CFPB Suffers Legal Defeat on Anti-Discrimination Authority

U.S. judge rules CFPB does not have broad authority to tackle discriminatory banking practices, handing win to industry groups
Lawsuit filed by banking, business groups argued CFPB unlawfully stretched mandate to include discrimination beyond existing fair lending laws
Judge Barker ruled Dodd-Frank Act treats discrimination and unfairness as distinct concepts
Ruling bars CFPB from enforcing policy against trade groups' members
CFPB says it is reviewing decision and considering appeal options; maintains discrimination can meet 'unfairness' standard

yahoo.com

Relevant topic timeline:

8/28/2023

CFPB Reaches Multibillion Dollar Settlement with Credit Repair Conglomerate

The Consumer Financial Protection Bureau (CFPB) has proposed a settlement with credit repair companies Lexington Law and CreditRepair.com, imposing a $2.7 billion judgment and a 10-year ban on telemarketing credit repair services due to illegal collection of advance fees in violation of federal law.

9/11/2023

Judge Blocks CFPB Plan to Check Banks for Discrimination, Says Agency Overstepped Authority

A federal judge in Texas rules that the Consumer Financial Protection Bureau exceeded its authority in attempting to examine banks for discriminatory practices, stating that the agency must have clear congressional authorization for such actions.

9/12/2023

U.S. Banks Accuse Regulators of Violating Laws with Capital Requirements Proposal

U.S. bank groups, including JPMorgan Chase, Goldman Sachs, Morgan Stanley, and Citigroup, have accused the Federal Reserve and other regulators of violating federal laws with a proposal to raise capital requirements, arguing that it lacks sufficient public data and analysis.

9/19/2023

Supreme Court Case Threatens Mortgage Industry and Broader Economy

The Supreme Court will hear a challenge against the Consumer Financial Protection Bureau (CFPB) in a case that could potentially declare the agency's work invalid, raising concerns about the financial stability of the U.S. mortgage industry and the broader economy.

9/21/2023

CFPB Proposes Removing Medical Debt from Credit Reports to Aid Families

The Consumer Financial Protection Bureau (CFPB) is beginning a rulemaking process to remove medical bills from Americans' credit reports in order to help families recover financially from medical crises, prevent debt collectors from pressuring individuals to pay bills they may not owe, and address the inaccuracies and mistakes in medical billing data.

10/2/2023

Supreme Court Case Could Limit CFPB's Power and Independence

The Supreme Court is set to hear arguments on the constitutionality of the Consumer Financial Protection Bureau (CFPB) and its funding structure, which could potentially impact other regulators and throw the agency's rules into question.

10/3/2023

Supreme Court Unlikely to Strike Down Consumer Agency, Avoiding Economic Chaos

The Supreme Court appears unlikely to strike down the Consumer Financial Protection Bureau (CFPB), despite arguments from former Trump Solicitor General Noel Francisco that the agency is unconstitutional; a decision against the CFPB could have severe economic consequences and undermine other federal programs.

10/9/2023

Chopra Warns Massive Data Collection By Big Firms Risks Enabling Surveillance State Like China's

The head of the Consumer Finance Protection Bureau (CFPB), Rohit Chopra, warns that the collection of Americans' financial data by large financial firms could lead the United States to resemble China in terms of consolidated market structure and excessive surveillance. Chopra argues for stricter regulations on payment companies to disclose information on personal data and private currencies.