by Jeff Sovern Remember how Republicans complained how the CFPB was an unaccountable agency because its director could be fired only for cause? And then the Supreme Court ruled in Seila Law that the "for cause" removal limit was unconstitutional so that the president could fire the director without a showing of cause? You might […]
Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern The CFPB has lately been up in arms over credit card late fees. Late fees and many other fees are troubling because it is likely that consumers don't think about them when choosing their credit cards. Classical economics presupposes that consumers will make optimal decisions if they know what prices they will […]
Here. Dayen paints Chopra as someone who finds ways to get positive things done through hard work and imaginative use of agency powers. How does the industry react to this? Here is one paragraph: Financial firms didn’t want to see anyone rousing the machinery of the federal government, and they groused about Chopra to anyone and everyone. […]
The effort was led by Berkeley's Center for Consumer Law and Economic Justice and resulted in production of a series of short memoranda available here. Topics covered include discrimination, arbitration, income share agreements, BNPL, substitution effects of regulation, disclosures, overdraft protections, and more.
Dear Rohit: Congratulations on your confirmation to serve as Director of the Consumer Financial Protection Bureau! You are an excellent choice for many reasons, not least because you bring to the CFPB helm the experience of having served as an FTC Commissioner as well as having been at the CFPB in its earliest days. Much […]
Here. Excerpt: Cryptocurrency startup Solidus Labs has hired the former director of the U.S. Consumer Financial Protection Bureau (CFPB) as its top regulatory official, she told Reuters. * * * Founded in 2017 by former Goldman Sachs employees, New York-based Solidus Labs provides cryptocurrency trading surveillance and risk monitoring tools. Its backers include private equity […]
Here (behind paywall but available on Lexis), by Kate Berry. The headline has the summary: "Harsher rules, more enforcement." Excerpt: "The CFPB has been extraordinarily active under acting Director Dave Uejio, who is not acting like a typical acting director," said Jeff Naimon, a partner at the Buckley law firm. "He knows how things work and how […]
Here (may be behind paywall). As we reported earlier, the Senate confirmed Professor Khan to be an FTC commissioner earlier today. Now that the FTC will have two democratic commissioners, besides Rohit Chopra, the expectation is that the Senate will proceed to vote on Chopra's confirmation to be the CFPB director.
Here, in an article by Kate Berry. The article is behind a paywall but should soon be available on Lexis if it isn't already.
by Jeff Sovern I have a suggestion for the CFPB relating to arbitration. Many readers will know this background, but for those who don't: in 2010, Congress enacted the Dodd-Frank Act, which in section 1028 directed the Consumer Financial Protection Bureau to study arbitration. The statute also authorized the Bureau to regulate consumer financial arbitration […]