Yesterday, the Consumer Financial Protection Bureau issued a Request for Information (RFI) on its consumer complaint database and handling of consumer complaints submitted to it: The Bureau is seeking comments and information from interested parties to assist the Bureau in assessing its handling of consumer complaints and consumer inquiries and, consistent with law, considering whether […]
Author Archives: Allison Zieve
Earlier this week, a payday pending group, the Community Financial Services Association of America, sued the Consumer Financial Protection Bureau to challenge the payday lending rule issued last fall. The complaint also claims that the CFPB's structure is unconstitutional. The suit was filed in federal court in Texas. The complaint is available here. The Washington […]
Mick Mulvaney, the director of Office of Management and Budget whom President Donald Trump’s has running the Consumer Financial Protection Bureau sinxe CFPB director Richard Cordray stepped down, has given big pay raises to the deputies he has hired to help him run the CFPB, according to salary records obtained by The Associated Press. Mulvaney […]
From Kenosha News (WI), "Group rallies against high-interest lending practices in Kenosha, state" (March 27), here. From Akron Beacon Journal / Ohio.com, "Editorial: Real regulation for payday lenders" (March 26), here. From Wall Street Journal, "Florida Gives Payday Lenders a Boost" (March 19), here. From Nonprofit Quarterly, "Florida Senate Backs Changes in Payday Loans that […]
In today's New York Times, two lawyers from the large corporate law firm Paul, Weiss, Rifkind, Wharton & Garrison argue for repeal of the law that immunizes gun manufacturers from liability and explain the importance of law allowing individuals to hold industry accountable for wrongdoing. A nice piece, available here.
Reuters reports: "The top cop for U.S. consumer finance has decided not to sue a payday loan collector and is weighing whether to drop cases against three payday lenders, said five people with direct knowledge of the matter." The full article is here.
Today, the Federal Trade Commission and Consumer Financial Protection Bureau issued a joint report on their 2017 activities to combat illegal debt collection practices. The annual report to Congress on the administration of the Fair Debt Collection Practices Act details the agencies’ efforts to stop unlawful debt collection practices, including vigorous law enforcement, education and […]
A bipartisan group of House members on Wednesday released a bill that would replace the director of the controversial Consumer Financial Protection Bureau with a five-person commission. The bill would also rename the CFPB the Financial Product Safety Commission. The Hill has the story.
"Buried within Senate legislation to roll back restraints on banks is a provision that would exempt an estimated 85 percent of US banks and credit unions from public reporting requirements, raising fears that discriminatory practices by lenders could go undetected. The data that would be exempt from reporting include the financial information of borrowers and loan […]
The ACLU recently released a report on the criminalization of private debt: An estimated 77 million Americans—one in three adults—have a debt that has been turned over to a private collection agency. Thousands of these debtors are arrested and jailed each year because they owe money. Millions more are threatened with jail. The debts owed […]