Consumer finance industry groups are sounding an alarm about what they see as a power grab at the Consumer Financial Protection Bureau (the “CFPB”) that risks exacerbating the agency’s advantage in its in-house enforcement proceedings. The American Bankers Association, the Bank Policy Institute, Consumer Bankers Association, Mortgage Bankers Association, and the U.S. Chamber of Commerce (together, the “Industry Groups”) urged the CFPB in a letter to “immediately” rescind changes that it quietly made earlier this year to its Rules of Practice for Adjudication Proceedings (the “Rules of Practice”) that govern its administrative process for adjudicating enforcement cases.
Under the Dodd-Frank Act,
