by Jeff Sovern First, in case anyone who reads this blog doesn't already know, yesterday, CFPB Director Richard Cordray appointed CFPB chief of staff, Leandra English, to become CFPB deputy director. Section 1011(b)(5)(B) of the Dodd-Frank Act provides that the deputy director shall "serve as acting Director in the absence or unavailability of the Director." Mr. Cordray then […]
Author Archives: Jeff Sovern
From Ben White's Morning Money Newsletter, here's the report on Buckley & Strange: POLITICO’s Lorraine Woellert: “There’s no shortage of wannabes to fill Richard Cordray’s soon-to-be-vacant post at the CFPB. The latest names to circulate are Jerry Buckley of Buckley Sandler, an industry go-to for consumer finance law, and Alabama’s Luther Strange, the Senate short-timer […]
by Jeff Sovern Adam's piece is here while Dayen's is titled THERE’S A HITCH IN TRUMP’S PLAN TO STICK MICK MULVANEY ON THE CFPB: IT’S ILLEGAL. Adam's argument is based on the legislative history and makes a lot of sense, though I suppose a strict textualist would not be persuaded by the use of legislative history. But […]
At least not through a writ of execution. The case is here. AccountRecovery.Net has a report on the case here. Fellow blog co-coordinator Deepak Gupta argued the case. (HT: Gregory Gauthier).
Here, in the Times, by Ben Protess and Jessica Silver-Greenberg. Excerpt: After the financial crisis in 2008, the Obama administration turned one of the banking industry’s friendliest regulators into one of its toughest. But that agency is now starting to look like its old self — and becoming a vital player in the Trump administration’s […]
From Kate Berry at American Banker. Hint: it will be better for banks than consumers.
There is too much valuable material in this one, by Gary Rivlin and Susan Antilla, to post excerpts. It should be read in its entirety.
Christopher Lewis Peterson of Utah has written Choosing Corporations Over Consumers: The Financial Choice Act of 2017 and the CFPB Consumer Finance Law Quarterly Report (forthcoming). Here is the abstract: The Consumer Financial Protection Bureau (CFPB) is the U.S. Government’s primary regulator and civil law enforcement agency governing consumer lending, payment systems, debt collection, and other […]
The Hill has a story here. Excerpt: Otting was the president and CEO of OneWest Bank, where he worked with Treasury Secretary Steven Mnuchin, and a vice chairman at U.S. Bancorp before that. He presided over hundreds of thousands of foreclosures at OneWest Bank, which has been investigated for multiple federal and state housing violations. * […]
by Jeff Sovern Several names have surfaced. Both the NY Times and the Wall Street Journal have mentioned the possibility of George Mason Law professor Todd Zywicki. The American Banker has a slide show of potential directors here (free content). I fear the nominee will be someone who believes that consumer protection largely consists of […]