Politico interviewed him here. Excerpt: There will be some areas that will be improved but fundamentally you are going to look at a very similar piece of legislation that is going to replace bailouts with bankruptcy, that's going to give working Americans greater opportunities when it comes to their mortgages, their credit cards and achieving […]
Author Archives: Jeff Sovern
From HuffPo. Excerpt: Trump met with former Rep. Randy Neugebauer (R-Texas) on Wednesday and is considering Neugebauer to run the CFPB, Trump spokesman Sean Spicer confirmed on a Thursday call with reporters. A source close to the transition team told HuffPost that Neugebauer has yet to be offered the job, but that no other candidates […]
WaPo has the story here. excerpt: Ramirez's impending departure from the FTC is likely to leave the agency shorthanded with three vacancies on the five-member panel. With one Republican and one Democrat remaining, the FTC will likely be deadlocked in a partisan tie until the Trump administration can fill the other vacancies, which could take months. […]
Here. Excerpt: House Financial Services Committee Chairman Jeb Hensarling, a Dallas Republican, has griped that the agency is “the single most powerful and least accountable federal agency in all of Washington.” He has pushed for the agency to be led by a bipartisan commission, rather than a single director. Neugebauer has endorsed that proposition, filing […]
In November, we linked to Aditya Bamzai's blog post at Notice and Comment arguing that President-Elect Trump could fire CFPB Director Cordray on the first day of his presidency. Brianne Gorod, Chief Counsel at the Constitutional Accountability Center, has replied on Notice and Comment in a post titled Why the CFPB Director Shouldn’t Be Going Anywhere.
Here. Quoting from the Bureau's release: Consumer Financial Protection Bureau (CFPB) report released today found that over one-in-four consumers contacted by debt collectors felt threatened. The report was drawn from the first-ever national survey of consumer experiences with debt collectors. Over 40 percent of consumers who said they were approached about a debt in collection […]
by Jeff Sovern My co-author, Dee Pridgen, has co-authored with Gene A. Marsh a new version of Consumer Protection Law in a Nutshell (disclosure: I read and commented on some chapters in draft). One of the problems with teaching the course in recent years has been the lack of an updated companion volume that students could use […]
Here (behind paywall). The article lists various possible industry strategies for blocking the rule: fire CFPB Director Cordray before he can adopt the new rule or after it is adopted and appoint a new director who will rescind it; Congress could preempt the rule from taking effect through the Congressional Review Act or the Financial […]
Stanford Law Professor Janet Cooper Alexander believes that it does. The basic idea is that states and localities would empower private attorneys general to bring actions on behalf of the governmental entity (which would not be subject to arbitration clauses) for injured consumers, etc. Here's an excerpt from the web page at the link above: […]