Removing Barriers Blog

CFPB Director Ratifies Past Official Actions
Posted July 07, 2020 by CUNA Advocacy

CFPB Director Kraninger issued a ratification of prior regulatory actions taken by the CFPB.  

The ratification action was taken light of the Seila Law decision from the U.S. Supreme Court that found the CFPB’s structure to be unconstitutional.  The Court’s ruling created some uncertainty as to the legality of the Bureau’s past actions. The ratification is intended clear up those legal concerns. 

Director Kraninger did not ratify all prior CFPB actions. She specifically declined to ratify the rule on arbitration, which was voided via the Congressional Review Act, and the payday rule’s ability-to-repay provision, which was rescinded under today’s rule). 

The CFPB’s action states that ratification of additional matters, including enforcement activities, will be considered separately.