Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger informed congressional leaders and agency staff that she now supports a legal effort challenging the constitutionality of the regulator.
Numerous court cases argue that limits on a sitting president's ability to fire a CFPB director are unconstitutional. Courts previously have supported the statutory provision that a CFPB head can only be fired “for cause,” not simply at the president's discretion.
The CFPB, according to Kraninger's letter to House leaders, will join the Justice Department in supporting a Supreme Court review of a case pending before the Ninth U.S. Circuit Court of Appeals. Kraninger told staff, “Getting closure on this constitutional question is going to ensure that we are even better equipped to accomplish the mission, and I look forward to that clarity.”
AFSA has long argued that the Bureau would be best led by a five-member, bipartisan commission, like every other regulatory agency in the nation’s capital. The association is pleased to see the Director’s decision not to oppose the proposed commission structure.
CFPB Unconstitutional Says Director
Sep 17, 2019
Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger informed congressional leaders and agency staff that she now supports a legal effort challenging the constitutionality of the regulator.
Numerous court cases argue… Read the rest
Simplifying your IT Landscape
Sep 16, 2019
IT landscapes have become increasingly complicated while at the same time the demands on technology provisions have increased. The underlying… Read the rest
House Bill Gives “Plaintiff Lawyers” Un-FAIR Advantage
Sep 12, 2019
This week, the American Financial Services Association pushed back against another Congressional attempt to limit the use of arbitration in contracts. AFSA strongly opposed HR 1423, the Forced Arbitration Injustice Repeal (FAIR) Act,… Read the rest
AFSA Applauds CFPB on Implementation of Three Key Policies
Sep 10, 2019
The American Financial Services Association, which for more than a century has advocated for pro-consumer policies on behalf of the consumer credit industry applauds the Consumer Financial Protection Board’s implementation of… Read the rest
A Purpose-driven Session
Sep 09, 2019
Roy Spence has some impressive accolades. With his agency GSD&M, he’s helped grow some of the world’s most profitable businesses and recognizable brands, including Southwest Airlines, Walmart, Dreamworks Studio,… Read the rest
AFSA Welcomes Sarah Bloom Raskin at ’19 Annual Meeting
Sep 06, 2019
The American Financial Services Association is pleased to welcome Sarah Bloom Raskin to the 2019 AFSA Annual Meeting in Nashville, Tenn. Attendees will enjoy an exclusive interactive question and answer session with insights on the current… Read the rest
SGA Urges Cuomo to Veto SB 4019
Sep 05, 2019
This week, AFSA’s State Government Affairs team submitted a letter to New York Governor Andrew Cuomo urging him to veto SB 4019, which would remove liability for the early termination of a lease in the event of a lessee’s death.… Read the rest
District Court Tosses CSBS Challenge for Second Time
Sep 04, 2019
A U.S. District Court in Washington, D.C., on Wednesday dismissed a lawsuit by state regulators challenging the Office of the Comptroller of the Currency's (OCC) fintech charter. The Conference of State Bank Supervisors (CSBS) contends… Read the rest
CFPB Outlines Study Findings
Sep 03, 2019
The Consumer Financial Protection Bureau (CFPB) released on Tuesday, September 3rd the results of a pilot study called Planning for Tax-time Savings. Conducted in conjunction with H&R Block, the study found that simple messages… Read the rest
Mitigating risks with F&I aftermarket products and cancellations
Sep 01, 2019
With 25% of aftermarket products cancelled before loan terms end, and 46 states mandating lenders process refunds in a timely and accurate manner, what are you doing to stay compliant?
Join us on September 12 at 2 p.m. ET for Mitigating Risks… Read the rest