The report is titled THE CONSUMER FINANCIAL PROTECTION BUREAU IN PERSPECTIVE. Quoting now from the findings listed in the Executive Summary: Before the Consumer Bureau was created, financial regulators prioritized the profits of Wall Street firms at the expense of consumers’ financial well-being on Main Street. Previously, Federal prudential regulators were tasked with dual, and […]
Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern The Chamber's letter to House members is here. Here is the relevant text (bolding in original): The U.S. Chamber of Commerce ("Chamber") urges you to support H.J. Res. 111, which would undo a rule left over by the Obama Administration and recently finalized by an out of control Consumer Financial Protection Bureau […]
Here. Excerpt: Focusing, for example, on cases involving unlawful check bouncing charges, the bureau [study] found that class actions brought on this issue alone allowed millions of financial consumers to recover nearly $1 billion of damages as well as important non-monetary relief, all of which deters future legal violations. By contrast, the bureau learned that […]
by Jeff Sovern Here. The article points out that one Republican member of the Senate Banking Committee, John Kennedy of Louisiana, did not agree to cosponsor the Senate CRA resolution to rescind the CFPB rule (he was said to be reviewing the resolution); that Senator McCain's unfortunate health issues may prevent him from voting on […]
Here. Excerpt: [T]he two main sponsors — Rep. Jeb Hensarling (TX) and Sen. Mike Crapo (ID) — received a total of $6 million in campaign contributions from the financial sector in 2016, with $1.9 million going to Hensarling’s campaign and $4.1 million going to Crapo. * * * Sen. Pat Toomey (PA) received a total […]
by Jeff Sovern Yesterday, the Senate Banking Committee released a press release that said in part: Today, U.S. Senate Committee on Banking, Housing and Urban Affairs Chairman Mike Crapo (R-Idaho) and Republican colleagues will file a Congressional Review Act (CRA) Joint Resolution of Disapproval in the Senate against the Consumer Financial Protection Bureau’s (CFPB) arbitration […]
Dean Clancy in US News has written The GOP's Foolish Decision. Excerpt: The U.S. Chamber of Commerce urged Congress to kill not only [the arbitration] regulation, but every CFPB rule, on grounds the agency is unconstitutional and therefore all of its actions are invalid. The GOP would be terribly foolish to go down this road, […]
Here, for example, is a press release from the Senate Banking Committee. And here is one from the House Financial Services Committee
Here, in The Intercept. Excerpt: Trump has sent out his lead attack dog to overturn the arbitration rule — a former bank lawyer who has used the very tactic the CFPB wants to prevent. [Dayen describes how Wells Fargo attempted to use arbitration to deflect a class action in Gutierrez v. Wells Fargo.] * * * […]
Here. It will appear in 12 CFR 1040. The rule formally takes effect September 18, 2017, and covered entities have until March 19, 2018 to comply.