- Congressional oversight of the CFPB?
- Will Cordray quit before they fire him for failing to cooperate with suppoenas
- Financial CHOICE Act affect the CFPB's director?
- What new rights does the ACT grant a party facing a CFPB enforcement action?
- How
would it change what the CFPB must consider in issuing regulations?
- easier for a financial institution or service provider to
obtain compliance advice from the CFPB?
- CFPB's authority to enforce UDAAP laws and
regulations?
What would be the
practical impact of all of these changes on providers of consumer financial
products and services?
Are Major Changes to Consumer Financial Protection Bureau's Enforcement Authority Coming?
On June 8, 2017, the U.S. House of Representatives passed the Financial CHOICE Act, which, if enacted, reins in the Consumer Financial Protection Bureau (CFPB) giving Congress control over its budget and funding.The Act forces the CFPB to bring regulatory actions in a court of law, if asked; and removing the CFPB's authority with respect to enforcement actions involving unfair, deceptive and abusive acts and practices (UDAAP). The CFPB has been the most effective – and aggressive – federal regulatory agency we've seen in years. Its rules of the road have not always been clear, and many in the regulated community believe the agency has gone too far in bringing some enforcement actions. Enactment of the Financial CHOICE Act would significantly change how the CFPB enforces federal consumer financial protection laws, which would give some relief and more regulatory certainty to the regulated community.
Richard Cordray is rumored to be running for Governor of Ohio. He knows his days are numbered. There's a crew of Republicans who want him out, including our President
Democratic spin on Ohio
Washington wants to gut the CFBR
Trash the bureau which fined so many big banks and stodgy bankers.
They collected billions in fines and the money stays with the CFBP
President Donald Trump can’t replace Cordray without firing him for cause, an act that carries its own political risk given the bureau’s popularity with the public
Hensarling and other lawmakers are expected to file a resolution to overturn the rule under the Congressional Review Act
citing Consumer Financial Protection Bureau Richard Cordray for contempt of Congress
