by Deepak Gupta A divided panel of the Third Circuit today joined the D.C. Circuit in holding that President Obama's recess appointments to the NLRB are unconstitutional. The case is NLRB v. New Visa Nursing and Rehabilitation. From the majority opinion by Judge Smith, who is joined by Judge Van Antwerpen: The central question in […]
Category Archives: Consumer Financial Protection Bureau
Brian posted in April on the CFPB's White Paper on payday lending. Payday lenders have fired back, as the American Banker reports here.
Overdraft fees and abuses have spiraled out of control, snaring millions of consumers while generating billions in profits for banks. A new white paper by the National Consumer Law Center explains the legal avenues the Consumer Financial Protection Bureau (CFPB) can use to restore the standard of “reasonableness” to overdraft fees.
by Jeff Sovern Here (behind a paywall, unfortunately). But here's the part that's not behind the paywall: To avoid unwanted scrutiny from the Consumer Financial Protection Bureau and other regulators, banks need to start thinking about "what is fair, not just what is legal," banking attorneys say. And isn't that one of the reasons we […]
by Deepak Gupta Earlier today, Solicitor General Don Verrilli filed the government's petition to the Supreme Court, challenging the D.C. Circuit's Noel Canning decision. (Background: There's been a lot of blogging here about Noel Canning, which invalidated President Obama's intersession recess appointments to the National Labor Relations Board and thereby threatened the validity of his simultaneous […]
by Jeff Sovern Tonight marks the start of the NFL draft, a time when hope blooms for all fans of an NFL team, because they can always suppose that their team has used the draft to get better–and many teams will. Many fans create wish lists–what they want for their teams. In that spirit, I […]
by Jeff Sovern The Wall Street Journal has the story here and the American Banker here (one or both may be behind a paywall). Mr. Hensarling argues that as Cordray has not been confirmed, he is not the lawful head of the bureau and so cannot testify. But he adds in his letter to Mr. […]
M. Todd Henderson of Chicago has written Self-Regulation for the Mortgage Industry. Here's the abstract: This Article proposes an alternative to direct government regulation of mortgage brokers: self-regulation of the mortgage industry that mimics the arguably successful self-regulation of the securities industry that has occurred over the past two centuries. Although not without its problems, […]
The CFPB has released its annual report on activities under the Fair Debt Collection Practices Act. You can read it here. The report summarizes consumer complaint data, the Bureau's new supervision program, amicus briefs, and enforcement actions (not much to report in that category), and significant enforcement and other actions taken by the FTC, among […]
by Jeff Sovern Here. The piece begins: Auto dealership advocates are warning that costs will rise for borrowers if the Consumer Financial Protection Bureau presses banks to curtail auto loan markups determined by dealers. The warning followed the CFPB's bulletin this week that said banks are responsible for discrimination if their partner dealers mark up […]