Links in “CFPB”

A piece of legislation introduced in the House would rename the CFPB as the "Financial Product Safety Commission" and replace the director with a five-member commission. The commissioners would be appointed by the president to five-year terms and would be subject to Senate confirmation. The bill has received letters of support from many trade groups. See also this. [3/6/15]

Bank and credit union trade groups unite in a letter to support a measure that would establish a five-member commission to oversee the CFPB, rather than a single director. [3/5/15]

Congress may not have direct oversight of the CFPB, but that doesn't mean it is without options. Jeb Hensarling (R-Texas), chair of the House Financial Services Committee, has announced a new policy that will give the CFPB a pair of two-week windows to respond to written committee requests, and if the bureau fails to adequately respond, the committee may issue a subpoena. The committee has several outstanding document requests, ranging from 82 to 378 days. [3/5/15]

At the CFPB's director's first appearance before his committee, Jeb Hensarling (R-Texas), head of the House Financial Services Committee, wasted little time, calling the CFPB the "single most powerful and least accountable Federal agency in all of Washington." See also this and this. [3/4/15]

CFPB Director Richard Cordray has kept busy, speaking to both the House Committee as well as the President's Advisory Council. What exactly has been occupying Cordray's thoughts and words? [3/4/15]

House Financial Services Committee gets a chance to have a chat today with Mr. Cordray, director of the CFPB, the first time since the changing of the guard. Could be interesting. [3/3/15]

Relief from crushing regulatory relief in the form of tiered regulations is the top priority of the ICBA, the trade group announced today. Not far behind is replacing the single director at the CFPB with a five-member commission. [3/3/15]

The CFPB has issued a proposal to streamline processes for submitting credit card agreements to the CFPB on a quarterly basis. [2/25/15]

Richard Cordray, a former attorney general, recently spoke at the National Association of Attorneys General. Cordray discussed the CFPB's actions to combat the four D's of consumer protection: deceptive marketing, debt traps, dead ends, and discrimination. [2/24/15]

When the CFPB is considering whether to handle corrective action through a confidential supervisory approach or a public enforcement action, it refers the matter to its action review committee. The committee considers such factors as the severity of the violation, whether the violation has ceased or is ongoing, the importance of deterrence, the entity's behavior after the violation occurred, how the CFPB has treated similar violations in the past, and the bureau's broader priorities and goals. [2/24/15]