Author Archives: Jeff Sovern

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 […]

Law360’s Jon Hill: CFPB Endgame Is Just ‘Five Men And A Phone,’ Filings Allege

Here (may be behind paywall). Deepak Gupta filed the brief the article discusses (disclosure: Deepak was a founder of this blog). Attached were many declarations, including the one the headline refers to, filed anonymously by a CFPB staffer who feared retaliation. Here’s an excerpt from the declaration:  On multiple occasions between Friday, February 7, 2025 and […]

Overheard before yesterday’s Senate confirmation hearing; a parody

Democratic Senator: Is it raining? Witness: That’s really up to Congress to determine but if confirmed, I will follow the statutory mandate. Democratic Senator: What do you think of rain? Witness: Well, senator, let me say this: if it’s raining, I will follow the law. Democratic Senator: Wells Fargo has opened unauthorized accounts, improperly repossessed […]

McKernan, nominated to helm CFPB by president who routinely exceeds authority, complains the CFPB exceeds its authority

Here’s CFPB director-nominee’s short written opening statement for his confirmation hearing. Here’s the part about the CFPB and his promises: All too often, however, the CFPB has gotten in the way of its own mission. It has acted in a politicized manner. It has pushed beyond the limits of its statutory authority. It has seized […]