by Deepak Gupta Earlier than many had expected, a challenge to President Obama's recess appointments reached the doorstep of the U.S. Supreme Court this morning, but it was quickly rebuffed this afternoon by Justice Ginsburg in her capacity as Circuit Justice for the Second Circuit. Justice Ginsburg did not request a response or refer the […]
Category Archives: Consumer Financial Protection Bureau
by Deepak Gupta The Arbitration Wars Meet the Recess Appointment Wars: Since its beginning, this blog has closely covered controversies over mandatory arbitration in consumer and employment contracts. More recently, we've been covering the constitutional controversy over the President's recess appointments to the CFPB and NLRB. On Tuesday, those two worlds officially collided when lawyers […]
by Deepak Gupta There are some important counterpoints to the wild predictions I'm already hearing from industry lawyers about the effect of today's D.C. Circuit's decision invalidating the NLRB recess appointments. First, because the decision openly creates a circuit split with an Eleventh Circuit decision upholding George W. Bush's recess appointment of Judge Pryor and […]
by Jeff Sovern Here. I have seen reports that Cordray might seek the Ohio governorship, even that he might leave the CFPB directorship before his recess appointment expires at the end of this year to that end, but perhaps this indicates that he will stay at the Bureau. I wonder if this is a pro […]
Here. It's about the CFPB's forthcoming qualified mortgage rules. An excerpt: The rules are meant to help bolster the housing market. By shielding banks from potential litigation, policy makers contend that the industry will have a powerful incentive to make higher quality home loans. But some banking and housing specialists worry that borrowers are losing […]
by Jeff Sovern I kid you not. The House Committee on Oversight and Government Reform, chaired by Darrell Issa, and its Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs, chaired by longtime CFPB foe Patrick McHenry, has issued a report titled THE CONSUMER FINANCIAL PROTECTION BUREAU’S THREAT TO CREDIT ACCESS IN THE UNITED STATES. Here […]
by Jeff Sovern Here. The idea is that a company can apply to the Bureau for permission to try different disclosures and the disclosures can then be evaluated, and perhaps adopted. In its statement announcing the proposal, the Bureau says: When deciding whether or not to grant a company a waiver from current disclosure requirements, the […]
by Jeff Sovern Here. Two points from the Executive Summary, though there's quite a bit more than this: The NCRAs have created an automated system for handling consumer disputes and forwarding them to data furnishers. Through this automated system – called e-OSCAR – the NCRAs provide furnishers with one or two numeric codes indicating the […]
The Senate unanimously passed bills, previously passed by the House, pertaining to the confidentiality of information banks provide to the Consumer Financial Protection Bureau and the stickers on ATM terminals about fees. Bloomberg has the story here. The president is expected to sign the bills.
Here (login required). An excerpt: Likewise, there was initially deep skepticism inside the banking industry about the CFPB's arbitration study, and there is still a belief among industry insiders that the agency's research is likely to lead to new regulations. * * * But over the last few months, industry observers have been relatively pleasedwith they […]