Here. Excerpt: [T]he CRA only covers banks, not nonbank financial firms. That leads to an uneven playing field, said Jeffrey Naimon, a BuckleySandler LLP partner. "Banks are asking why should a national nonbank mortgage lender have no CRA but a bank have a CRA requirement?" he said. The National Community Reinvestment Coalition said it is […]
Author Archives: Jeff Sovern
Reuters covers it here, and housing Wire here. Both stories refer to a five-page letter from the Director. According to the Reuters' story: The [Committee staff] report said the CFPB had been an ineffective watchdog against Wells Fargo & Co, missing extensive improper sales practices and taking action only after work on the bank's unauthorized […]
by Jeff Sovern I recently listened to the audio versions of these two books, Al Franken, Giant of the Senate and Warren's This Fight is Our Fight: The Battle to Save America's Middle Class. Each is read by the author. I enjoyed both thoroughly: they are inspiring, interesting, and Franken's is, as might be expected […]
Here in The American Prospect. Excerpt: [The case] gave some of the worst bottom-feeders in the economy a free pass to break the law. * * * “It's almost a road map to me on how you can avoid the FDCPA,” says noted consumer bankruptcy attorney Max Gardner, who runs a boot camp for lawyers […]
Here. It's another excellent column. Excerpt: Let’s say your elderly parent was neglected or abused in a nursing home. In the past, your only recourse might have been arbitration, rather than going to court. But thanks to a rule put in place last fall by the Centers for Medicare and Medicaid Services, nursing homes that receive federal funding — […]
Here. On a quick look, it looks less bad than the Financial Choice Act–but still bad.
by Jeff Sovern The decision in Henson v. Santander is here. A debt buyer could still qualify as a debt collector under the FDCPA if debt collection is the "principal purpose" of its business, under 1692a(6), but if collections is not the principal purpose of its business, as is true of Santander, it will not be […]
Here, in Minnesota's Star-Tribune. Prentiss wrote it with two other original members of the Bureau's Consumer Advisory Board, Jose Quinonez and William Bynum. Excerpt: Have you ever been an eyewitness to an event and later seen it written about in a way that directly contradicts your experience? As three people who witnessed close-up the Consumer […]
Here. Excerpt: [The report] is harshly critical of the Consumer Financial Protection Bureau and recommends that the bureau be stripped of its authority to examine financial institutions, people familiar with the matter said. By law, the bureau has the authority to enforce consumer laws as well as to examine individual firms on a continuing basis. […]
Here. We reported on the plan to separate debt collection regulation into two rules on Thursday. Weinberger reports on speculation on the Bureau's motivation in proceeding in that fashion: But doing the less controversial update of debt collection communications and disclosures first could also potentially allow the CFPB to avoid any rule getting invalidated by […]