by Jeff Sovern AccountsRecovery.Net has a story, Mulvaney Lobbying Hard For Kraninger, Despite Saying He Wants To Stay Out of Process, which reports: Mulvaney has spoken out publicly in favor of Kraninger’s nomination and the report [in The Hill] said that Mulvaney has reached out to several Republican members of the Senate Banking Committee, which will […]
Author Archives: Jeff Sovern
Joseph Sanders and Vijay Raghavan, both of the Office of the Illinois Attorney General have written Improvident Student Lending, Utah Law Review (2018). Here is the abstract: The idea that lending without regard to ability to repay should be illegal is not particularly new, but it gained purchase in recent years with the rapid growth of high-cost […]
Anne Fleming of Georgetown has written The Long History of 'Truth in Lending', 30 Journal of Policy History (2018). Here's the abstract: This article offers the first comprehensive history of the development of mandatory disclosure rules for the cost of consumer credit. In contrast to prior studies, which begin with the creation of federal disclosure rules […]
by Jeff Sovern Allison blogged earlier about Judge Preska's decision striking down the CFPB as unconstitutional and I've been wondering what it means for consumers. I hope some of our readers will offer their own thoughts in the comments, because I'm still trying to figure this out. As a formal matter, in terms of the […]
by Jeff Sovern Kate Berry in the American Banker is reporting that the nominee to run the CFPB, Kathy Kraninger "likely was deeply involved in President Trump's "zero-tolerance" immigration policy, according to former officials with the Office of Management and Budget and the Department of Homeland Security." Meanwhile, a WSJ editorial argues that Kraninger "has more […]
Is Kraninger's nomination really a ploy to extend Mulvaney's leadership of the Bureau? That's an issue discussed in Roll Call's article, Despite New CFPB Nominee, Mulvaney Could Be Around a Long Time. Excerpt: “I think there’s a strategy here that is steeped in the lore of federal appointments,” said Morrison & Foerster attorney Oliver Ireland. […]
by Jeff Sovern We received the following transcript from Canadian intelligence services of White House deliberations between two unidentified people: A: Who should we pick to run the BCFP? B: Can't Mick just stay on? A: Not past this week. B: Too bad. He's done a great job. Wait until you see the bank campaign […]
by Jeff Sovern Various outlets are reporting that it will be Kraninger. At least one conservative objects to the appointment. Here is an except from the WSJ report: “The nominee is unqualified,” said J.W. Verret, a law professor at George Mason University and former chief economist for Rep. Jeb Hensarling, (R., Texas), head of the […]
by Jeff Sovern Here. Four anonymous sources say she is Trump's leading choice. Will we hear a different name tomorrow? Excerpt: Kraninger, an associate director at OMB, previously worked for the Department of Homeland Security and the Senate Appropriations Committee. * * * The potential selection of Kraninger, which could be announced next week, is likely to […]
by Jeff Sovern The Hill has a report here. I don't think that can pass the Senate unless the Senate abolishes the filibuster rule or nine Democratic senators go along with it, so it seems unlikely to pass unless Democrats make a deal to do something they see as more important–which hasn't happened in the […]