CFPB Director Richard Cordray Resigns
The director of the Consumer Financial Protection Bureau, Richard Cordray, resigned on Wednesday. As one of the last remaining Obama-era banking regulators, he will step down at the end of November.
CFPB Arbitration Rule Voted Down By Senate
The Senate, in Tuesday’s much anticipated decision, voted to overturn the Consumer Financial Protection Bureau’s controversial rule that would have placed limits on mandatory arbitration.
Court Rules Certain Components of CFPB Structure are Unconstitutional
Two of the three judges on the appeals panel agreed that too much unchecked authority had been given to the CFPB Director relative to other agencies. The court ruled that the director’s job could now be supervised or changed by the president at any time.
CFPB announces rule making proceedings to deal with mandatory arbitration clauses
The Consumer Financial Protection Bureau (“CFPB”) has completed their study on the use of arbitration clauses in connection with consumer financial products or services, and is beginning the process of issuing regulations restricting the use of certain arbitration clauses in contracts relating to financial products and services.
National Consumer Law Center Publishes Debt Collection Report
Last month the National Consumer Law Center (“NCLC”) published a report entitled “Debt Collection Communications: Protecting Consumers in the Digital Age” and submitted it to the Consumer Financial Protection Bureau (“CFPB”) for consideration in their upcoming Debt Collection Rulema