So reports my fellow blogger Deepak Gupta on Twitter. This is in the PHH case in which the panel ruled that the CFPB was unconstitutional unless the President could fire the Bureau's director without cause. The response is due in early December, well before the shift in administrations.
Author Archives: Jeff Sovern
Here (behind paywall). Excerpt: Brandon Wilson is a former armed robber who, after serving roughly a decade in prison, reinvented himself as a successful debt broker. * * * * * * [Wilson] explained it: “Part of the package you get of being my business associate or my friend is that I’m gonna protect you […]
by Jeff Sovern Here is the report in the NY Times (behind a paywall). Wells filed its arbitration motion on Wednesday, the day before Thanksgiving. So Wells is using a secret system for adjudicating claims, agreed to by consumers who didn't understand what arbitration clauses mean, and invoked it at a time when people are less likely […]
by Jeff Sovern John Dugan, a former bank lobbyist, was the Comptroller of the Currency during the George W. Bush Administration. The Office of the Comptroller of the Currency was then seen by some as an aggressive protector of banks. Among the reasons: the OCC took the position that state anti-predatory lending laws were preempted by […]
Aditya Bamzai of Virginia argues that he could here. Excerpt: [The] premise [that the president has to let the litigation runs its course] appears to rest on two mistaken assumptions: (1) that the President cannot exercise his removal authority absent an Article III judgment authorizing such removal, especially when a pending case may address the very […]
That's one of the questions addressed by the Wall Street Journal in an article headlined Financial Regulators Scramble to Complete Postcrisis Rules. (behind paywall). Excerpt: “This type of ’midnight rulemaking’ is neither conducive to sound policy nor consistent with principles of democratic accountability,” Texas Rep. Jeb Hensarling, chairman of the House Financial Services Committee, told […]
by Jeff Sovern The column is titled The future isn't bright for highly successful consumer watchdog. Excerpt: A stopgap government funding bill passed in September will expire Dec. 9. It’s widely expected that conservative members of Congress will include language in follow-up funding legislation that would change how the bureau operates and the scope of its […]
From an op-ed in today's Times, Climate Change in Trump’s Age of Ignorance, by Robert N. Proctor (behind paywall): [S]science was one of the instruments used by Big Tobacco to carry out its denial (and distraction) campaign. Cigarette makers had met at the Plaza Hotel in New York City on Dec. 14, 1953, to plan […]
PHH was the case that held that the CFPB's structure is unconstitutional and that the remedy was to provide that the CFPB director could be fired without cause. The petition is here. It describes that case as "what may be the most important separation-of-powers case in a generation." National Law Journal coverage (behind paywall) here. […]