Here. They will instead nominate McKernan for a position in Treasury.
Category Archives: Consumer Financial Protection Bureau
From a piece I wrote (behind paywall but probably available soon on Lexis): Have you heard about the government agency led by a guy holding a chainsaw as he promises dramatic cuts in regulation? Think it’s a story about Elon Musk and the Department of Government Efficiency? It’s also about James Gilleran, leader of the […]
Charlotte Haendler of Southern Methodist University (SMU) – SMU Cox School of Business and Rawley Heimer of Arizona State University (ASU) – W.P. Carey School of Business have written The Hidden Costs of Financial Services: Consumer Complaints and Financial Restitution. Here’s the abstract: Financial disputes are a widespread but understudied feature of consumer financial markets. Using […]
So reports Katherine Hapgood in Politico. Other options are also on the table. I guess no funding would moot the question of whether McKernan will be confirmed as CFPB director. It sure would create a lot of problems.
James Baratta in The American Prospect has the story here. Because this would be adopted through the reconciliation process, the Senate could pass it through a simple majority.
Consumer Bankers Association so reports here. The dismissal is with prejudice. For a critique of the district court opinion holding that discrimination is not unfair, go here.
It seems inevitable that the president’s nominee to run the CFPB, Jonathan McKernan, will be confirmed. Not only has McKernan already been confirmed by the Senate for another position, FDIC director, but the Senate Banking Committee Republicans all voted to confirm him to the CFPB directorship. If there is any opposition to McKernan among Republicans, […]
David Krause of Marquette’s College of Business Administration has written Dismantling Financial Oversight: Implications of CFPB Downsizing for Regulatory Integrity and Market Stability. Here’s the abstract: This paper examines the long-term implications of the Consumer Financial Protection Bureau’s (CFPB) downsizing under the second Trump administration. Originally created in the aftermath of the 2008 financial crisis […]
At the American Prospect, in Hatchet Job on CFPB Even Worse in the Details. the entire article is worth a read, but here’s an excerpt to whet your appetite: Even the divisions with larger staff numbers were effectively hobbled by the RIF. The Office of Consumer Response, which maintains the consumer complaint database, was knocked down […]
Here is an excerpt from the Judge Jackson’s order: Given the scope and speed of the agency’s action, the apparent lack of consultation with the heads of the statutorily mandated agency components involved, and the troubling description of the RIF meetings set forth in plaintiffs’ declarations, the Court has significant grounds for concern that the […]