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The Consumer Finance Protection Bureau suffered a major blow in Federal Appeals Court yesterday when a three judge panel ruled that parts of its leadership structure are unconstitutional. appeal of the 2014 $109M financial penalty imposed by the CFPB. The ruling “will likely be appealed and overturned,” Warren noted.
Last week, after five years of debates, discussions, arguments and waiting, the Consumer Financial Protection Bureau’s (CFPB) final rules for payday lending dropped. Payday lenders have exploited loophole after loophole to trap working people in debt, and this rule will help put an end to their abusive practices.”.
As evidence of this, Rodney Hood, the former chairman of the National Credit Union Administration Board (NCUA) , was appointed to be the acting comptroller on Feb. Jonathan McKernan, the CFPB nominee, was nominated to head the CFPB on Feb. But that did not lead to him being nominated for the comptroller position.
Supreme Court set to rule in Facebook v. New Debt Collection Rules Are Here to Stay. In late October, the CFPB released Part 1 of its long-awaited update to the Fair Debt Collections Practices Act governing third-party collectors. Now, with the U.S. BSA/AML Reforms Are on their Way - Even With a Looming Presidential Veto.
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