Banking and Consumer Financial Services COVID-19 Resource Center, For additional information, visit the Ballard Spahr Coronavirus Disease 2019 (COVID-19) Resource Center, by the Consumer Financial Services Group at Ballard Spahr LLP. The hiring comes with controversy as Ward previously served as a deputy assistant attorney general in the Civil Division at the U.S. Department of Justice since July 2017. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. In particular, the absence of an enforcement chief has hampered the bureau’s ability to take action on some cases, lawyers said. Inside the Mind of the CCO: 2020 a year like no other, Special report: Leadership in a time of unpredictable change, e-Book: Mind the Gap — Where Third-Party Risk Management Programs Fall Short, e-Book: Companies still wrestle with data privacy regulation, e-Book: Agile Lease Accounting During Uncertain Times. Other CFPB appointments announced Thursday include the following: The U.S. Supreme Court ruled the CFPB’s single-director structure violates the separation of powers between the executive and legislative branches and is unconstitutional.
She also summarized the approval by the Office of Personnel Management (OPM) of the promotion of a presidential appointee to a career civil service position, noting that OPM determined that the selection was "'free from political influence and complies with applicable civil service laws and regulations.'".
“Litigation over this question has caused significant delays to some of our enforcement and regulatory actions,” Kraninger wrote in a memo to staff in October. According to Ms.
(As Ms. "When you chart $12 million versus $12 billion, that is more of a traditional banklike regulatory posture, where you tell companies to fix things.".
“The potential selection of Mr. Ward for Enforcement Director raises serious concerns about whether the Consumer Bureau has adhered to civil service laws and [Office of Personnel Management] guidance governing the hiring of political appointees into career positions,” Maxine Waters, chairwoman of the House Financial Services Committee, said in a Dec. 17 letter to Kraninger.
Kyle Brasseur is the digital editor for Compliance Week, contributing to the editorial team while also handling social media and web-related content. David Wernecke as chief experience officer. Kraninger has vowed to protect consumers and the CFPB has been aggressive in launching new investigations, so some expect she may forge her own path with more settlements and consent orders in the year ahead. Wernecke most recently worked as the section chief in the Consumer Response Product Office.
Thomas G. Ward will serve as assistant director of enforcement in the CFPB’s Supervision, Enforcement & Fair Lending Division. Director Kraninger's letter is likely in response to statements made by Chairwoman Waters, who had previously raised concerns over Mr. Ward's potential selection as assistant director. Mr. Ward clerked for the Honorable Diarmuid F. O'Scannlain of the U.S. Court of Appeals for the Ninth Circuit and earned his law degree from …
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The Consumer Financial Protection Bureau heads into 2020 with a full agenda but also facing storm clouds that are beyond its control.
It has been reported that in a letter to House Financial Services Committee Chairwoman Maxine Waters, CFPB Director Kathleen Kraninger described Mr. Ward as "eminently qualified" to lead the enforcement division and recognized his "wealth of experience as both a litigator of complex cases and a manager of other attorneys." The Supreme Court will hear oral arguments in March on the constitutionality of a Dodd-Frank Act provision limiting a president's discretion to fire a sitting CFPB chief.
She has eschewed big civil penalties and public announcements while generally taken punitive action against small companies accused of wrongdoing instead of big firms.
In response to reports that Kathy Kraninger’s CFPB has brought on Thomas Ward as its new Enforcement Director related to a gun background check, Allied Progress Director Derek Martin released the following statement: W. Ward. The bureau also is expected to issue a final debt collection rulemaking in May that would allow collectors unlimited contact with debtors through email and text, but not require that collectors verify whether a consumer owes a debt. “There’s a lot up in the air and the long-term future of the CFPB depends on" who wins the presidency, said Jenny Lee, a partner at the law firm Arent Fox LLP. But executives remain wary of high unemployment and the potential for a rise in loan defaults. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse. The current acting enforcement director, Cara Petersen, has led the division since May 2019 and had previously served as the Principal Deputy Enforcement Director.
Donna Roy as chief information officer in the Operations Division.
[and that] OPM requires agencies to seek our approval prior to appointing any current or former political appointee to a permanent position (without time limits) in the civil service.’” She further asserted that the memorandum also explicitly stated that an agency must obtain written authorization from OPM before appointing a current political appointee to a non-political excepted service position (such as Enforcement Director).
First City Bank of Florida had suffered “longstanding capital and asset quality issues” that were unrelated to the pandemic, the FDIC said. When reports first surfaced of his potential appointment as assistant director of enforcement at the CFPB, Rep. Maxine Waters (D-Calif.), chair of the House Financial Services Committee, was among those to raise concerns of a potential politicizing of the independent agency.