Here (behind paywall). Excerpt: "* * * Director Cordray has been reluctant to issue a final arbitration rule, is because I think he realizes that there is a very high likelihood of it being overridden," said Alan Kaplinsky, a partner at the law firm Ballard Spahr. * * * It's also not a guarantee that […]
Author Archives: Jeff Sovern
by Jeff Sovern At Real Clear Politics, by George Masonites Hester Pierce and Vera Soliman. The arguments (with my editorializing on some points) are that the Bureau's payday lending rule would put some such lenders out of business (would those be the lenders that ensnare consumers in a never-ending debt trap?), that the Bureau collects […]
by Jeff Sovern In the Dallas Morning News. Here are some more quotes from the article: Hensarling bemoaned that the bureau gets to be a "cop on a beat, a judge and its own Congress." * * * He said the bureau has led to higher bank fees, fewer banking options and more difficulty in […]
Here. Excerpt: They can figure out when you leave town and see where you parked your car. They can see how many times you went to the grocery store or the health clinic. Auto loans to Americans with poor credit have been booming, and many finance companies, credit unions and auto dealers are using technologies […]
Here. Excerpt: I asked [the] office [of Rep. John Ratcliffe, who has proposed to abolish the CFPB] to elaborate [on his claim that the CFPB hurts consumers]. I received a statement from Ratcliffe citing the group’s “qualified mortgage rule,” which he said “has made it harder for young people and retirees on fixed incomes to be […]
Here. I won't post an excerpt because the report is too full of information to single some items out. If you care about class actions, I suggest reading the whole piece.
Todd J. Zywicki of George Mason has written Market-Reinforcing versus Market-Replacing Consumer Finance Regulation in Hester Peirce and Benjamin Klutsey, eds., Reframing Financial Regulation: Enhancing Stability and Protecting Consumers, Mercatus Center at George Mason University, pp. 319-341, 2016. Here's the abstract: The aftermath of the financial crisis has seen the formation of several new banking regulators […]
Here (behind paywall). The article reports on an email from an unidentified Trump spokesperson. Excerpt: “The President believes that the initial decision made by the three judge panel of the DC circuit was correct,” the spokesperson said in an emailed statement. “The structure of the CFPB makes it unaccountable to the American people.” The statement […]
Here. Excerpt: [T]here are three cases before the Supreme Court at various stages that not only deal with the CFPB, but with federal regulations that some fear that Trump's nominee, Neil McGill Gorsuch, currently a judge on the U.S. Court of Appeals for the Tenth Circuit, will have no patience with. Correction: An earlier version […]
Here is Politico's answer: SHOULD TRUMP HEAR FROM CONSUMER GROUPS? – St. John's University law school's Jeff Sovern emails: "You reported today that the president 'will participate in a listening session with the Retail Industry Leaders Association and member company CEOs.' You have reported a number of sessions in which the president met with CEOs. […]