The CFPB has created a new office within the supervision, enforcement and fair lending division to assign cases to the enforcement office. Critics say the change will weaken the bureau’s enforcement power.
Industry experts believe CFPB Director Kathy Kraninger’s job may be on the line if Joe Biden wins the presidential election. A few ongoing rulemakings also could be in trouble.
Significant structural changes at the CFPB under the Trump administration; CSBS allows consumer gripes on its examination platform; Ed Pinto complains about the QM patch.
The CFPB’s consumer advisory committee has more consumer advocacy representatives than it has ever had under the Trump administration. Nine out of 12 members are from the consumer advocacy world.
The CFPB warned of market disruption if its past actions — which have led to numerous regulations governing the mortgage industry — are open to new interpretations.
In a motion to partially dismiss, the CFPB is trying to blunt a challenge by consumer groups over the creation and composition of its consumer financial law task force, arguing they are not directly harmed.
It’s possible the validity and outcomes of pending lawsuits involving enforcement actions will be fact-based and vary case by case, according to attorneys tracking the issue.
The Supreme Court said the president can fire the CFPB director at will but it refused to strike down the entire bureau. The court held that the for-cause provision can simply be severed from the rest of the statute.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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