As the President nominates the virtually unknown Kathy Kraninger as Director, the Acting Director gets a reprieve while taking a wrecking ball to the status quo at the agency formerly known as the CFPB.
As the Consumer Financial Protection Bureau (CFPB or Bureau) withdraws from enforcement, activity continues in the courts and with certain other regulators.
A putative class action plaintiff may not launch a new class action lawsuit after an earlier court denies class certification if the applicable statute of limitations has run, says the U.S. Supreme Court, in a unanimous ruling in China Agritech v. Resh.
Just days after enactment of a partial Dodd-Frank rollback that included a substantial loosening of the Volcker Rule prohibitions against proprietary trading, the Federal Reserve Board of Governors kept the ball rolling with new proposals that would further reduce Volcker Rule burdens.
With the long-awaited passage of Senate Bill 2155 by the House of Representatives on Tuesday, and the President’s signature two days later, financial institutions are beginning to breathe a major sigh of relief.
No CFPB, no problem?
A Minnesota community bank accused of redlining reached a deal with the Department of Justice (DOJ) with a promise to expand its presence and outreach in minority neighborhoods but pay no civil penalties.
Is the Consumer Financial Protection Bureau (CFPB) leaving the enforcement business?
May an online digital currency platform compel arbitration in a proposed class action brought by a former customer of a now-defunct cryptocurrency exchange?
As the Feds retreat, will states fill the void? New Jersey promises a “state-level” Consumer Financial Protection Bureau (CFPB), and Arizona creates an innovation “sandbox.”