- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-09-29T15:37:00
A group of banking and business associations sued the Consumer Financial Protection Bureau (CFPB) for overstepping its authority when the agency indicated it would begin actively searching for discrimination and disparate impacts during supervisory examinations.
The U.S. Chamber of Commerce, American Bankers Association, and five other banking and business groups filed a lawsuit against the CFPB and its Director Rohit Chopra on Wednesday in U.S. District Court for the Eastern District of Texas, challenging the agency’s recent update to the Unfair, Deceptive, or Abusive Acts or Practices section of its examination manual.
“The Consumer Financial Protection Bureau is operating beyond its statutory authority and in the process creating legal uncertainty that will result in fewer financial products available to consumers,” said U.S. Chamber Executive Vice President and Chief Policy Officer Neil Bradley in a press release. “The CFPB is pursuing an ideological agenda that goes well beyond what is authorized by law, and the chamber will not hesitate to hold them accountable.”
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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.
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.
An appeals court’s finding the Consumer Financial Protection Bureau’s funding mechanism to be unconstitutional could affect a multitude of lawsuits filed against the agency, according to legal experts.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
