Dodd-Frank Basics

Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testified before the Senate Committee on Banking, Housing, and Urban Affairs, and the House Financial Services Committee during the CFPB’s semi-annual update report to Congress.

Chopra highlighted many of the actions the CFPB has taken over the last six months and provided plans for the bureau going forward.

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The Consumer Financial Protection Bureau (CFPB) has modified its Rules of Practice for Adjudication Proceedings. These modified rules allow CFPB to engage in tougher enforcement actions while decreasing the need to bring actions before the federal courts.

Although these modifications have immediate effect, the public comment period is open until April 8, 2022.

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Rep. Tom Emmer (R-Minn.) and seven other members of Congress have sent a letter to the Securities and Exchange Commission (SEC) Chair Gary Gensler asking for answers regarding the probing of crypto companies.

The questions were primarily focused on the use and scope of the SEC’s authorities in its Division of Enforcement and Division of Examination.

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Following weeks of protest and standoffs from the Republican members of the Senate Committee on Banking, Housing, and Urban Affairs, committee Democrats led by Chair Sherrod Brown (D-Ohio) cleared President [Joe] Biden’s nominees for the Federal Reserve Bank and the Federal Housing Finance Agency.

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MoneyGram International said that it has set aside approximately $16 million to pay potential settlements with the New York Department of Financial Services (NYDFS) and the Consumer Financial Protection Bureau (CFPB).

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Amalgamated Financial decided to terminate its application for regulatory approval to acquire Amalgamated Bank of Chicago. In a statement from the board of directors, the inability to garner regulatory approval was cited as the reason for this termination.

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The Consumer Financial Protection Bureau has begun monitoring and seeking public comment on banks’ overdraft and non-sufficient fund fees.

The bureau has voiced concerns about the impact of bank overdraft fees on families. These fees cost Americans $15.5 billion in 2019.

For more information on what the CFPB is considering, and what banks are doing in light of this scrutiny, read on.

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In a letter to the Consumer Financial Protection Bureau Director Rohit Chopra, the Community Home Lenders Association requested the bureau act on the Dodd-Frank Act requirement of tiering regulations of independent mortgage banks (IMB) by size, volume, and extent and state regulation.

Specifically, the group called for exam-related exemptions for smaller IMBs.

For more details from the letter, read on.

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The Consumer Financial Protection Bureau’s (CFPB) Office of Minority and Women Inclusion has published a report analyzing the diversity and inclusion data from financial institutions.

In addition to outlining the CFPB’s analysis, the report also included guidance and suggestions for small, mid-size, and large organizations on how to demonstrate their commitment to the initiative.

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The Consumer Financial Protection Bureau is asking for public input on junk fees.

These are the fees some financial institutions charge on the backend of their products, such as hotels or concert halls having resort or service fees in addition to the cost of their reservations/tickets. The increasing use of these types of fees is costing households billions of dollars a year.

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