A spending bill that would repeal Volcker Rule limits on proprietary trading and restrict the CFPB’s authority was approved by a House Appropriations subcommittee June 29 in a party-line vote.
Ocwen Financial Corp. will within days again take up a challenge to the Consumer Financial Protection Bureau’s constitutionality, a spokesman for Ocwen confirmed June 9 ( Cons. Fin. Protection Bureau v. Ocwen Fin. Corp. , S.D. Fla., 17-cv-80495, complaint filed 4/20/17 ).
A federal judge June 2 blocked Ocwen Financial Corp.’s bid to test the constitutionality of the Consumer Financial Protection Bureau in the early stage of a closely watched enforcement case ( Cons. Fin. Protection Bureau v. Ocwen Fin. Corp. , S.D. Fla., 17-cv-80495, 6/2/17 ).
The CFPB will have an extra opponent May 24 when it faces off against PHH Mortgage Corp. in a major test of its constitutionality: the U.S. Justice Department.
The Consumer Financial Protection Bureau’s power to battle abusive practices is at center stage in a California trial against a mortgage servicer, even as Republican lawmakers in Congress weigh a bill that would strip that authority altogether.
An updated House Republican plan to repeal the Dodd-Frank Act will be unveiled by the end of the month with provisions that would turn the independent Consumer Financial Protection Bureau into an executive agency with drastically limited powers and a removable director.
OneWest Bank, the mortgage servicer previously owned by now-Treasury Secretary Steven Mnuchin, avoided numerous lawsuits and settlements that affected other banks after the 2010 foreclosure crisis, a Bloomberg BNA analysis showed.
The Consumer Financial Protection Bureau March 6 urged a federal judge to block a potential appeal on what the CFPB may do if found to be unconstitutional ( Cons. Fin. Protection Bureau v. Fomichev , C.D. Cal., 16-cv-02724, response filed 3/6/17 ).
The Consumer Financial Protection Bureau could find its enforcement powers crippled under a Republican proposal to curb the bureau’s power to attack unfair, deceptive or abusive acts or practices.
Congressional Republicans are pointing to the Federal Trade Commission as a potential model for how the Consumer Financial Protection Bureau might function if they successfully curtail its extensive authority and reach.