Here (behind paywall, I think). Excerpt: The White House later confirmed to Reuters that the executive order did not touch independent regulatory agencies. * * * That exclusion means that the Fed, the CFPB and other independent financial regulators, as well as the Dodd-Frank rules, are safe from the executive order for now. * * * […]
Author Archives: Jeff Sovern
by Jeff Sovern Here. Trump criticized Dodd-Frank on the campaign trail, but as far as I know still hasn't said very much about which aspects of the statute he would change. Consequently, it remains unclear what his views of the CFPB are. While he complained about the difficulties small business have in getting loans from […]
So speculates Joseph Rubin in the American Banker here (free content). Here is the paragraph with the speculation: The Washington rumor mill has already focused on potential CFPB successors preferred by the Trump administration, such as Rep. Randy Neugebauer, R-Texas, and George Mason University professor Todd Zywicki. Both are critics of the CFPB, and would likely […]
Here. Excerpt: "OneWest Bank did not 'robo-sign' documents," Mnuchin wrote in response to questions from individual senators, "and as the only bank to successfully complete the Independent Foreclosure Review required by federal banking regulators to investigate allegations of 'robo-signing,' I am proud of our institution's extremely low error rate." But a Dispatch analysis of nearly […]
Here, in The Hill. Beavers is director of diversity and inclusion at The Greenlining Institute. Excerpt: Some critics—not previously known as leaders on diversity or civil rights—claim that the CFPB has become “a breeding ground” for discrimination that devalues employees of color and women. As an advocate for diversity—and specifically as an advocate for communities of color—I have […]
Here. Excerpt: [L]ast month the Federal Trade Commission made it easier for cars to be billed as “certified,” even if they were under recall and hadn’t been fixed yet. * * * Buyers who wonder how safe it is to drive with a recalled Takata airbag and check the National Highway Traffic Safety Administration website […]
Here. Excerpt: The basic story is that if it's possible to make lots of money by using deceptive contracts to ripoff consumers, then many very talented and hard-working people will spend their time developing schemes to ripoff consumers. Instead of doing things that contribute to consumers' well-being (e.g. developing better products), these people will be […]
by Jeff Sovern It's scheduled for February 8, 2017, from 12:00 pm to 1:00 pm ET. More information here. Alan Kaplinsky will moderate. Some of the questions we hope to address: * What might prevent Consumer Financial Protection Bureau (CFPB) Director Richard Cordray from serving out his full term which expires in July 2018 […]
by Jeff Sovern The article is called The Quiet GOP Campaign Against Government Regulation. The whole piece is worth reading, but here's an excerpt: The shorter and easier-to-read of the two bills is called the “Regulations from the Executive in Need of Scrutiny Act of 2017,” or REINS Act, which passed the House in early […]
by Jeff Sovern Here, in Morning Money. Excerpt: THE POLITICS of firing Cordray would be tough for Trump. He could argue that the CFPB is an unaccountable agency lead by a too-powerful single director. Banking groups, especially those representing smaller and midsize institutions, would be would be thrilled. But the CFPB polls pretty highly and […]