CFPB Semi-Annual Update To Congress: Director Cordray Indicates That The Bureau Will Move Forward With An Arbitration Rule, Defends Regulation Of Auto Lenders, And Reiterates No Grace Period On TRID
On July 15, 2015, Consumer Financial Protection Bureau (CFPB or the Bureau) Director David Cordray testified before the Senate Banking Committee on a variety of issues in response to questions from the representatives after his prepared remarks. These issues included: Arbitration Study and Rulemaking: In response to queries from Senators about the Bureau's recently released study of forced arbitration clauses, Director Cordray noted that the Bureau would proceed with its plans for rulemaking in this area. He characterized the CFPB's study as thorough and explained that the Bureau considered information from a wide variety of sources in concluding that forced arbitration clauses rarely benefit consumers. He stated that the CFPB would convene a small business review panel as the first step in this rulemaking. Regulation of Auto Lenders: Chairman Richard Shelby and Senator Tim Scott (R-SC) both questioned whether the CFPB's recent attempts to regulate automobile lenders contravened the specific exemption under Dodd-Frank. Director Cordray responded that the CFPB has jurisdiction over auto lenders and will act to address violations of the law by lenders. Director Cordray noted the distinction between lenders, which are subject to CFPB jurisdiction, and dealers, which are not. CFPB Data Collection: Several Senators expressed their concerns that the CFPB is collecting vast amounts of personally identifiable information. Director Cordray explained that the CFPB collects personally identifiable information only if (1) consumers give personally identifiable data so that the CFPB can work on their complaint; or (2)...
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