CFPB Moves Closer to Convening Small Business Review Panel for Payday Lending Rulemaking

Editor’s Note: Cross-posted from OIRA Watch.

From: ACA International

The panel will provide feedback on how the Consumer Financial Protection Bureau’s payday lending proposals under consideration will impact small businesses affected by the rules.

On March 26, along with the proposals themselves, the Consumer Financial Protection Bureau released a list of discussion questions to be considered by small business representatives selected to participate in a meeting to discuss proposals under consideration related to payday and other forms of lending. This meeting, commonly referred to as the SBREFA panel meeting, is required by the Small Business Regulatory Flexibility Act (SBREFA) and is  the next step in the rulemaking process.

Volcker Outlines Plan for Overhauling Financial Regulation

From: WSJ | MoneyBeat

By Ryan Tracy

WASHINGTON — Former Federal Reserve Chairman Paul Volcker outlined a new plan for revamping the way the U.S. government oversees the financial system, adding his voice to an idea that is broadly supported – even if Congress can never muster enough votes to pass it.

Mr. Volcker said he and his think tank, the Volcker Alliance, will soon publish a paper calling for consolidating and reorganizing U.S. financial regulators, including creating a single agency to supervise financial institutions while leaving the Federal Reserve the authority to write regulations for them.

Banks to CFPB: Tear Down This Rate Calculator

Editor’s Note: CFPB’s Data Quality Act implementing guidelines are available here. DOJ has stated that the DQA “is policed through OMB.”

From: American Banker


Lending groups are demanding the Consumer Financial Protection Bureau take down its mortgage rate calculator, arguing it is providing misleading information to consumers.

Read Complete Article (paywall)

Supreme Court decision bolsters federal regulators’ power to interpret and change regulations — without formal notice

From: inman

by Amy Swinderman

Court ruled that the notice-and-comment procedure doesn’t always apply to rule changes

Even as the Consumer Financial Protection Bureau (CFPB) is under fire for overstepping its authority to regulate the financial services industry, the bureau and other federal regulators received more muscle this week from a U.S. Supreme Court decision that grants federal agencies the power to issue interpretive rules about regulations without first making them public or following formal legislative rule-making processes.

Ken Glozer’s Statement to the House Energy and Commerce Committee

Ken Glozer, a former official at the White House Office of Management and Budget and the Department of Energy, provided the House Energy and Commerce Committee with the following information:

Dear Committee Members;

I have been involved with federal energy policies, programs and agencies since the early 1970s for thirty years as a senior career staffer at the White House, OMB then as President of OMB Professionals for over 15 years providing expert services to companies in the energy industry. Here are my suggestions: