CFPB

January 20, 2021David BaumannCFPB

President-elect Biden has chosen Rohit Chopra to lead the Consumer Financial Protection Bureau. Chopra helped Sen. Elizabeth Warren (D-Mass.) organize the bureau, so it appears that the agency will be returning to a stricter regulatory stance.

NCUA Signs Cooperation Agreement With CFPB, but Won’t Release Document

January 16, 2021David BaumannCFPB, NCUA

After signing a memorandum of understanding the National Credit Union Administration and Consumer Financial Protection Bureau announce that they will do a better job of coordinating the consumer protection supervision of credit unions with more than $10 billion in assets. To independently confirm that, you will have to file a Freedom of Information Request as they are not releasing the memorandum to the public.

CFPB Task Force: Allow All Credit Unions to Serve Underserved Areas

January 6, 2021David BaumannCFPB

A controversial Consumer Financial Protection Bureau task force on consumer financial law released its final report the day before a hearing about its makeup was to be held in a federal court in Massachusetts. Credit unions will like its recommendation that all credit unions be allowed to serve underserved areas. Consumer groups will object to many of the other recommendations and it is unlikely the Biden Administration will accept them.

Washington Credit Union Daily

Reporting on regulations, legislation and political developments affecting credit unions.