Here.
Category Archives: Consumer Financial Protection Bureau
Here's the press release (I'm afraid the formatting wasn't carried forward): Consumer Advocates Sue CFPB For Granting Financial Services Industry Illegal Influence Over Consumer Protection Policy Director Kraninger Unlawfully Formed the “Federal Consumer Financial Law Taskforce,” Stacked Group with Industry Representatives Secretive Taskforce Likely To Recommend Sweeping Rollback of Consumer Protections as Nation Grapples with […]
by Jeff Sovern As we previously noted, the CFPB's Conservative/Industry Taskforce created to make "recommendations for ways to improve and strengthen consumer financial laws and regulations" issued a request for information. Comments are due Monday, June 1. As far as I know, the deadline for commenting has not been extended, despite the fact that we […]
by Jeff Sovern Earlier this month, the CFPB issued a statement saying that during the pandemic, it would not enforce the 30-day deadlines for credit reporting agencies and furnishers to investigate reports of errors in credit reports, as long as they acted in good faith. I noted at the time that that would not appear […]
by Jeff Sovern The article is here. From being a data-driven agency, the Bureau has become a politics-driven agency. No doubt the payday industry was not hurt by spending money at a Trump hotel. The Times also reproduces the memo in question. I hope the House Financial Services Committee quickly convenes a hearing, online or […]
Here. I hope Kathy Kraninger is listening.
by Jeff Sovern . . . during the pandemic as long as they act in good faith, according to a Policy Statement. The Policy Statement shouldn't affect private enforcement of the deadlines for investigating errors in consumer reports, however.
by Jeff Sovern Earlier this year, the CFPB created a Taskforce to make "recommendations for ways to improve and strengthen consumer financial laws and regulations." The Taskforce is chaired by George Mason professor Todd Zwyicki and its other members are J. Howard Beales III, Thomas A. Durkin, William C. MacLeod, and Jean Noonan. As far […]
by Jeff Sovern The coronavirus is already having an impact on consumers and consumer protection. Some initial observations: The FTC and FDA have sent warning letters to companies reportedly making deceptive or unsupported claims about their products' ability to treat the coronanvirus. It's good that they're on the job. There have been reports of discrimination against Asians […]
by Jeff Sovern The CFPB recently proposed various disclosures to include on validation notices pertaining to time-barred debt. Before doing so, the Bureau retained ICF International to test the notices empirically; this testing found that the notices enabled many respondents to better understand certain rights as to time-barred debt. So far, so good. But the […]