The Consumer Financial Protection Bureau today ordered Wells Fargo Bank to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines. The bank’s illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of […]
Category Archives: Consumer Financial Protection Bureau
The Center for Responsible Lending reports: “New data from the bipartisan polling team Lake Research Partners and Chesapeake Beach Consultingi shows that voters across the political spectrum overwhelmingly support the ongoing mission of the Consumer Financial Protection Bureau (CFPB) to regulate the financial industry and protect consumers. The new findings are consistent with over 10 […]
Here. Behind a paywall, but also available on Lexis. Excerpt: * * *The Fifth Circuit is claiming the CFPB wields broader regulatory authority than the Fed, a full-fledged bank regulator that engages in rulemaking and enforcement, operates the payment systems that are the backbone of the economy, and regulates monetary policy and employment. This is […]
by Jeff Sovern Here, in the NY Daily News. My latest op-ed. Excerpt: You might not expect that in the year 2022, businesses would go to court asserting a right to discriminate. Yet that is essentially what the Chamber of Commerce and various banking groups did last month when they sued the Consumer Financial Protection Bureau. The […]
That's the takeaway from Evan Weinberger's Bloomberg Law report, CFPB Funding Decision Is Grist for Agency Enforcement Fights. Excerpt: At least two companies targeted in CFPB enforcement actions have already pointed to the ruling to ask other courts to dismiss the actions on constitutional grounds. Others will wield the US Court of Appeals for the Fifth […]
Here. Definitely worth a read.
by Jeff Sovern As we have previously discussed, the CFPB takes the position when supervising banks that discrimination is unfair within the meaning of the Consumer Financial Protection Act. As reported by Bloomberg's Evan Weinberger, the Chamber of Commerce, the American Bankers Association, the Consumer Bankers Association, and others have now sued the CFPB in […]
by Jeff Sovern As you may know, the US Chamber of Commerce has been running commercials attacking the CFPB and its director, Rohit Chopra. If you are going to read further, I suggest you first click on the link to watch the commercial. And now, some comments: The title of the commercial is "The CFPB […]
Matthew A. Bruckner of Howard and CJ Ryan of Louisville and the American Bar Foundation have written The Magic of Fintech? Insights for a Regulatory Agenda from Analyzing Student Loan Complaints Filed with the CFPB, Dickinson Law Review, Forthcoming 2022. Here’s the abstract: This paper looks at consumer complaints about student loan lenders and servicers […]
by Jeff Sovern Three House Republicans have accused CFPB director Rohit Chopra of “colluding with states” and “conspiring with state agencies.” And yet, the Trump-nominated CFPB director Kathy Kraninger collaborated with state attorneys general, as for example, in the Bureau’s settlement with Nationstar Mortgage. I wonder if the legislators complained about Kraninger colluding with states.