- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2022-10-25T12:30:00
The Consumer Financial Protection Bureau (CFPB), created by the Dodd-Frank Act with provisions to shield its director and funding mechanism against political headwinds, has found those safeguards to be ineffective against unsympathetic courts.
Under Dodd-Frank, the CFPB was structured to be funded through the Federal Reserve, not Congress. Agency executive directors were appointed to five-year terms, in part to prevent them from being targeted for dismissal when the presidency changed hands.
On Oct. 19, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit in New Orleans found the CFPB’s funding mechanism to be unconstitutional. That decision favored a payday lender, but it could affect all lawsuits filed against the CFPB in the Fifth Circuit, legal experts said.
2022-12-20T18:44:00Z By Aaron Nicodemus
Wells Fargo will pay a total of $3.7 billion to address “widespread mismanagement” of auto loans, mortgages, and deposit accounts as part of a settlement with the Consumer Financial Protection Bureau.
2022-12-13T14:59:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau proposed a rule that would require certain nonbank financial firms to register consumer protection orders filed against them by other federal agencies, courts, or states into a new, publicly accessible registry.
2022-10-28T20:25:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau initiated rulemaking that would require banks and other financial institutions to make a consumer’s personal financial data available to them upon request.
2025-07-03T15:51:00Z By Ruth Prickett
The EU’s new strategy aims to boost SME growth and cut market barriers, but businesses doubt reforms will happen, and consumer groups fear weaker data protections.
2025-06-26T20:22:00Z By Oscar Gonzalez
In another sign of President Donald Trump’s focus on cryptocurrency, the head of the U.S. Federal Housing Finance Agency (FHFA) ordered Fannie Mae and Freddie Mac to create proposals to consider crypto assets for a single-family home mortgage.
2025-06-24T17:21:00Z By Ruth Prickett
Four years after Brexit, the U.K. and EU announced a “reset” that will ease barriers to importing and exporting food, drink, and agricultural produce. It may also harmonize rules around carbon emissions trading systems, simplifying compliance for multinational organizations that are large emitters, and enable more young people to gain ...
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