by Jeff Sovern So says an indentified financial services lobbyist, quoted in Neil Haggerty's article in The American Banker, Will Senate vote on CFPB chief come down to tiebreaker? (behind paywall but available on Lexis). Here's the relevant excerpt: A financial services lobbyist added that most Republicans likely won't vote to confirm any person nominated by […]
Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern Yesterday, Acting CFPB Director Dave Uejio posted an item to the CFPPB Blog that suggests that the Bureau may rekindle its former payday lending rule in some form. Here's the post in full: The CFPB is acutely aware of consumer harms in the small dollar lending market, and is particularly concerned with […]
by Jeff Sovern Last year we blogged about the CFPB's disappointing abusiveness policy statement. But things are different this year and the Bureau has wisely rescinded the Policy Statement, saying that it "was inconsistent with the Bureau’s duty to enforce Congress’s standard and rescinding it will better serve the CFPB’s objective to protect consumers from […]
by Jeff Sovern Yesterday, the Senate Banking Committee split, 12-12 on the vote to confirm FTC Commissioner Rohit Chopra to be the next CFPB director. According to Neil Haggerty's report in the American Banker (behind a paywall but available on Lexis), the Senate can still confirm Chopra but it will first require a motion to […]
by Jeff Sovern You should be able to listen here. The American Banker's Kate Berry has a story here, behind a paywall, unfortunately, but if you have Lexis, you can read it there. Excerpt: [Chopra's] aggressive past statements coupled with the power and high profile that comes with the CFPB job could lead to some […]
Here. Excerpt (footnotes omitted): As then-Professor Elena Kagan explained in her famous article, “Presidential Administration,” it is the overriding tendency of recent presidents to harness executive agencies’ rulemaking and other authorities and use them as extensions of their own policy and political agendas. Given the CFPB’s broad authorities, its ample funding through the Federal Reserve, […]
Charlotte Haendler and Rawley Heimer, both of Boston College's Department of Finance, have written The Financial Restitution Gap in Consumer Finance: Insights from Complaints Filed with the CFPB. Here's the abstract: Consumers seek restitution for disputed financial services by filing complaints with the Consumer Financial Protection Bureau (CFPB). We find that filings from low-socioeconomic (i.e., low-income […]
The Conference on Consumer Finance Law and the Program on Financial Regulation & Technology at George Mason University’s Scalia Law School held a webinar recently titled “New Directions for Consumer Finance Law. An Insider’s Look at the Report of the CFPB’s Taskforce.” The speakers included Taskforce members Jean Noonan, Todd Zywicki and William McLeod.
by Jeff Sovern If you are curious to learn more about FTC Commissioner and CFPB Director-Nominee Rohit Chopra, here is a video of him discussing the FTC's remedial authority a couple days before the Supreme Court heard oral argument earlier this month in AMG v. FTC. The event was hosted by Truth-in-Advertising.org (TINA.org).
President Biden has named Dave Ueijo, the chief strategy officer at the Consumer Financial Protection Bureau as the Bureau's acting director. Kate Berry's American Banker story here (may be behind paywall). Excerpt: “He’s a great interim pick and he doesn’t regard the role as simply a caretaker," said [former CFPB Director Richard] Cordray. "He knows […]