So says Bloomberg.
Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern It feels as if there has been a steady stream of op-eds attacking Mulvaney's decision to fire the CFPB's Consumer Advisory Board members. We've posted links here and here and I commented here. A couple more links appear below. But usually someone outside the Bureau defends Mulvaney's acts. Where are they this time […]
Here on Law360. Excerpt: Companies also benefit from the public database. The database provides important feedback to companies about concerns people have with their products and services. It also helps prevent unscrupulous competitors from undercutting legitimate companies, because all companies know that consumers might call them out for using underhanded tactics. Additionally, policymakers and others […]
Christoph Busch of the University of Osnabrück – European Legal Studies Institute has written Implementing Personalized Law: Personalized Disclosures in Consumer Law and Privacy Law, forthcoming in the University of Chicago Law Review. Here's the abstract: This Article explores how the rise of Big Data and algorithm-based regulation could fundamentally change the design and structure of disclosure mandates […]
Here, by Suffolk's Kathleen Engel and Notre Dame's Judy Fox. I wanted to post an excerpt, but there is so much in this one that is important that I didn't want to leave anything out. I urge our readers to read it in its entirety. Mulvaney's decision to disband the advisory boards and the justifications […]
by Jeff Sovern Kate Berry at the American Banker reports on Mulvaney's response to questions about why he fired the advisory board members. The headline reads Mulvaney's defense of CFPB board upheaval: I'm trying to fix leaks. The headline is puzzling, because the Consumer Advisory Board never met with Mulvaney, so it's hard to know […]
Here, by Ann Baddour, director of the Fair Financial Services Project at Texas Appleseed. Excerpt: When Mick Mulvaney and his leadership team took control of the bureau in November, we on the advisory board tried in good faith to engage with them. We have been sidelined every step of the way. The bureau canceled our scheduled meetings […]
by Jeff Sovern I have long wondered whether Wells Fargo was alone in opening unauthorized accounts or if it other banks did the same. A student reported to me that his bank–not Wells–opened an unauthorized account in his name, and I have heard isolated reports of similar behavior elsewhere. Now Kevin Wack reports in the […]
by Jeff Sovern More and more, the CFPB's acting director, Mick Mulvaney, has made clear that he is not interested in hearing from consumers or their advocates. As Allison reported earlier today, the CFPB has kicked off all the members of its advisory committees, which included industry folks as well as consumer advocates and professors. […]
by Jeff Sovern Allison blogged earlier about Kate Berry's American Banker article, CFPB signals pullback on discrimination cases. I wanted to say a bit more about this area. Depending on how you count, there are basically three ways to prove credit discrimination cases. One, that is theoretically possible, but that you virtually never see in practice, […]