Supreme Court Rules CFPB Director Structure Unconstitutional, Keeps Agency Intact

The President of the United States has the authority to fire the CFPB director with or without cause, though the Bureau itself is remaining intact, the United States Supreme Court decided Monday. Provisions of the Dodd–Frank Wall Street Reform and Consumer Protection Act requiring the single director the Consumer Financial Protection Bureau (CFPB) only be […]

CFPB Issues Guidance Related to LIBOR Transition

The Consumer Financial Protection Bureau (CFPB) on Thursday issued several pieces of guidance related to the anticipated discontinuation of the London Interbank Offered Rate (LIBOR) index in 2021, in an effort to better facilitate creditors’ transition away from using LIBOR as an index for variable-rate consumer credit products. “The Bureau released an updated Consumer Handbook […]

CFPB: Seniors Face Serious Spending Challenges in First 5 Years of Retirement

In the first five years of retirement, American seniors are likely to face significant financial challenges in making ends meet. According to a survey of Americans who retired between 1992 and 2014 conducted by the Consumer Financial Protection Bureau (CFPB), over half (51%) had income, savings or other non-housing assets allowed them to maintain the […]

CFPB Eases Ability to Access Mortgage Credit, Relaxes TRID Waiting Periods

The Consumer Financial Protection Bureau (CFPB) has taken steps to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 coronavirus pandemic, issuing an interpretive which applies to the TILA-RESPA Integrated Disclosure (TRID) Rule and Regulation Z rescission rules. This is according […]

CFPB Takes Action on Housing Matters During Coronavirus Crisis

The Consumer Financial Protection Bureau (CFPB) has taken several actions this week in an effort to assist consumers affected by the COVID-19 coronavirus pandemic with housing matters, including issuing a final rule on data reporting thresholds under the Home Mortgage Disclosure Act (HMDA), and partnering with the Federal Housing Finance Agency (FHFA) on a borrower […]

CFPB Expands Flexibility for Financial Companies During Pandemic

The Consumer Financial Protection Bureau (CFPB) has announced it will provide additional flexibility to financial companies that are working with customers in need as they respond to issues related to the outbreak of the COVID-19 coronavirus. This relief will come in the form of postponing some data collections from industry on Bureau-related rules in an […]

Trump Orders HUD, FHFA to Suspend All Foreclosures, Evictions

The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) will be suspending all foreclosures and evictions for the next 60 days in response to the economic shock renters and homeowners are experiencing due to the outbreak of the COVID-19 coronavirus. This is according to President Donald Trump, who […]

Supreme Court Justices Appear Divided Over CFPB Director Structure

The nine Justices of the United States Supreme Court appeared divided during oral arguments in the case Seila Law v. CFPB last week, where the core issue revolves around the constitutionality of the single director structure of the Consumer Financial Protection Bureau (CFPB). This is according to the account of reporter Amy Howe, writing for […]

Coronavirus Leads HUD, CFPB to Issue Housing, Finance Updates

The U.S. Department of Housing and Urban Development (HUD) and the Consumer Financial Protection Bureau (CFPB) issued separate updates on Monday aimed at clarifying or issuing guidance to their specific sectors in the wake of increasing concern related to the outbreak of the COVID-19 coronavirus. HUD issued a new informational notice aimed to remind mortgagees […]

Former CFPB Director Cordray Reveals Near Firing by Trump

Just as the United States Supreme Court prepares to hear oral arguments on the constitutionality of the Consumer Financial Protection Bureau (CFPB)’s single director structure, the Bureau’s inaugural director reveals that he believed he was nearly fired by President Donald Trump in a phone call which ended abruptly. This is according to a story in […]