So reports WSJ’s Alexander Saeedy (behind paywall). Excerpt: [Chase executive Marianne] Lake is warning that new rules that would cap overdraft and late fees will make everyday banking significantly more expensive for all Americans. Lake said Chase is planning to pass on the costs of higher regulation and charge customers for a number of now-free services, including checking […]
Category Archives: Consumer Financial Protection Bureau
As I noted in yesterday’s post, Loper Bright preserves agency authority when Congress authorized the agency to exercise discretion. Loper Bright cited as an example of such a case Michigan v. EPA, in which, Loper Bright noted, Congress used a term or phrase that gives agencies flexibility, “such as ‘appropriate’ or ‘reasonable.” Now let’s look […]
Yesterday, the Supreme Court decided Loper Bright, in which it proclaimed that “Chevron is overruled.” But now we have to figure out what that means in particular contexts. One such context is federal consumer protection agency UDAAP statutes, like the FTC Act and Consumer Financial Protection Act. When those statutes give the agencies the power […]
Will consumer protection come up during the debate? My guess is not. It seems unlikely that a moderator or President Trump would raise it. I could see President Biden bringing up junk fees, as he has called for their regulation, in response to a question, though I am not expecting it. The headline issues have […]
Daniel J. Solove of George Washington Woodrow Hartzog of Boston University and the Stanford Law School Center for Internet and Society have posted on SSRN a chapter from their book, Breached! Why Data Security Law Fails and How to Improve It. The chapter is titled The Failure of Data Security Law. Here’s the abstract: In […]
The Consumer Financial Protection Bureau is ready to take on predatory lending again. After the payday lenders association delayed a rule for years with a lawsuit challenging the regulation as well as the bureau’s constitutionality – a challenge the payday loan industry recently lost before the Supreme Court – the CFPB is bringing payday protections […]
As most of you know, conservatives and the industry regularly complain about what they call the Bureau’s lack of accountability. Their previous efforts to strip away the CFPB’s independence resulted in the Seila Law decision, in which the Supreme Court ruled that the president had to be able to fire the CFPB director without cause, […]
Consumer Financial Protection Bureau Director Rohit Chopra appeared before the U.S. Senate Banking Committee Wednesday, and the U.S. House Committee on Financial Services on Thursday, to testify on the CFPB’s semi-annual report to Congress. The hearings took place a few weeks after the Supreme Court confirmed that the Bureau’s congressionally-designated funding via the Federal Reserve […]
Yesterday, the CFPB announced a proposed rule that would remove medical bills from most credit reports and add other limitations on the use of medical debt in lending. The agency’s press release is available here, and the proposed rule is available here. Comments will be open until at-least mid August.
Shortly after the Supreme Court upheld the CFPB’s constitutionality in the CFSA case, Harvard Emeritus Professor Hal Scott published an op-ed in WSJ, The CFPB’s Pyrrhic Supreme Court Victory (behind paywall) claiming that the CFPB has still another problem to deal with. Professor Scott’s essay, along with another piece posted on a Federalist Society website […]