The Supreme Court has left to the Ninth Circuit Court to decide whether the civil investigative demand that was the core of Seila Law’s argument could be enforced.
The CFPB is rushing to get certain rulemakings done this year as the presidential election looms. Most items on the CFPB’s to-do list have deadlines in the fall.
Consumer advocacies claim the CFPB task force on consumer financial law does not serve a public interest and has violated the Federal Advisory Committee Act by operating behind closed doors.
The legislation is aimed at replacing the CFPB’s single director with a five-member bipartisan commission. Meanwhile, the Supreme Court is close to ruling on the constitutionality of the CFPB.
The Supreme Court justices hearing oral arguments in the CFPB constitutionality case appeared divided, which means any sweeping change to the consumer watchdog is unlikely, according to industry attorneys.
A panel in the Fifth Circuit Court ruled the CFPB’s leadership structure is constitutional. Interestingly, the circuit court last year said the structure of the FHFA — which is similar to the CFPB — is unconstitutional.
Senate Democrats during a hearing last week questioned CFPB Director Kathy Kraninger on the bureau’s plans to help out borrowers impacted by the coronavirus.
The Sword of Damocles hung over his head during his last year at the helm of the bureau, former CFPB Director Richard Cordray disclosed in his new book.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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