by Jeff Sovern My co-author, Dee Pridgen, has created a supplement for our casebook to bring it up to date since it is now nearly four years old (we plan to produce a new edition in 2019). If you want a copy, please email her directly at Pridgen@uwyo.edu.
Author Archives: Jeff Sovern
by Jeff Sovern Last summer, the CFPB issued a document indicating its tentative plan for third-party debt collector regulation, and saying that it was going to move forward on first-party debt collectors separately. Today, CFPB Director Richard Cordray gave a speech saying that in light of feedback the Bureau had received, it has: now decided to […]
Yesterday, Allison wrote about the House Financial Services Committee staff report threatening CFPB Director Richard Cordray with contempt charges. Democrats on the Committee replied here. Excerpt: Debunking Republicans’ Alternative Facts: Fiction: “Wells Fargo has cooperated in full with the Committee’s investigation to date.” Fact: Wells Fargo has not responded to Democrats’ multiple requests to provide Democratic staff the same […]
by Jeff Sovern The House passed the Financial Choice Act, H.R. 10, which would cripple the CFPB. According to Law360's Evan Weinberger, the vote was 233-186, and as expected followed party lines.
Here. The whole piece is worth a read, but here's an excerpt: The bill would take away the CFPB’s ability to inspect banks, mortgage brokers, foreclosure relief firms, student and payday lenders, debt collectors, credit reporting agencies and auto financing companies to ensure they accurately disclose credit terms to borrowers and that they comply with […]
In The New York Times: Mr. Otting worked closely with Treasury Secretary Steven Mnuchin when the two men ran OneWest. Formerly known as IndyMac, the lender had to be taken over by the federal government in the financial crisis of 2008 and was sold to a group of investors that included Mr. Mnuchin the next […]
Here. Excerpt: On June 7, a Utah judge will decide whether more than 50 consumers defrauded by banking giant Wells Fargo in its fake account scandal will be forced to pursue claims one by one in a secret arbitration system. Even as the bank’s PR machine loudly trumpets a focus on restoring consumer trust, Wells […]
The House Rules Committee voted to permit House consideration last night. The Hill story is here. Excerpt: The House Rules Committee on Tuesday night cleared for a vote on the House floor a Republican effort to strip much of the Dodd-Frank Act. The powerful panel — the last stop for every bill considered by the […]
The OCC regulates national banks and has some power over consumer protection issues. The Financial Times has the story here. Excerpt: If confirmed by the Senate, Mr Otting is likely to be “a reliable ally” for Mr Mnuchin and “a steady proponent for bank deregulation”, said Isaac Boltansky, analyst at Compass Point in Washington.
Here, in The Hill. Quick served as senior counsel to the Senate Banking Committee and senior attorney for OCC. Excerpt: Trump is well on his way to effecting change in financial regulation through his appointments, and Congress appears poised to stall new financial regulation through changes to the rulemaking process, most significantly through the Regulatory Accountability […]