by Jeff Sovern I originally had a different title for this post in mind, but I didn't have the discipline to resist the one above. Not that anyone should have any doubts, but the CFPB director is not the executive the article refers to. Anyway, the House Financial Services Committee is having a hearing titled […]
Author Archives: Jeff Sovern
by Jeff Sovern The Department of Justice has now filed its brief in PHH, arguing that the CFPB as created by the Dodd-Frank Act was unconstitutional because the statute did not give the president the power to fire the Bureau's director without cause, and that the appropriate remedy is the one selected by the original […]
Here. Excerpt: The American Bar Association is “outraged” that the Trump administration is calling to eliminate funding for the LSC and is calling upon members of Congress to restore it, ABA President Linda Klein said in a statement Thursday. Klein noted that LSC offices are in every congressional district and help 1.9 million people […]
Here. The essay reviews Judge Gorsuch's arbitration decisions. Here's an excerpt: Senators must press Judge Gorsuch on arbitration during his hearing next week. If he does believe that limits on the FAA’s “heavy hand” exist [as Judge Gorsuch indicated in an opinion], he should be willing to define and describe them. Otherwise, more and more […]
Here. Excerpt: A government brief in opposition to the CFPB [in the PHH case] likely would have significant weight at the D.C. Circuit, and would boost the odds that the Justice Department might block CFPB efforts to push the case to the U.S. Supreme Court later on. * * * “In the longer term, an […]
So says Lisa Servon in her op-ed, Save the federal consumer watchdog: The CFPB protects us all.
Brad Wolverton's article, Your Wallet Will Suffer If This Agency Is Gutted, is an excellent roundup of the Bureau's accomplishments that cuts across a variety of areas, including student loans, credit cards, debt collection, mortgages, payday loans, credit reporting agencies, auto lending, consumer complaints, military protections, and arbitration. Excerpt: Collectively, for every $1 in federal spending on […]
by Jeff Sovern The American Banker article is headlined Trump discussed Cordray's future in community bank meeting (free content). Excerpt: At one point, Trump expressed to the group that many had urged him to oust Cordray, but the president was not sure it was worth the political backlash. But Trump was apparently under the impression that […]
James P. Nehf of Indiana has written The Impact of Mandatory Arbitration on the Common Law Regulation of Standard Terms in Consumer Contracts, 85 Geo. Wash. Law Review (2017). Here is the abstract: The focus of this paper is the regulation of standard terms in consumer contracts at common law, i.e., judges deciding cases in […]