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CFPB Requests Comment on Scope of Bureau Oversight
Though still without a director, the Consumer Financial Protection Bureau ("CFPB") has published its first notice and request for comment in the Federal Register (76 Fed. Reg. 38,059 (June 29, 2011)). The CFPB seeks…
Appeals Court Rejects Effort to Stop Debit Fee Rule
Earlier this week, the Eighth Circuit Court of Appeals affirmed a federal trial court decision denying TCF National Bank’s motion to preliminarily enjoin enforcement of the Durbin amendment to the Dodd-Frank financial…
Senate Declines to Delay Cap on Debit Fees
On June 8, the Senate fell six votes short of the 60 votes needed to postpone for one year the implementation of a ceiling on the debit fees which banks charge to merchants. The Durbin amendment to the Dodd-Frank…
President Obama Considers Former Banker to Head Up New Consumer Bureau
In a change of course, President Obama is considering Raj Date, rather than the current chief architect Elizabeth Warren, to head the newly-formed and soon to be empowered Consumer Financial Protection Bureau (CFPB).…
House Forwards Bills to Limit CFPB
A Republican-led U.S. House of Representatives Financial Services subcommittee approved legislation yesterday in an attempt to limit the powers of the new Consumer Financial Protection Bureau (“CFPB”), which is…