News Topic: CFPB

Director Kathy Kraninger has told lawmakers that the agency will delay the expiration of the so-called QM patch, now set for January 2021. ... Read full article

Truist emphasizes high-touch, high-tech focus with new logo; Wells Fargo loses another patent lawsuit to USAA; what the Visa-Plaid merger means for banks, fintechs; and more from this week's most-read stories. ... Read full article

In another sign of state officials trying to outdo the Consumer Financial Protection Bureau, governors in California and New York want greater authority to license and oversee the debt collection industry. ... Read full article

The Supreme Court appointed Paul Clement to represent the agency after the bureau’s current director questioned its constitutionality. ... Read full article

In a letter to the agency's inspector general, the 15 lawmakers pointed to specific cases where they said the bureau departed from legal standards in deciding not to require restitution. ... Read full article

Regulators are beginning to recognize the importance of using alternative data to provide credit for the underbanked. Now is the time to expand its use across the industry. ... Read full article

New legislation in Congress seeks to do away with a data-collection mandate that addressed discrimination in business lending. The repeal measure has the support of two bank industry groups based in Washington. ... Read full article

Former CFPB Director Richard Cordray and consumer advocates have designed a proposed state consumer agency that would subject more financial firms and fintechs to state oversight. ... Read full article

Todd Zywicki, a law professor who has sharply criticized the CFPB as an unaccountable bureaucracy, has been named chair of an agency task force identifying potential conflicts and inconsistencies in consumer finance law. ... Read full article

California Gov. Gavin Newsom plans to ask the legislature to revamp the current Department of Business Oversight and rename it the Department of Financial Protection and Innovation, modeled after the federal CFPB. ... Read full article

The case before the court deals mainly with a statutory clause limiting the president’s ability to fire a CFPB director. But briefs filed with the court say striking that provision does not fully solve the bureau’s constitutional problems. ... Read full article

The window to change beneficial-ownership rules or pass other measures will be narrow, but some legislative efforts from 2019 will carry over and House Democrats will resume inquiries of certain industry CEOs and Trump-appointed regulators. ... Read full article

The Consumer Financial Protection Bureau faces a busy policy agenda heading into the new year, as well as strong external forces that are beyond its control. ... Read full article

The two Democrats sent a letter “raising grave concerns about whether the bureau is fulfilling its statutory obligations.” ... Read full article

Despite assurances by Director Kathy Kraninger that the agency is cracking down on discrimination, the agency has not filed an enforcement action or sent a Department of Justice referral on a fair-lending violation in two years. ... Read full article

PayPal — which is rarely thought of as a prepaid card company — has filed a lawsuit against the CFPB over its rules on prepaid accounts, underscoring the rapid changes in digital financial services and PayPal’s own expanding financial services ambitions in ... Read full article

The two Democratic senators said the bureau's policy could allow companies to circumvent consumer finance laws. ... Read full article

Sen. Elizabeth Warren introduced a bill to require CFPB approval for certain bank merger applications in the wake of regulators' approval of a deal between BB&T and SunTrust. ... Read full article