From: The Hill
By Tim Devaney
The Consumer Financial Protection Bureau (CFPB) pushes out rules more quickly than other federal agencies, according to a new report.
The conservative American Action Forum found that the CFPB’s “pace of rulemaking is 3.5 times faster than that of other significant executive agencies.”
From: National Law Journal
C. Ryan Barber, The National Law Journal
The Consumer Financial Protection Bureau’s proposed ban on class action waivers has generated thousands of comments, many from consumers who argue the proposal would only benefit trial lawyers. Insurance regulators have expressed their own concerns. Hundreds of law professors are backing the consumer agency’s proposed rule. U.S. lawmakers are divided. Two of the heavy-hitters in the debate—the U.S. Chamber of Commerce and, on the other side, the consumer advocacy group Public Citizen—plan to submit their positions today, when the comment period closes.
Until the Consumer Financial Protection Bureau decided to embark on its lavish, over-the-top renovation for its downtown Washington, D.C headquarters, Korean immigrant Matthew Kimwon believed he was living the American dream.
But all of his hopes and dreams vanished when federal bureaucrats at the CFPB and at the Office of the Comptroller of the Currency — which technically was the landlord — sought to unilaterally tear up his lease which still had a five-year option.
Editor’s Note: The complete GAO report, CONSUMER FINANCIAL PROTECTION BUREAU: Observations from Small Business Review Panels, GAO-16-647 is available here. Below is an excerpt.
From GAO
GAO interviewed 57 of the 69 small entity representatives who participated in the four SBREFA panels GAO reviewed and found they generally believed the process was useful but also that it could be improved. . . . While 36 of 57 stated CFPB at least partially considered their comments in its rulemakings, most representatives expressed disagreement with CFPB’s final rules for reasons such as increased cost of compliance. Specifically, 7 of 57 were satisfied with CFPB’s final rules. . . .
Editor’s Note: Cross-posted from OIRA Watch.
From: JDSupra Business Advisor
by Joann Needleman | Clark Hill PLC
Today, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”), issued its outline of proposals under consideration for the regulation of debt collection. More than three years in the making, the CFPB’s proposals will subject debt collectors to stricter rules under the Fair Debt Collections Practices Act (“FDCPA”). The Bureau’s release came in preparation for the convening of a Small Business Review Panel (“Panel”) to gather feedback from small debt collection industry players, which constitute the large majority of debt collection firms, according to the CFPB. The Panel process is the first step in the debt collection rulemaking process.