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Recent Updates
- Senate Vote on Cordray Nomination Expected Next Week: Anyone Holding Their Breath?
- Get Out the Popcorn (and an Energy Drink): The CFPB Releases Videos On New Mortgage Rules
- CFPB Proposes Delay in Implementing Rule Against Financing of Certain Credit Insurance on Mortgage Loans
- Just-Issued Final Remittance Rule Suggests CFPB is Listening… Sort Of
- FHFA Limits Fannie and Freddie to “Qualified Loans”: Another Strike Against Non-Qualified Loans and the Consumers Who Rely on Them
- CFPB Publishes Small Entity Compliance Guides for New HOEPA, ECOA, and TILA Rules- Institutions of All Sizes Should Take Notice
- CFPB Probes Auto Lenders Over Extended Warranty And Other Ancillary Products
- CFPB Hosting Student Loan Hearing: New Rules On The Way???
- Legislation Seeks to Limit CFPB’s Authority Over Community Banks, Credit Unions and Small Servicers
- CFPB Eases Limits On Credit Card Fees to Avoid Court Battle: Afraid of the Fight or Evidence that It Is Listening Industry Stakeholders?
Editors
Contributors
Showing 3 posts by Ashley Hutto-Schultz.
Obama Administration Appeals Recess Appointment Decision: Cordray’s Fate In The Hands of the Supreme Court (Sort Of)
As expected, the Obama administration filed a petition for certiorari asking the Supreme Court to review and overturn the decision by the U.S. District Court for the D.C. declaring President Obama’s recess appointments to the National Labor Relations Board (“NLRB”), which took place the same day as Richard Cordray’s recess appointment as Director of the CFPB, unconstitutional. In Canning v. NLRB, No. 12-1115 (D.C. Cir. Jan 25, 2013), the court invalidated President Obama’s recess appointments because the Senate was not technically in recess. The court held that (1) the President may exercise recess power only in recesses between Senate sessions (“inter-session”), instead of those falling within Senate sessions (“intra-session”); and (2) that the vacancies to be filled must also first arise during that recess. As readers of this blog know, Senate Republicans have seized on the Canning decision in challenging Director Cordray’s appointment, as well as the entire structure of the CFPB. Read More ›
CFPB Seeks To Expand Its Supervision To Non-Bank Student Loan Servicers
Last Thursday, the CFPB announced plans to expand its regulatory reach to cover non-bank institutions that service loans for the estimated $1.1 trillion student loan market. The announcement comes at a time when outstanding student loan debt is the largest category of non-mortgage debt in the United States. The proposed Defining Larger Participants of the Student Loan Servicing Market Rule, would, according to Director Cordray, “bring new oversight to this market and give the Bureau visibility into the complete cycle of student loan debt, from origination through servicing to debt collection and credit reporting.” The proposed rule would increase the CFPB’s authority to cover the seven largest non-bank servicers, which maintain accounts for approximately 71 to 94 percent of the student loan market. Such servicers include three of the largest that contract with the Department of Education: Sallie Mae, Great Lakes Education Loan Services, and Nelnet. The proposed rule would cover both federal and private student loans. Read More ›
CFPB Ability-to-Repay Rule Announcement: Nobody is Completely Satisfied with the Rule
During yesterday’s field hearing in Baltimore, the CFPB announced its final Ability-to-Repay (ATR) rule and hosted a panel discussion to discuss the new rule, which had not been released at the time of the hearing. While the hearing’s participants were generally supportive of the CFPB efforts, representatives from both consumer rights groups and financial institutions expressed some concerns about the rule. Banking industry representatives and credit union officials each suggested that the new regulations could limit their ability to make more home loans. Consumer groups, on the other hand, argued that rules are not sufficient to protect consumers. Dykema’s Ashley Hutto-Schultz attended the hearing and provided this report. Read More ›