Here, by Kate Berry. The sources for that information mostly consist of unnamed "experts," but here's a quote that may shed some light on who one of the experts is: "There is no way that Cordray is going back home to Ohio without" a payday rule, said Isaac Boltansky, a policy analyst at Compass Point Research […]
Author Archives: Jeff Sovern
by Jeff Sovern Regular blog readers will recall consumer law expert Gene DeSantis's travails with TD Bank from his remarks a couple of weeks ago. The post also launched a Twitter debate. Despite his consumer law expertise and three or four calls to TD, including conversations with supervisors, Gene hit a stone wall, after which he complained […]
by Jeff Sovern Then take a look at the Consumer Bureau Action Tracker created by Allied Progress. For example, the CFPB has brought 95 enforcement actions affecting Texas, home state of CFPB critic and House Financial Services Chair Jeb Hensarling. Or if you want to know how many debt collection enforcement actions the Bureau has brought, […]
by Jeff Sovern As expected but still sad.
by Jeff Sovern This is based on Fred O. Williams's story at CreditCards.com. The vote was 229 to 184, though he seems to indicate that this was the final vote. I think it was just on the vote to consider the bill. Williams's article, titled DIY credit card arbitration: You may be able to opt out, […]
From Politico's Morning Money newsletter: Compass Point analyst Isaac Boltansky on what’s next — "We now peg the odds of the mandatory arbitration rule being reversed through the [Congressional Review Act] at 60 percent. The House will easily clear the measure, but the whip count in the Senate is still fluid at this juncture and […]
by Jeff Sovern Here. Not a surprise, but the nail in the coffin of those who believed President Trump would make good on his promises to protect ordinary Americans.
by Jeff Sovern Here. Excerpt: Remember how back in 2008, the Bush administration shepherded a $700 billion bank bailout through Congress? Well, the House of Representatives voted last month to rescue banks yet again. And if its bill, the Financial Choice Act, becomes law, ordinary Americans may pay a bigger price than they did for […]
by Jeff Sovern The House Rules Committee is meeting today at 5:00 to consider granting a rule for the House to take up H. J. Res. 111, under which the House would vote to block the CFPB arbitration rule from taking effect. I hear the House could vote on the resolution itself tomorrow.
The report is titled THE CONSUMER FINANCIAL PROTECTION BUREAU IN PERSPECTIVE. Quoting now from the findings listed in the Executive Summary: Before the Consumer Bureau was created, financial regulators prioritized the profits of Wall Street firms at the expense of consumers’ financial well-being on Main Street. Previously, Federal prudential regulators were tasked with dual, and […]