Author Archives: Jeff Sovern

Kate Berry: CFPB says supervision is happening, but examiners disagree

Here, in the American Banker. Excerpt: Supervisory examiners and managers, who spoke anonymously for fear of retaliation, told American Banker that credit limits on the CFPB’s SP3 travel cards had been cut to $1 or the accounts were closed, making it impossible to book a flight or hotel to travel. * * * * * […]

McKernan again refuses to say if he agrees with Trump that the CFPB is an “important thing to get rid of”

Here are his answers to Senator Warren’s questions. In answer to a question about whether he agreed with the president, McKernan said only ” The CFPB’s existence will continue until an Act of Congress, signed by the President, provides otherwise.”

Craig Cowie asks: What’s going on with the CFPB Penalty Fund?

Guest post by Craig Cowie of Montana: There have been many great posts about the work the CFPB has done to help consumers, including noting that the CFPB has used its penalty fund to allocate more than $3 billion to pay 6.7 million consumers back for money that companies illegally took from them. But there […]

American Banker: ‘We need to know what’s going on:’ Judge orders new CFPB hearing

Here, by Kate Berry & Claire Williams. The article quotes Judge Amy Berman Jackson as saying: “I want to know whether work is being done.” Meanwhile, Bloomberg Law’s Evan Weinberger reports that during the hearing, in which Judge Jackson said “she doesn’t want to see agency edicts made with fingers behind people’s backs,” CFPB principal […]