by Jeff Sovern Hudson Cook partner Allen Denson has written an op-ed for the American Banker, Clock's ticking: White House should name a permanent CFPB director, in which he expresses fear that the Democrats will capture the Senate in the fall, with the result that Democrats will have a say, through the confirmation process, on whom the […]
Author Archives: Jeff Sovern
Norman I. Silber of Hofstra and Steven Stites of Stites & Harbison PLLC have written Merchant Authorized Consumer Cash Substitutes. Here is the abstract: Merchant Authorized Consumer Cash Substitutes (MACCS) have existed in one form or another for hundreds of years although without a generic name. At nineteenth century American railroad construction sites far from established […]
by Jeff Sovern The NY Times has an op-ed, Beyond Starbucks: How Racism Shapes Customer Service. Here’s an excerpt: In one experiment, we emailed approximately 6,000 hotels across the United States from 12 fictitious email accounts. We varied the names of the senders to signal different attributes, such as race and gender, to the recipients. […]
by Jeff Sovern As Allison posted earlier, the CFPB has levied a $1 billion fine on Wells. Some first reactions: A person inclined to give acting director Mulvaney the benefit of the doubt might say that this shows that the Bureau is keeping Mr. Mulvaney's promise to enforce consumer financial protection laws vigorously when that […]
The Hill has the story here. Looks like the auto guidance will soon be gone.
The Senate voted, 50-47, to debate whether to use the Congressional Review Act to rescind the CFPB Indirect Auto Guidance. As it is unlikely that a senator would vote both to debate the issue and retain the Guidance, that almost certainly means the Senate will vote to block the Guidance when it votes, probably tomorrow, on […]
Law360 has the story here. The other current FTC Commissioner, Maureen K. Ohlhausen, has been nominated to the bench and so will also leave soon. The Senate is to vote on four nominees–Joseph J. Simons, Rohit Chopra, Christine S. Wilson and Noah Joshua Phillips–on April 28th; the confirmation vote for a fifth nominee, Rebecca Kelly Slaughter, has […]
by Jeff Sovern I have now listened to the Senate Banking Committee hearing at which Mr. Mulvaney testified about the CFPB (I still haven't heard the House Financial Services Committee hearing). I'm still trying to make sense of Mulvaney's claims about enforcement, which strike me as hard to reconcile. On the one hand, Mulvaney complained […]
Here. Here's more from The Hll and here is David Dayen writing at The Nation.
The LA Times report is here.