We received the following: HOUSTON – Multiple directly impacted people and groups have asked for permission in federal court to defend the Consumer Financial Protection Bureau’s (CFPB’s) important recent rule to remove medical debt from credit reports. The National Consumer Law Center (NCLC) is representing Texas truck driver David Deeds and District of Columbia resident […]
Category Archives: Consumer Financial Protection Bureau
The Supreme Court has described the major questions doctrine in different ways, but here is one formulation, taken from Util. Air Regul. Grp. v. EPA, 573 U.S. 302, 324 (2014): When an agency claims to discover in a long-extant statute an unheralded power to regulate ‘a significant portion of the American economy,’ [the Supreme Court] […]
This week, ~1,000 people—employees and supporters of the Consumer Financial Protection Bureau—stood in the cold at a rally to protest the attempted ransacking of the agency. In the middle of the supportive speeches, agency employees broke out into chants: “Let. Us. Work,” demanding that they be allowed to continue to protect the American public from […]
From Kyle Campbell’s report in the American Banker: “There are only two statutes that require the Fed to make Fed bank assessments and neither permit the CFPB to fund transfers,” Britt said. “So what authority, exactly, did the federal reserve have to assess the reserve banks in this manner over the last two years?” Powell […]
The report, from Politico Pro, may be behind a paywall.
Politico has a story here. As the article notes, the nomination has already drawn support from the industry.
In Slate. Excerpt: But what is most upsetting is that this is all blatantly illegal. The CFPB was created by Congress in the Dodd-Frank Act, which was passed in the immediate aftermath of the 2008 financial crisis—the worst economic crash since the Great Depression. Congress enacted the Dodd-Frank Act to carry out the mandate of […]