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Inside the CFPB

July 6, 2020

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CFPB Is Unconstitutional, But Here to Stay

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. Read More

Seila Verdict Raises Doubts Over CFPB Enforcement Actions

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. Read More

CFPB Rushing to Clear Rulemaking Agenda

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. Read More

CFPB Temporarily Loosens Loss-Mitigation Standards

A recently issued interim final rule allows mortgage servicers to offer certain COVID-19-related loss-mitigation assistance without a complete borrower application. Read More

OIG Suggests CFPB Extend Supervision of Nonbanks

In a new report, the CFPB’s Inspector General has recommended the bureau tailor its resources to monitor institutions based on risk and hire additional examiners. Read More

New Supervisory Approach Targets Mortgage Servicers

The CFPB has sent out examination notices to mortgage servicers about their COVID-19-related practices, according to industry attorneys tracking the matter. Read More

CFPB Announces ‘Tech Sprint’ Focused on E-Disclosures

Technology experts will gather this fall to develop innovative solutions to improve consumer e-disclosures. This is the first in a series of “tech sprints” planned by the CFPB. Read More

CFPB Proposes Escrow Account Exemption

Few entities are likely to benefit from the proposal made under the Economic Growth, Regulatory Relief and Consumer Protection Act. Read More

CFPB Settles With Contract-for-Deed Companies

The CFPB has reached a $35,000 settlement with three contract-for-deed companies over credit reporting violations. Read More

Other News in Brief

The CFPB issues interpretive rule for determining "underserved areas" under Regulation Z; the CFPB and the OCC to host joint, virtual innovation office hours on July 29 and 30. Read More

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