- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-10-25T12:30:00
The Consumer Financial Protection Bureau (CFPB), created by the Dodd-Frank Act with provisions to shield its director and funding mechanism against political headwinds, has found those safeguards to be ineffective against unsympathetic courts.
Under Dodd-Frank, the CFPB was structured to be funded through the Federal Reserve, not Congress. Agency executive directors were appointed to five-year terms, in part to prevent them from being targeted for dismissal when the presidency changed hands.
On Oct. 19, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit in New Orleans found the CFPB’s funding mechanism to be unconstitutional. That decision favored a payday lender, but it could affect all lawsuits filed against the CFPB in the Fifth Circuit, legal experts said.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
Wells Fargo will pay a total of $3.7 billion to address “widespread mismanagement” of auto loans, mortgages, and deposit accounts as part of a settlement with the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau proposed a rule that would require certain nonbank financial firms to register consumer protection orders filed against them by other federal agencies, courts, or states into a new, publicly accessible registry.
The Consumer Financial Protection Bureau initiated rulemaking that would require banks and other financial institutions to make a consumer’s personal financial data available to them upon request.
President-elect Donald Trump announced he plans to appoint Cantor Fitzgerald President and CEO Howard Lutnick to lead the U.S. Commerce Department, as the incoming administration is expected to charge import tariffs against friends and foes.
If your business uses leather, rubber, wood, beef, palm oil, soy, or paper, then you may need to comply with the EU Deforestation Directive, a new rule intended to ensure that no goods traded in the EU contribute to global deforestation.
With the presidential election this week, one fear has remained on the minds of voters regardless of their political stripe–that artificial intelligence will be misused to change the outcome of the race.
