Seila Law had challenged the constitutionality of the structure of the Consumer Financial Protection Bureau and won in the Supreme Court. The Supreme Court returned the issue of the legality of the actions against Seila Law back to the appellate court. The CFPB just won that portion of the case in the 9th Circuit Court of Appeals.
Former Sen. Roger Jepsen (R-Iowa), who chaired the National Credit Union Administration board from 1985 to 1993, died Friday in Bettendorf, Iowa. He was 91. President Reagan nominated Jepsen as NCUA chairman after Jepsen was defeated by former Democratic Sen. Tom Harkin. Jepsen “was well-liked and respected in the credit union community,” NCUA Chairman Rodney Hood said. NCUA officials noted that Jepsen led the agency during a period of great change, which included the conversion of more than 400 state-chartered credit unions to federal insurance coverage, as well as the adoption of the CAMEL rating system. Jepsen also chaired the
With the election just weeks away, Kraninger has announced a significant reorganization of the Consumer Financial Protection Bureau. Sen. Brown charges the result of the reorganization will be to weaken the Bureau’s ability to protect consumers.
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.
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 National Credit Union Administration board on Thursday approved a final Field of Membership rule that had been delayed as a result of a lawsuit filed by the American Bankers Association.
The board unanimously agreed to allow a credit union to file an application to designate a Combined Statistical Area, or a contiguous portion of it, as a well-defined local community. To qualify, that area would be required to have a population of under 2.5 million people.
Saying she wanted to provide the public with “certainty” about Consumer Financial Protection Bureau actions following a recent U.S. Supreme Court decision, Director Kathleen Kraninger last week ratified virtually all agency rules and policies.
In light of last week’s U.S. Supreme Court decision, the National Credit Union Administration said Tuesday it will reinstate the rural districts for 18 credit unions that had been removed as federal courts evaluated the agency’s Field of Membership rule.
As the NCUA board is preparing to adopt a revised Field of Membership rule following a recent U.S. Supreme Court decision, credit union trade groups are asking agency officials to give credit unions greater freedom to expand.
Ten years after President Obama signed the (Dodd-Frank) Wall Street Reform and Consumer Protection Act, the law has “held up pretty well,” former Rep. Barney Frank (D-Mass.) said Tuesday. Speaking at a virtual conference co-sponsored by the Brookings Institution and the University of Michigan, Frank said that Republican members of Congress have attempted to repeal the Obama Administration’s health overhaul bill “every other week,” but have not mounted a serious attempt to repeal Dodd-Frank. “It was too popular,” Frank said. Obama signed Dodd-Frank on July 21, 2010. The law is informally named after Frank, who chaired the House Financial Services