by Jeff Sovern The CFPB has announced the new members of its Consumer Advisory Board: the new board has fewer members than the old one–meaning fewer viewpoints are represented–and the members will serve for shorter terms, making it harder for them to accumulate relevant experience with board service. I wonder if this is just an […]
Category Archives: Consumer Financial Protection Bureau
Reuters is reporting that the CFPB and Santander have reached a settlement regarding allegations that the auto finance lender misled borrowers about the cost of auto loans and related GAP insurance policies. According to the story, Santander has “agreed to pay a fine and strengthen its consumer protections,” but the size of the fine is […]
by Jeff Sovern NPR has a report, including Seth Frotman's resignation letter, here. The letter deserves to be read.
Rory Van Loo of BU has written Technology Regulation by Default: Platforms, Privacy, and the CFPB. Here's the abstract: In the absence of a technology-focused regulator, diverse administrative agencies have been forced to develop regulatory models for governing their sphere of the data economy. These largely uncoordinated efforts offer a laboratory of regulatory experimentation on governance architecture. […]
by Jeff Sovern Here is a report by Kate Berry in the American Banker (behind paywall). A vote for her would be a vote for someone without experience in or any demonstrated knowledge of consumer law and for someone who professes to value transparency but who was not transparent during her confirmation hearings. UPDATE: Evan Weinberger […]
by Jeff Sovern David Dayen has coined the phrase, the "Mulvaney Discount," to describe the tendency of CFPB Acting Director Mick Mulvaney to settle cases for less than the original amount. As Dayen and others have pointed out, Mulvaney's CFPB has been announcing more enforcement cases than it did in his first six months. That's […]
So Bloomberg reports (no link available). Kraninger has until July 31 to answer any questions senators submitted after the hearing, so if any such questions were submitted, and she takes the full time allotted, that won't leave much time to digest her answers. The Senate is expected to take a recess during the week of […]
by Jeff Sovern So reports Nancy Cook, in Politico. The adviser is not identified. Excerpt: Mulvaney also has received accolades for his slow dismantling of the former CFPB, a brainchild of Elizabeth Warren’s that was created by Democrats in the wake of the 2008 financial crisis and has long been a favorite target for Republicans. […]
by Jeff Sovern In her written testimony, and again in her oral testimony, Kathy Kraninger, the president's nominee to head the CFPB, promised to be transparent and accountable. But her testimony yesterday, in which she said giving her personal opinion was not appropriate, was anything but. Don't take my word for it; here's how one […]
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 […]