The U.S. Supreme Court’s decision in Seila Law v. CFPB found the CFPB’s structure to be unconstitutional but severed the “for cause” removal provision from the rest of the Dodd-Frank Act. Practically, the CFPB Director may be removed by the President at will.
The CFPB issued two proposals Monday to address the impending expiration of the GSE Patch. CUNA has called on the CFPB to provide clarity on the future of the GSE Patch, which is scheduled to expire in January 2021.
The CFPB Thursday announced the launch of a pilot advisory opinion program to publicly address regulatory uncertainty. According to the CFPB, the pilot AO program will allow entities seeking to comply with regulatory requirements to submit a request where uncertainty exists.
Sen. Deb Fischer introduced legislation Thursday that would change the leadership structure at the CFPB from a single director with a five-person, bipartisan commission. It comes as the U.S. Supreme Court is expected to release a decision in a lawsuit challenging the constitutionality of the CFPB being led by a single director removable only by cause.
CUNA shared concerns about the CFPB's management of its consumer complaint database and recommended the CFPB conduct a robust analysis of the potential cost and benefits associated with continuing its Company Response Survey.
The CFPB's Taskforce on Federal Consumer Financial Law should look closely at how rules have impacted credit unions, CUNA wrote to the CFPB, also outlining legislative and regulatory recommendations to ensure credit unions can continue to provide high-quality products and services.
The CFPB released a statement and FAQ document outlining the responsibility of credit card issuers and open-end non-home secured creditors during the pandemic, detailing billing error responsibilities under Regulation Z, the payments and deposits rule, and the open end (not home-secured) rules.
The Consumer Financial Protection Bureau (CFPB) issued its final rule on remittances Monday, which comes after strong CUNA engagement with the CFPB to finalize the rule. The rule raises the “normal course of business threshold” to 500 remittance transfers per year, up from the current 100.
The CFPB clarified that consumers can exercise their rights to modify or waive certain required waiting periods under TRID and Regulation Z rescission rules, an request CUNA has made to the CFPB since the onset of the pandemic.
CFPB staff joined the monthly meeting of CUNA’s Consumer Protection Subcommittee Thursday to discuss the bureau’s coronavirus disease (COVID-19) related policy statements and initiatives and to hear from subcommittee member credit unions.