Consumer Financial Protection Bureau (CFPB) Director Richard Cordray appeared before the U.S. Senate Committee on Banking, Housing and Urban Affairs on Wednesday, July 15, 2015. Many of the Committee’s questions and comments focused on whether the CFPB should undergo structural changes. Specifically, committee members discussed whether the CFPB should be subjected to the Congressional appropriations
Six Regulatory Agencies Issue Joint Final Diversity and Inclusion Standards
Section 342 of the Dodd-Frank Act required all agencies subject to Dodd-Frank, including the Bureau of Consumer Financial Protection (CFPB), to create an Office of Minority and Women Inclusion (OMWI) to develop standards to assess the diversity and inclusion efforts of entities subject to regulation by these agencies. On June 10, 2015, the CFPB joined
Can the CFPB Really Prohibit Pre-Dispute Arbitration Agreements?
Section 1028 of the Dodd-Frank Act, entitled “Authority to Restrict Mandatory Pre-Dispute Arbitration,” gives the CFPB the authority to promulgate regulations imposing conditions, limitations, or outright prohibitions on mandatory pre-dispute arbitration agreements relating to “consumer financial products or services. However, can Congress truly give the CFPB this authority?
Under Section 1028(a), the CFPB
FDIC Releases New, Simplified Credit-Worthiness Tool
An integral component of the Dodd-Frank statutory framework was a mandatory, comprehensive evaluation by federal agencies of “any regulation issued by such agency that requires the use of an assessment of the credit-worthiness of a security or money market instrument.” This “credit-worthiness” mandate was codified as Section 939A of the Dodd-Frank Act. As part of