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Inside the CFPB

September 23, 2019

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CFPB Won’t Defend its Constitutionality Before SCOTUS

In yet another volte-face, the CFPB now believes the rule limiting the president’s ability to fire the bureau’s head is unconstitutional, according to a brief filed last week by the Department of Justice. Read More

Three Innovation Policies Finalized

The bureau has finalized three policies in order to promote innovation in the financial services industry. Read More

First No-Action Letter Issued Under New Policy

The CFPB issued its first no-action letter under a new policy, which promises regulatory relief under RESPA. Read More

Industry Asks CFPB to Tread Carefully on QM ‘Patch’

A coalition of the nation’s largest lenders, trade groups and consumer advocacy groups have suggested the elimination of the DTI ratio cap and the associated Appendix Q. However, the MBA and Democratic lawmakers have urged the bureau to tread cautiously. Read More

States Take Issue with Debt Collection Proposal

A bipartisan coalition of more than two dozen state attorneys general have urged CFPB Director Kathy Kraninger to reconsider the proposed debt collection policy. Read More

Complaint Database to be Kept Public, But with Some Changes

The CFPB will continue to publish all previously disclosed fields in its consumer complaint database, but will find ways to provide the information in a more accurate and fair manner. Read More

BofA Investigated for Possible Phony Accounts

The bureau has denied Bank of America’s petition to set aside a civil investigative demand over possible unauthorized accounts. Read More

Supervisory Highlight Identifies APR Disclosure Issues

A recent supervisory highlight report identifies inaccurate annual percentage rate disclosures in reverse mortgage transactions. Read More

‘Tech Sprints’ Proposed to Spur Regulatory Innovation

The bureau is exploring the use of “Tech Sprints,” a model used in the United Kingdom for collaborative innovation, to promote regulatory compliance innovation. Read More

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