Looks as though you can fight City Hall! In what may become a landmark decision, Judge Charles R. Simpson III, of the U.S. District Court for the Western District of KY, ruled in favor of a small Louisville, KY, law firm against Richard Cordray, and the powerful Consumer Financial Protection Bureau. The case reversed CFPB’s actions against Borders & Borders…
The Consumer Financial Protection Bureau finally issued their long-awaited updates the “Know Before You Owe” rule (better known to lenders as TRID) on Friday, July 7th. The big news is not so much of what CFPB said, but more so in what was not said. CFPB addressed some areas that needed clarification. But, noticeably they side-stepped two of the main…
Recently, Rep. Jeb Hensarling (R-TX), Chairman of the House Financial Services Committee, announced that his Committee will hold new hearings to discuss the provision of the amended CHOICE (Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs). You can’t make this stuff up! The new version, known as CHOICE 2.0 is intended to replace the controversial Dodd-Frank Act and reshape…
For those of you who were hoping, and maybe believing, the CFPB and their Director, Richard Cordray, were going away, it looks as though that may not happen anytime soon. CFPB just announced plans to hold public hearings on the potential for use and the benefits of non-traditional sources to establish a consumer’s credit profile for lending purposes. Today, most…
There’s been much speculation surrounding President Trump’s Executive Order calling for the review of Dodd-Frank. This could include anything from amendments to the rule, the elimination of the CFPB, to an outright repeal of the Act. No one really knows for sure exactly what will happen. One thing we do know is that when the order was signed by the…
The headline read: “President Trump Signs Order to Start Dismantling Dodd-Frank.” Say what? Dodd-Frank is a law passed by Congress. To dismantle it, as reported, would take an Act of Congress as well. This is not something that can be changed by any President with the stroke of a pen. So, let’s take a closer look at what the President actually…
