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Can President Trump appoint an Acting Director upon Director Cordray’s departure?

“It appears Congress did not expressly provide in Dodd-Frank for how a vacancy should be filled if the CFPB Director were to resign,” wrote Ballard Spahr’s Alan Kaplinsky. “Dodd-Frank provides only that the Deputy Director ‘shall serve as acting Director in the absence or unavailability of the Director.’ It does not expressly authorize the Deputy Director to serve as Acting Director when a vacancy in the position of Director is created.  As a result, a vacancy can only be filled using one of the Vacancies Act’s three permissible methods.’”

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Posted: August 1st, 2017 | Permalink

CFPB Finalizes TRID Changes and Clarifications

“On July 7, 2017, …[the CFPB] announced regulations to finalize changes and clarifications to the [TRID] Disclosure rule… For the most part, the CFPB finalizes its proposals with modifications here and there to address issues and questions raised by public comments… [and] declines to finalize certain proposals based on concerns for unintended consequences or borrower confusion. In ...perhaps the most important proposal..., the CFPB declines to finalize its proposal to address the ‘black hole’ on resetting fee tolerances… [and] offers a new proposal with a 60-day comment period.”

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Posted: July 26th, 2017 | Permalink

The GSE Report

"Due to our responsibility before Allah and then before our peoples and the world, we have to stand united to fight the forces of evil and extremism whatever their source, in compliance with the orders of our true Islamic religion. Islam was and will remain the religion of mercy, tolerance and coexistence, which were confirmed by clear examples. During its bright eras, Islam provided the best examples in coexistence and harmony among interreligious and intercultural. But today, we see some who considered themselves as Muslims seek to present a distorted image of our religion where they seek to link this great religion with violence.

We say to our brothers, sisters, sons and daughters of Muslims everywhere that one of the most important purposes of Islamic law is self-preservation and there is no honor in committing crimes. Islam is a religion of peace and tolerance. Islam urged reconstruction of the land and prohibition of destruction and corruption. Islam considered killing an innocent as killing all people. Our way to achieve purposes of our religion and win the paradise is to spread the tolerant values of Islam based on peace, moderation and prevention of destruction and corruption on the ground.

We, as countries and peoples, condemn all forms of harm to relations of the Islamic countries with the friendly countries and classification of peoples and states based on religious or sectarian basis. Such abhorrent acts are only made as a result of attempts to exploit Islam as a cover for political purposes that fuel hatred, extremism, terrorism and religious and sectarian conflicts.

The Iranian regime and its affiliated groups and organizations such as Hezbollah and the Houthis, as well as ISIS (Daesh) and Al-Qaeda and others are clear examples. The Iranian regime spearheads the global terrorism since Khomeini revolution until today. Since 300 years ago, we, in this country, did not witness terrorism or extremism until Khomeini revolution emerged in 1979. Iran has rejected initiatives of good neighborhood provided by our countries based on good faith.

Iran replaced these initiatives with expansionist ambitions, criminal practices, interferences in the internal affairs of other countries, flagrant violations of the international law, and violations of the principles of good-neighborliness, coexistence and mutual respect. ........"

King Salman of Saudi Arabia

Arab Islamic American Summit

May 21, 2017

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Posted: June 10th, 2017 | Permalink

Top 9 Wins for Consumers in the CHOICE Act

“This week the House will vote on the Financial CHOICE Act…” wrote AAF’s Meghan Milloy. “It’s landmark legislation that’s been years in the making, first taking on the form of CHOICE 1.0 last year, and finally receiving approval as CHOICE 2.0 this year. Coming in at nearly 600 pages, there is a lot to digest. What’s in this for the average American? The overarching goal of this administration and this congress is to improve economic conditions, and the best way to improve economic conditions is to do so from the ground up."

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Posted: June 8th, 2017 | Permalink

Justice Department Argues CFPB Structure Is Unconstitutional

“There is a greater risk that an independent agency headed by a single person will engage in extreme departures from the president’s executive policy,” wrote the Department of Justice. 

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Posted: March 20th, 2017 | Permalink

CFPB Director Cordray Discusses the New Realities Under Trump

“In the grand scheme of things, [the Trump election] shouldn’t change [our] job at all,” said CFPB Director Richard Cordray. “Congress created us as an independent financial agency. That’s been the nature of all the financial agencies at the federal level… in our case protecting consumers and protecting consumers. Therefore, they set us up with a term as they did with Chair Yellen …that extends beyond one administration into the next and so we’re expected to work with different administrations with different points of view.”

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Posted: January 25th, 2017 | Permalink