Here. Excerpt: [T]here are three cases before the Supreme Court at various stages that not only deal with the CFPB, but with federal regulations that some fear that Trump's nominee, Neil McGill Gorsuch, currently a judge on the U.S. Court of Appeals for the Tenth Circuit, will have no patience with. Correction: An earlier version […]
Author Archives: Jeff Sovern
Here is Politico's answer: SHOULD TRUMP HEAR FROM CONSUMER GROUPS? – St. John's University law school's Jeff Sovern emails: "You reported today that the president 'will participate in a listening session with the Retail Industry Leaders Association and member company CEOs.' You have reported a number of sessions in which the president met with CEOs. […]
Here. Excerpt: More than a dozen Republican senators are backing a bill to give Congress greater control and oversight of the Consumer Financial Protection Bureau (CFPB). Sen. David Perdue (R-Ga.) will introduce a bill Wednesday to let Congress control the CFPB’s budget, his office told The Hill on Wednesday. Called the Consumer Financial Protection Bureau […]
by Jeff Sovern Here is the full text of the House bill: The Consumer Financial Protection Act of 2010 is hereby repealed and the provisions of law amended or repealed by such Act are restored or revived as if such Act had not been enacted. The Senate bill is here. At least it has the […]
Our regular readers probably also check in with Credit Slips, but in case anyone doesn't, Georgetown's Adam Levitin has a pair of posts that merit attention. First, he fact-checks a recent Jeb Hensarling WSJ op-ed about the CFPB, and then he seeks comment on this question: What Would a CFPB Commission Have Done Differently?
Here. Markup on the bills is schedule for tomorrow. Excerpt from Frankel's piece: The bill would limit class certification to class actions in which plaintiffs all “suffered the same type and scope of injury” and would bar certification unless courts can ascertain class membership and assure that only injured plaintiffs recover. Class action lawyers would […]
Here (behind paywall). Excerpt: [I]f he hears an appeal from PHH v. CFPB, he will likely be sympathetic to PHH’s positions, both in terms of the unconstitutionality of the CFPB’s structure and in terms of the reach of its enforcement powers.
by Jeff Sovern For years, fans of economics have attempted to convert judges and lawyers to their mode of analyzing legal problems. For example, George Mason's Scalia Law School's Law & Economics Center has offered programs for judges for nearly four decades, and thus far has attracted more than 4,000 judges to its programs. It […]
by Jeff Sovern As we have discussed extensively, Wells Fargo opened millions of sham accounts in its customers' names. The CFPB responded by fining Wells $100 million. But under Financial Services Chair Jeb Hensarling's proposed Financial Choice Act 2 bill, the CFPB would have been powerless to do anything about Wells's scam. That's because, according […]
by Jeff Sovern Here. Excerpt: I talked to [Jim] Purcell [of State National Bank in Big Spring] this week. He says the bureau spreads its tentacles too far. He complains that there's no appeal for the bureau's decisions, that it's too independent of Congress and the president (by design, and for obvious reasons, I might […]