CFPB To Intertwine “Right Consumer, Right Amount” Creditor and Debt Collector Rules

From: insideARM

Written by: Stephanie Eidelman

Today CFPB Director Richard Cordray announced that the Bureau will be separating the “right consumer, right amount” aspect of its debt collection rulemaking in order to ensure that complexities are properly addressed by intertwining rules for both creditors and their clients.

At its summer meeting of the Consumer Financial Protection Bureau’s (CFPB) Consumer Advisory Board, Director Cordray’s opening remarks addressed multiple topics, including:

  1. Transparancy in the credit card market
  2. CFPB research into credit invisibility
  3. The CFPB’s mandate to collect data on the availability of credit to small business

N.J. regulators conducting comprehensive exam of Prudential Financial

From: Reuters

By Suzanne Barlyn

New Jersey insurance regulators are conducting a comprehensive exam of Prudential Financial Inc (PRU.N) as part of a new type of state supervisory role over the company, a Prudential executive said in a presentation to investors on Tuesday.

The state is in the midst of the regulatory exam, launched as part of New Jersey’s role as the company’s “group supervisor,” a new type of authority for the state, which in recent years has been working in tandem with U.S. federal regulators who oversee a handful of large insurance companies, including Prudential.

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Nevertheless It Persists: The Consumer Financial Protection Bureau Fights Trump, Congress, and Federal Courts in Effort to Remain Unaccountable to Anyone

From: Reason.com

The CFPB is fighting a three-front war against Congress, the Trump administration, and in the courts to maintain its unaccountable status.

The Consumer Financial Protection Bureau’s days as the federal government’s most uniquely unaccountable regulatory agency might be numbered.

The CFPB, a product of the Dodd-Frank financial regulation package passed in the wake of the 2009 financial collapse, has broad authority to regulate American financial institutions. Unlike other federal regulatory agencies, however, the CFPB does not have to answer to Congress or the president for its actions. It gets its funding directly from the Federal Reserve, and is run by a single director (an unusual arrangement since most regulatory agencies are run by a bipartisan group of three or five individuals) who serves a 10–year term and cannot be removed from office before that time.

President Trump signs measure ending safe harbor for state-run private-sector plans

From: Pensions & Investments

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Rep. Tim Walberg, R-Mich., chairman of the Education and the Workforce Subcommittee on Health, Employment, Labor, and Pensions, in a statement called the safe harbors “a misguided regulatory loophole that would discourage small businesses from providing retirement benefits and put the hard-earned savings of workers at risk.”

Mr. Walberg chaired a subcommittee hearing Thursday on regulatory barriers to retirement saving, including what he called the “flawed fiduciary rule” from the Department of Labor that becomes effective June 9. . . .

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CFPB seeking information on financing needs of small businesses

From: Financial Regulation News

The Consumer Financial Protection Bureau (CFPB) recently launched an inquiry into ways to gather and use information to identify the financing needs of small businesses, especially those owned by women and minorities.

Public information on this lending market is inconsistent and incomplete, so CFPB is seeking public feedback to help it better understand how to bridge this information gap.

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