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    2017, February

    Your Weekly Financial e-Update: Appeals Court to Reconsider CFPB Independence

     

    By: Carly Souther

     

    Carly Souther

     

    21 February 2017Op-Ed: "Trump Wants to Cut Red Tape? He Should Start with the CFPB." Jay Richards, PhD, asserts that "[i]f President Trump is looking for ways to make good on his pledge to slash counterproductive regulations, he should support the" recently introduced bill to abolish the Consumer Financial Protection Bureau (CFPB).  The bill, introduced by Senator Ted Cruz and Rep. John Ratcliffe (both Texas Republicans) on the 14th of February, would repeal Title...

    Your Weekly Financial e-Update: CFPB Expands UDAAP, GOP to Repeal Prepaid-Card Rule, & More!

    By: Carly Souther 

    Carly Souther

     

    CFPB Expands Scope of UDAAP 

    The Consumer Financial Protection Bureau (CFPB) ordered Mastercard and UniRush to pay $13 million for breakdowns related to prepaid-cards that resulted in tens of thousands of consumers without access to their money. The CFPB claims consumers were given inaccurate account information and were not provided with adequate customer service after the breakdowns. The order says the companies engaged in "unfair acts or practices" by failing to cond...

    Trump Bump & CFPB Dump?

    But what has Trump done that may affect your bank or credit union? The answer, much like the consequences of his other policy actions, is…unclear. Yet, one action of note is a memorandum that imposes a moratorium on new agency regulations. 

    Does the moratorium affect the CFPB?

    The answer to this query hinges on whether Trump considers the CFPB to be an independent bureau – as it was established under Dodd-Frank—in light of the D.C. Circuit's ruling that the Bureau should be stripped of its independence and placed under the direction of the President. If the ruling stands, then Trump will have the power to fire CEO Richard Cordray and, effectively, dismantle the agency.