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CFPB Official Who Sued Trump Resigns, Drops Suit

WASHINGTON, D.C. — Leandra English, who former Consumer Financial Protection Bureau Director Richard Cordray’s picked to succeed him as acting director, is ending her court battle to unseat Mick Mulvaney as acting head of the bureau and her employment with the embattled regulator. On Friday, English’s attorney, Deepak Gupta, posted a statement on Twitter that English is ... Read More »

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House Approves Resolution to Repeal CFPB’s Dealer Participation Guidance

WASHINGTON, D.C. — The U.S House approved on Tuesday its version of the resolution of disapproval of the Consumer Financial Protection Bureau’s dealer participation guidance. The resolution now heads to President Trump’s desk, where it is expected to be signed. The 234-175 vote was cast largely along party lines, although 11 Democrats crossed the aisle ... Read More »

Appeals Court Rules CFPB Structure Is Constitutional

Judge Again Rules in Favor of Trump in Battle for Control of CFPB

WASHINGTON, D.C. — A federal judge once again sided with the White House in the battle for control of the Consumer Financial Protection Bureau, denying last Wednesday a request by CFPB Deputy Director Leandra English for a preliminary injunction to remove President Donald Trump’s appointee as acting head of the agency. The ruling comes less than ... Read More »

EFG Predicts Tighter Credit, Continued Focus on Compliance for F&I in 2017

DALLAS – EFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced its 2017 predictions and recommendations for the automotive and powersports F&I market today. These insights, formed through thousands of conversations with the nation’s leading dealership principals and lenders, reflect an air of cautiousness for 2017. However, there are many options for retail ... Read More »

CFPB Orders TransUnion and Equifax to Pay $23.1 Million for Deceptive Practices

WASINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) this week took action against Equifax and TransUnion, ordering the two credit reporting agencies and their subsidiaries to pay more than $17.6 million in restitution for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The two firms were also ... Read More »

Four Trade Groups Ask Lawmakers to Instate Five-Person Board to Lead CFPB

WASHINGTON, D.C. —  Four associations representing 12,000 banks and credit unions submitted a letter to Senate leaders urging them to consider replacing the Consumer Financial Protection Bureau (CFPB)’s single-director structure with a five-person bipartisan commission next year. The associations listed in the letter, which was sent on Wednesday to Senator Majority Leader Mitch McConnell (R-Ky.) ... Read More »

CFPB Supporters Ask Federal Appellate Court to Rehear CFPB Decision

WASHINGTON, D.C. — In an amicus brief sent Tuesday, a group of current and former members of Congress that supported the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 urged the federal appellate court that deemed the Consumer FInancial Protection Bureau (CFPB)’s structure unconstitutional to rehear the case. Arguing that the court’s October ... Read More »

Pew: CFPB Small-Dollar Rule ‘Would Not Adequately Protect Borrowers’

WASHINGTON, D.C. — The Consumer Financial Protection Bureau’s proposed small-dollar lending rule would neither not adequately protect borrowers, nor address the risks created by the shift toward installment credit in the payday and auto title lending market, a new analysis concludes. Conducted by Pew Charitable Trusts, the analysis outlines the reasons for the shift to ... Read More »

103 Lawmakers Call on CFPB to Eliminate Mandatory Arbitration

WASHINGTON, D.C. — On Wednesday, more than 100 members of Congress called on the Consumer Financial Protection Bureau (CFPB) to proceed with its effort to eliminate forced arbitration. In two separate letters, 103 members of the House of Representatives and U.S. Senatepraised CFPB Director Richard Cordray for his agency’s proposed rule prohibiting mandatory arbitration clauses in finance contracts. ... Read More »