Here, in the Times, by Ben Protess and Jessica Silver-Greenberg. Excerpt: After the financial crisis in 2008, the Obama administration turned one of the banking industry’s friendliest regulators into one of its toughest. But that agency is now starting to look like its old self — and becoming a vital player in the Trump administration’s […]
Author Archives: Jeff Sovern
From Kate Berry at American Banker. Hint: it will be better for banks than consumers.
There is too much valuable material in this one, by Gary Rivlin and Susan Antilla, to post excerpts. It should be read in its entirety.
Christopher Lewis Peterson of Utah has written Choosing Corporations Over Consumers: The Financial Choice Act of 2017 and the CFPB Consumer Finance Law Quarterly Report (forthcoming). Here is the abstract: The Consumer Financial Protection Bureau (CFPB) is the U.S. Government’s primary regulator and civil law enforcement agency governing consumer lending, payment systems, debt collection, and other […]
The Hill has a story here. Excerpt: Otting was the president and CEO of OneWest Bank, where he worked with Treasury Secretary Steven Mnuchin, and a vice chairman at U.S. Bancorp before that. He presided over hundreds of thousands of foreclosures at OneWest Bank, which has been investigated for multiple federal and state housing violations. * […]
by Jeff Sovern Several names have surfaced. Both the NY Times and the Wall Street Journal have mentioned the possibility of George Mason Law professor Todd Zywicki. The American Banker has a slide show of potential directors here (free content). I fear the nominee will be someone who believes that consumer protection largely consists of […]
So reports Evan Weinberger at Law360.com.
by Jeff Sovern Some arbitration clauses permit consumers to opt out of arbitration and class action waivers provided the consumer acts within a stated period. For example, Asana provides in § 13.8 of its Terms of Service for a 30-day opt-out. Those wishing to opt out are instructed to send "written notice of your decision to opt […]
The story is in the American Banker. The theory is that by refusing to rule out a run for the governorship of Ohio, Cordray led Trump to believe that he could avoid the political heat he would take by firing Cordray because Cordray would quit anyway. Indeed, firing Cordray might even make him a political […]
by Jeff Sovern Bloomberg is reporting in a story headlined Senate Clears Way for Ex-Mnuchin Deputy to Lead Bank Regulator, that: Senate Majority Leader Mitch McConnell has filed a motion to kick off debate and an eventual vote to appoint Otting as head of the Office of the Comptroller of the Currency. It will likely take […]