In the National Mortgage News (may be behind paywall). Excerpt: Through a law enacted by Congress, the CFPB receives an amount of up to 12% of the Federal Reserve’s inflation adjusted profits in 2009. This new Senate plan would reduce that amount to 0%, completely cutting off money the agency’s dedicated workers used to hold financial […]
Category Archives: Consumer Financial Protection Bureau
Buy Now, Pay Later transactions (BNPL) are increasing dramatically. And for some folks, they are probably positive. But for others, BNPL can create significant problems. In case you don’t already know, the typical BNPL transaction enables consumers to purchase something by making four equal payments, one on the date of the purchase and the other […]
At Ballard Spahr’s Consumer Finance Monitor podcast. They broke the interview into two segments, with the second to drop next week; I am disappointed at having to wait until next week to hear the second half.
Some of the little work that the Administration has authorized the CFPB to undertake has been motions to withdraw amicus briefs filed in pending cases. In one case, though, a judge has in part rejected such a motion. In the case, Salom v. Nationstar Mortgage, the CFPB had filed an amicus brief explaining “explains why […]
So reports Kate Berry in an American Banker article, CFPB’s top enforcement official, Cara Petersen, resigns. Berry writes: “It has been devastating to see the Bureau’s enforcement function being dismantled through thoughtless reductions in staff, inexplicable dismissals of cases, and terminations of negotiated settlements that let wrongdoers off the hook,” Petersen wrote in an email, […]
I hope some reporter will ask that question of someone in the Trump administration but I’m not sure who the person to ask would be. OMB Director and CFPB Interim Director Russell Vought? We have written at length about the administration’s attempts to shutter and shatter the CFPB. The FTC has certainly taken some hits, […]
So Jasper Goodman reports. The bill would leave open the possibility of the Bureau receiving funds through the normal appropriations process, or in the words of one of my kids, “yeah, right.”
At Ballard Spahr’s Consumer Finance Monitor podcast.
Here, in Bloomberg Law. Weinberger writes: That Vought is telling CFPB employees to come collect their personal belongings is a sign that he’s confident the US Court of Appeals for the District of Columbia Circuit will overturn a lower court ruling that blocked an attempt to fire nearly 1,500 members of the approximately 1,700 people who worked […]
In his Bloomberg Law article, Trump’s Eventual CFPB Pick Will Work in White House’s Shadow, Evan Weinberger reports that “Mark Calabria, an Office of Management and Budget official currently detailed to the CFPB and former director of the Federal Housing Finance Agency, and acting Comptroller of the Currency Rodney Hood” are under consideration. But Weinberger also […]