Supreme Court to Decide Constitutionality of CFPB in 2020

The United States Supreme Court (USSC) will hear oral arguments in a case seeking to define the leadership structure of the Consumer Financial Protection Bureau (CFPB) as unconstitutional in March 2020, according to a calendar schedule of oral arguments released by the Court. The case, Seila Law LLC v. Consumer Financial Protection Bureau, asks the […]

CFPB Releases Report on Senior Financial Well-being Across States

The Consumer Financial Protection Bureau (CFPB) Office of Older Americans has released a state-by-state report on the financial well-being of adults in the United States, as measured by a Bureau-developed metric scale. While the financial well-being of seniors does not fluctuate significantly among the vast majority of states, a few exceptions show both greater and […]

11 States Join Supreme Court Challenge to CFPB’s Core Structure

A coalition of 11 state attorneys general have joined a complaint challenging the core structure of the Consumer Financial Protection Bureau (CFPB), arguing that its leadership structure is unconstitutional. This is according to a brief filed with the United States Supreme Court which was obtained by RMD. The coalition of states – Texas, Arkansas, Indiana, […]

U.S. Supreme Court to Hear Case Challenging CFPB Structure

The United States Supreme Court will hear a case challenging the constitutionality of the Consumer Financial Protection Bureau (CFPB), after the Trump Administration submitted a brief on the topic to the high court with the endorsement of the Bureau and its director. The decision now before the Supreme Court has the potential to determine the […]

CFPB Director Returns to ‘Hot Seat’ in House Hearing

Consumer Financial Protection Bureau (CFPB) Director Kathleen Kraninger served as the focus of ire from Democrats on the U.S. House of Representatives’ Financial Services Committee in a hearing designed to serve as a semi-annual review of the Bureau and its education and enforcement activity. In her opening remarks, Financial Services Committee Chairwoman Maxine Waters (D-Calif.) […]

CFPB Creates Federal Consumer Finance Law Taskforce

The Consumer Financial Protection Bureau (CFPB) announced Friday that it will establish a specialized taskforce to, “examine ways to harmonize and modernize federal consumer financial laws,” according to a press release. The new body, called the “Taskforce on Federal Consumer Financial Law,” is aimed at examining the existing legal and regulatory climate that faces consumers […]

CFPB Loosens HMDA Requirements in Final Rule

The Consumer Financial Protection Bureau (CFPB) announced on Thursday the issuance of a new, final rule under the Home Mortgage Disclosure Act (HMDA). The new rule extends the current temporary threshold for collecting and reporting data about open-end lines of credit under HMDA for two years. Additionally, the rule also clarifies partial exemptions from certain […]

CFPB Makes New Additions to Executive Team, Advisory Boards

The Consumer Financial Protection Bureau (CFPB) announced last week the addition of five new hires to its executive team, following up on previous leadership hires made earlier this year to further bolster its ranks. The Bureau later announced the appointment of new members to the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit […]

CFPB Releases Spanish Translation of Natural Disaster Guidance

After releasing a document earlier this month providing guidance for reverse mortgage borrowers affected by natural disasters, the Consumer Financial Protection Bureau (CFPB) has translated the document for native Spanish speakers and made it available for originators and other stakeholders with Spanish-speaking customers. “Recently the CFPB released a guide for older homeowners on how to […]

CFPB Exam Points to Inaccurate Reverse Mortgage APRs

The Consumer Financial Protection Bureau (CFPB) released the 19th edition of its Supervisory Highlights last week, which includes examinations of reverse mortgage loan and manufactured home loan servicers. CFPB examinations yielded information concerning activities which appeared to result in the conveyance of inaccurate information concerning reverse mortgage annual percentage rates (APRs). The document also includes […]