Here. The article identifies the three DOGE employees. Given Elon Musk’s call for deleting the CFPB, this is troubling news. UPDATE: One of the DOGE employees at the Bureau has a history of unsettling social media posts.
Author Archives: Jeff Sovern
So reports Stacey Cowley in the NY Times.
Here. Vice President Vance is said to be “closer ideologically” to the industry-skepticism side of things.
The Consumer Financial Protection Act, the CFPB’s organic statute, requires the Bureau to do certain things. For example, 12 U.S.C. § 5514(b)(1) provides that “The Bureau shall require reports and conduct examinations on a periodic basis (emphasis added).” I don’t see how the pause could lawfully affect periodic supervision, then, and my understanding of the memo […]
Here (behind paywall). Indeed, according to the article, “House Financial Services Chair French Hill said Monday that reforming the CFPB’s funding structure remains “the principal focus” of his committee’s efforts to attach legislation to a GOP reconciliation package.” The Senate would not normally be able to change the CFPB’s funding without getting votes from Democrats because […]
I hope some enterprising reporters are asking these questions. As for who is running the CFPB, the likelihood is that Treasury Secretary Bessent is too busy with other responsibilities to devote much attention to the Bureau and so has delegated a lot there. If so, it would be useful to know to whom.
As Adam reported yesterday, the CFPB has gone dark. One place this is playing out is the courts. Yesterday, the Fifth Circuit was scheduled to hear two oral arguments. In one, Chamber of Commerce v. CFPB, which raises the issue of whether discrimination is unfair within the meaning of the CFPB’s UDAAP statute (disclosure: I […]
Treasury Secretary Scott Bessent has been named Mick Mulvaney Acting CFPB Director. According to Kate Berry in the American Banker, Senator Elizabeth Warren voted against Bessent’s confirmation, at least in part because Bessent supports financial deregulation.
We received a request to post the following: The National Association of Consumer Advocates was angered and disappointed by the new Federal Administration’s unwarranted decision to rescind summer clerk positions for law students interested in consumer and economic justice careers. While we’re sorry we cannot offer assistance to most law students harmed by this thoughtlessly […]
Tess Wilkinson‐Ryan, David A. Hoffman, and Emily Campbell, all of Penn, have written Contracts for Everyone. Herre’s the abstract: The architects of American contract law—judges, lawyers, regulators and academics—know a lot about what litigated deals look like, but almost nothing about the contracting of ordinary people. This Article offers a wide-ranging empirical account of how non-elites […]