Here, in Minnesota's Star-Tribune. Prentiss wrote it with two other original members of the Bureau's Consumer Advisory Board, Jose Quinonez and William Bynum. Excerpt: Have you ever been an eyewitness to an event and later seen it written about in a way that directly contradicts your experience? As three people who witnessed close-up the Consumer […]
Author Archives: Jeff Sovern
Here. Excerpt: [The report] is harshly critical of the Consumer Financial Protection Bureau and recommends that the bureau be stripped of its authority to examine financial institutions, people familiar with the matter said. By law, the bureau has the authority to enforce consumer laws as well as to examine individual firms on a continuing basis. […]
Here. We reported on the plan to separate debt collection regulation into two rules on Thursday. Weinberger reports on speculation on the Bureau's motivation in proceeding in that fashion: But doing the less controversial update of debt collection communications and disclosures first could also potentially allow the CFPB to avoid any rule getting invalidated by […]
by Jeff Sovern Here's his tweet: Donald J. Trump ✔ @realDonaldTrump Congratulations to Jeb Hensarling & Republicans on successful House vote to repeal major parts of the 2010 Dodd-Frank financial law. GROWTH!
by Jeff Sovern My co-author, Dee Pridgen, has created a supplement for our casebook to bring it up to date since it is now nearly four years old (we plan to produce a new edition in 2019). If you want a copy, please email her directly at Pridgen@uwyo.edu.
by Jeff Sovern Last summer, the CFPB issued a document indicating its tentative plan for third-party debt collector regulation, and saying that it was going to move forward on first-party debt collectors separately. Today, CFPB Director Richard Cordray gave a speech saying that in light of feedback the Bureau had received, it has: now decided to […]
Yesterday, Allison wrote about the House Financial Services Committee staff report threatening CFPB Director Richard Cordray with contempt charges. Democrats on the Committee replied here. Excerpt: Debunking Republicans’ Alternative Facts: Fiction: “Wells Fargo has cooperated in full with the Committee’s investigation to date.” Fact: Wells Fargo has not responded to Democrats’ multiple requests to provide Democratic staff the same […]
by Jeff Sovern The House passed the Financial Choice Act, H.R. 10, which would cripple the CFPB. According to Law360's Evan Weinberger, the vote was 233-186, and as expected followed party lines.
Here. The whole piece is worth a read, but here's an excerpt: The bill would take away the CFPB’s ability to inspect banks, mortgage brokers, foreclosure relief firms, student and payday lenders, debt collectors, credit reporting agencies and auto financing companies to ensure they accurately disclose credit terms to borrowers and that they comply with […]
In The New York Times: Mr. Otting worked closely with Treasury Secretary Steven Mnuchin when the two men ran OneWest. Formerly known as IndyMac, the lender had to be taken over by the federal government in the financial crisis of 2008 and was sold to a group of investors that included Mr. Mnuchin the next […]