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    0 Supreme Court Nominee Brett Kavanaugh & the CFPB

    Last night, President Donald Trump nominated Judge Brett Kavanaugh to fill Justice Anthony Kennedy's seat on the Supreme Court of the United States (SCOTUS).

    Regarding his opinions on relevant banking matters, Kavanaugh held that entities directly regulated by the Consumer Financial Protection Bureau (CFPB) could challenge the constitutionality of the Bureau's design in 2015. The following year, Kavanaugh found that the CFPB's design was, in fact, unconstitutional; he likewise ruled that the CFPB Director could be removed by the President. This January, however, the D.C. Circuit reversed that 2016 ruling (Kavanaugh, of course, wrote a dissent).  

    0 Senate Hearings on Kraninger Nomination & Credit Reporting Agencies - Scheduled for 12 & 19 July

    Politico has reported that on July 19, the Senate Banking Committee will hold a hearing on President Trump’s nomination of Kathy Kraninger to serve as CFPB Director.  While we find this surprising, we continue to believe that she will not be confirmed by the full Senate until after the mid-term elections.

    0 Mulvaney Seeks to Ensure Kraninger's Successful Confirmation

    Consumer Financial Protection Bureau (CFPB) acting Director Mick Mulvaney, who doubles as head of the White House Office of Management and Budget (OMB), has emerged as a key proponent of Kathy Kraninger, President Trump’s pick to be the CFPB’s full-time director, despite his previous reluctance to influence the selection process.


    0 CFPB's Organizational Structure Deemed Unconstitutional

    The U.S. District Court for the Southern District of New York ruled that the Consumer Financial Protection Bureau's (CFPB's) organizational structure is unconstitutional. Chief District Judge Loretta A. Preska held that the Bureau is disqualified from filing claims against RD Funding, a New Jersey law firm, which made high-cost loans to sympathetic persons, such as former NFL players with brain damage and 9/11 first responders.

    0 Who is Kathy Kraninger? Meet Trump's Expected Nominee for CFPB Director

    Trump extends Mick Mulvaney's tenure as Acting Director at the Consumer Financial Protection Bureau amidst rumours that Kathy Kraninger will be nominated for the position 

    0 AML Bill Tabled Over Disagreement on Shell-Company Restrictions

    On Thursday, the 14th of June, the House Financial Services Committee tabled a vote on a bill to ease anti-money laundering (AML) requirements because Representatives disagreed about the exclusion of new restrictions on shell-company.

    0 Video - Fed Chairman Powell: "Pretty Full Docket" for Bank Regulation

    Following the Federal Reserve's decision to raise rates, Federal Reserve Chairman Jerome Powell answers questions about potential regulatory changes. Link to Video in Post. 

    0 Simultaneous House and Senate Bills Introduced to Expand TCPA’s ATDS Definition to Stop Robocalls made from Lists

    Two bills have now been introduced (one in each chamber of Congress) that, if passed, would largely moot the pending proceeding before the FCC regarding the scope of the TCPA. The new bills would expand the reach of the TCPA to cover predictive dialers–the most commonly used sort of dialers by marketers and servicers alike–although the bills would clarify that using dialers in preview or manual mode does not trigger statutory liability. That would essentially take the law back to where it was on July 9, 2015–right before the FCC expanded the statute to include every call made by every smartphone in America.


    Two Senators propose legislation that would give cannabis-related businesses in states that legalized the substance access to banking.

    Hackers Demand $770,000 Ransom From Canadian Banks
    0 Hackers Demand $770,000 Ransom From Canadian Banks


    Hackers have demanded a ransom of 1 million Canadian dollars ($770,000) each from two banks, payable in the cryptocurrency exchange system Ripple's XRP token