Consumer finance industry groups are sounding an alarm about what they see as a power grab at the Consumer Financial Protection Bureau (the “CFPBâ€) 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 Groupsâ€) 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 Practiceâ€) that govern its administrative process for adjudicating enforcement cases.
Under the Dodd-Frank Act,
