The HIll is reporting that the House insists on going to conference to resolve differences between the House-passed Financial Choice Act and the Senate bill, while the Senate Democrats who supported the bill say they would oppose major changes in it. The House bill makes major changes in the CFPB.
Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern Mick Mulvaney has now led the CFPB for three and a half months and during that period, has been subject to attacks, including on our blog. Naturally, his defenders are stepping up. For example, Congressman Blaine Luetkemeyer, who chairs the House Financial Services Subcommittee on Financial Institutions and Consumer Credit and served on […]
by Jeff Sovern The CFPB protects consumers in a number of ways. Perhaps the three most important things it does are enforce the law, supervise some financial institutions, and create rules. A less important mechanism, but still important, is maintaining its complaint database. All of these seem to be coming under attack under Interim director […]
by Jeff Sovern Mr. Mulvaney has served as interim CFPB director since November 25, or three months and two days. The CFPB has yet to announce commencement of an enforcement action during that period, though it has dismissed an enforcement action. For comparison, during 2016, the Bureau brought 42 enforcement actions, meaning that if it […]
by Jeff Sovern The CFPB has posted online Interim Director Mulvaney's calendar for December and January. I can't tell how complete it is, but it has only a fraction of the number of items that former Director Cordray's calendar (also online at the same site) had for the months I randomly selected. Either Mulvaney is […]
by Jeff Sovern On Monday, I posted a link to Todd Zywicki's WSJ op-ed in which he accused Cordray's CFPB of pummeling consumers and wrote that "The pain was especially acute for low- and middle-income consumers who lost access to credit cards, faced higher bank fees and reduced access to free checking, and found it […]
by Jeff Sovern A student forwarded me the following email (I've omitted identifying information to protect the student's confidentiality): Good afternoon, Thank you for your interest in the CFPB’s Honors Attorney Program. Unfortunately we will not be extending offers for the program this year. Please keep the Bureau in mind as you plan your future […]
by Jeff Sovern George Mason's Todd Zywicki has an op-ed in the WSJ, The CFPB Could Be a Force for Good, in which he lays out his vision for what the CFPB should do and attacks what it did under Cordray. Zywicki is the only academic whose name has been bruited about as a potential Trump […]
Here, by Kate Berry (behind a paywall). The most potent weapon is, of course, the Bureau's UDAAP powers. Excerpt: [The Bureau's] vision statement unveiled as part of the new strategic plan dropped any reference to so-called UDAAP claims, suggesting that the agency will not use the Dodd-Frank authority as the same kind of blunt enforcement […]
by Jeff Sovern In a blog post Tuesday, I asked Am I the only one who thinks it's weird for a temporary and part-time CFPB director to create a five-year strategic plan? But as Barbara S. Mishkin pointed out in the Consumer Finance Monitor, the CFPB is obliged to issue a strategic plan this month by […]