Publication

Senate votes to block CFPB auto lending guidance

The Senate voted Wednesday 51-47 to block guidance issued by the Consumer Financial Protection Bureau in 2013 that was meant to stop discriminatory markups on indirect loans made by car dealers.

The Congressional Review Act resolution passed with the support of a single Democrat, Sen. Joe Manchin of West Virginia, while some key Republicans, including Sen. John McCain of Arizona, missed the vote.

5 takeaways from Treasury’s call to action on CRA

WASHINGTON — Bank regulators are gearing up to modernize their policy on Community Reinvestment Act enforcement, but the CRA reform effort appeared to benefit from a jump-start Tuesday thanks to the Treasury Department.

Industry representatives, analysts and consumer advocates all praised the Treasury report recommending a slew of CRA reforms that could serve as a jumping off point for regulators that seemed poised for another attempt at updating their decades-old policy.

Mick Mulvaney, Consumer Bureau’s Chief, Urges Congress to Cripple Agency

WASHINGTON — In his first report to Congress as the acting director of the Consumer Financial Protection Bureau, Mick Mulvaney called on lawmakers on Monday to cripple the agency that he has been temporarily tasked with overseeing.

CFPB Report Advocates Structural Changes Short of a Bipartisan Commission

The Consumer Financial Protection Bureau released its annual report on Monday, and it includes four legislative policy recommendations that would erode the agency’s independence and make it more beholden to political institutions.

Rules for Lending to the Poor Under Review

The Trump administration kicked off plans to revamp lending rules in lower-income communities with a proposal that would make it easier for banks to comply with a decades-old law that has long confounded the industry.

Bipartisan Group Introduces Bill to Rename CFPB, Replace Director With 5-Person Commission

A bipartisan group of two Democrats and two Republicans in the House of Representatives introduced a bill yesterday that would replace the single director of the Consumer Financial Protection Bureau with a five-person commission.

Bipartisan House bill would replace consumer director with panel

A bipartisan group of House members on Wednesday released a bill that would replace the director of the controversial Consumer Financial Protection Bureau (CFPB) with a five-person commission.

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