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  CFPB releases RFI on mortgage servicing rulesFriday, September 30, 2022 The Consumer Financial Protection Bureau has issued a request for information (RFI) regarding mortgage servicing rules. The RFI is focused on inquiries regarding refinancing, particularly for consumers with small-loan balances, and ways to reduce risks for consumers who experience disruptions in their financial situations. It includes 37 specific requests and allows 60 days for the public to submit comments and responses. |
 Republicans introduce bill targeting CFPB funding structureFriday, September 30, 2022 Sen. Bill Hagerty (R-Tenn.) and Rep. French Hill (R-Ark.) introduced companion legislation entitled the Federal Reserve Loss Transparency Act. The bill is designed to inhibit the Federal Reserve from transferring money to the Consumer Financial Protection Bureau (CFPB) if the Fed incurs an operating loss. The proposed legislation brings forward the ongoing debate of the constitutionality of the CFPB’s finding structure. |
 GOP members of Congress demand CFPB show statutory authorityFriday, September 30, 2022 In a letter to Consumer Financial Protection Bureau Director Rohit Chopra, Congressmen Patrick McHenry (R-N.C.) and James Comer (R-Ky.) are demanding the bureau show the clear statutory authorization which granted it the power to engage in rulemaking on certain matters. The letter comes following the Supreme Court decision in West Virginia v. EPA invoked the major questions doctrine to limit agency action without “clear congressional authority.” |
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White House announces two nominees to FDIC boardFriday, September 30, 2022 The White House announced President Joe Biden’s two nominees to serve on the board of directors of the Federal Deposit Insurance Corp. (FDIC). The two nominees, both Republicans, will join the three Democrats currently on the FDIC board. |
California governor vetoes crypto legislationFriday, September 30, 2022 California Gov. Gavin Newsom vetoed a bill that would have required crypto financial services businesses to have a special license to operate. Newsom regarded the bill as being “premature and costly.”
 SCOTUS preview: SEC v. CochranTuesday, September 27, 2022 In SEC v. Cochran, a case coming from the Fifth Circuit, the respondent (Cochran) is asking the court to determine whether a federal district court has jurisdiction to hear a suit in which the respondent in an ongoing administrative proceeding seeks to enjoin that proceeding. The respondent also seeks to have the high court determine the constitutionality of administrative law judges (ALJ) as executive officers and in-house adjudicators.
 CFPB announces plans to rein in “buy now, pay later”Tuesday, September 27, 2022 The Consumer Financial Protection Bureau has released a report meant to begin the process of developing “interpretive guidance or rules” to cover gaps and consumer risks in the “buy now, pay later” (BNPL) market. The CFPB began monitoring market activity related to BNPL earlier this year and confirmed guidance and rules would be likely.
 CFTC chair: CFTC is prepared to be primary crypto regulatorTuesday, September 27, 2022 Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam testified before the Senate Committee on Agriculture, Nutrition and Forestry to discuss the agency’s role as regulator of digital assets and the Digital Commodities Consumer Protection Act (DCCPA). Behnam told the committee that the CFTC was the “right regulator” to oversee digital assets trading.
Fitech announces Bankers Helping Bankers sponsorshipTuesday, September 27, 2022 Fitech, a subsidiary of payments and business technology company Deluxe, has announced its sponsorship of Bankers Helping Bankers, an exclusive online platform that promotes innovation among community bankers.
GOP Senators accuse CFPB of being ‘lawless’Wednesday, September 21, 2022 In a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, the 12 Republican Senators of the Senate Committee on Banking, Housing and Urban Affairs Committee accused the bureau of being a “lawless and unaccountable agency.”
CFPB report shows end to refinancing boom, increase in home purchase loansTuesday, September 20, 2022 The Consumer Financial Protection Bureau’s (CFPB) annual report of mortgage market activity was released earlier this week. The data, which is collected as part of the Home Mortgage Disclosure Act (HMDA), showed a shift away from pandemic-era refinancing triggered by low interest rates in 2020 and 2021.
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