The headline reads Trump team eyes hiring freeze, regulatory rollbacks for CFPB (behind paywall but available on Lexis). According to Berry, a Trump review team is now at the Bureau, with a transition team coming next week. George Mason’s Todd Zywicki is part of the review team. Berry identifies as possible directors FDIC vice chair […]
Author Archives: Jeff Sovern
Here. The introduction states: “We believe that the interpretations set forth in these documents reflect the best reading of the federal consumer financial laws and that the reasoning provided therein will therefore prove to be durable.” I hope that the guidance does indeed prove to be durable.
If so, you might want to listen to Alan Kaplinsky’s fireside chat podcast with former CFPB official David Silberman, sign up for two forthcoming Ballard Spahr webinars, or for McGuireWoods’s upcoming webinar.
Here, authored by Seth Frotman and Lorelei Salas. Here is a particularly intriguing excerpt: Now that companies are being held accountable for charging [certain] unlawful fees, they have switched to new, underhanded tactics to try to continue to extract junk fee revenue from people. For example, we have seen some debt collectors unlawfully amend consumers’ […]
Adam Feibelman of Tulane University has written Relocating the Community Reinvestment Act. Here’s the abstract: The Community Reinvestment Act was enacted in 1977 to address the failure of financial institutions to provide credit and financial services in low-income communities, especially Black neighborhoods. The Act is part of a family of legal regimes, including the Home […]
The complaint is here. and concerns the finding announced shortly before the election that the poll had Harris leading Trump among Iowans. The suit is against the Des Moines Register, the pollster and Gannett; the UDAP statute in question is Iowa Code § 714H.3(1). That statute provides: A person shall not engage in a practice […]
The Consumer Bankers Association explains in a letter. They want to scuttle the CFPB’s overdraft rule, credit card late fees rule, open banking rule, and the BNPL and EWA interpretive rules. They also want to convert the Bureau to a commission, subject it to the annual congressional appropriations process, and “reform” its UDAAP authority.
House Republicans have voted to make French Hill chair of the House Financial Services Committee. According to the NY Times, Hill’s first choice would be to abolish the C.F.P.B. But he believed there would be wider support for a milder change to how it was run, like restructuring its leadership to make it a bipartisan […]
Here, on Ballard Spahr’s Consumer Finance Monitor podcast.
Donald E. Bowen III of Lehigh University, S. McKay Price of Lehigh University – Perella Department of Finance, Luke C.D. Stein of Babson College, and Ke Yang of Lehigh University have written Measuring and Mitigating Racial Disparities in Large Language Model Mortgage Underwriting. Here’s the abstract: We conduct the first study exploring the application of large […]