by Jeff Sovern For years, Republicans have complained that they felt frustrated by the CFPB. During her confirmation hearing today, Kraninger got revenge on their behalf on Democrats by refusing to answer their questions. Here is an excerpt from Renae Merle's story in WaPo: Kathy Kraninger, President Trump’s nominee to lead the Consumer Financial Protection […]
Category Archives: Consumer Financial Protection Bureau
Here, by Victoria Finkle (free content). Excerpt: Perhaps the biggest hurdle Kraninger will encounter is demonstrating a familiarity with the consumer protection laws she would be tasked with overseeing, given her lack of industry experience. Some in banking continue to speculate whether the White House tapped her for the post as a serious bid — […]
by Jeff Sovern Allied Progress has posted a list of ten questions for Kathy Kraninger at her confirmation hearing Thursday. The list includes many excellent questions, but I would love to see her also asked specific questions about consumer law because I am curious to see how much she knows about the laws she will interpret […]
Leandra English has announced that she is leaving the CFPB next week in light of the nomination of a new director. Her attorney, CL&P blogger Deepak Gupta, has said that he will intends to file papers next week "to bring the litigation to a close."
by Jeff Sovern Here. Kavanaugh, of course, took the position in PHH that the CFPB is unconstitutional as currently structured. Whether other potential nominees would have felt differently if they had decided PHH is unknown.
by Jeff Sovern I don't often agree with J.W. Verret of George Mason, who formerly served as chief economist and counsel to Jeb Hensarling's House Financial Services Committee. But his warnings on CFPB director-nominee Kathy Kraninger deserve attention. Now he has written an op-ed for the National Review, Kathy Kraninger Is the Wrong Choice to Lead […]
Yan Zhang of the Office of the Comptroller of the Currency (OCC) has written Assessing Fair Lending Risks Using Race/Ethnicity Proxies, 64 Management Science (January 2018). Here is the abstract: Fair lending analysis of non-mortgage credit products often involves proxying for race/ethnicity since such information is not required to be reported. Using mortgage data, this paper […]
Here. Excerpt: Kraininger’s supporters have noted that she acquired considerable managerial experience as an associate director at the Office of Management and Budget and deputy assistant secretary at the Department of Homeland Security. That may help her with management issues, but it’s hard to see how it will help her make decisions about which cases to bring […]
by Jeff Sovern According to HousingWire, the CFPB has informed Zillow that it is dropping its investigation into Zillow for RESPA violations. We know about this because of a Zillow SEC filing. We will never know how many CFPB investigations have been dropped into companies that are not subject to SEC filing requirements. Nor can […]