by Jeff Sovern I don't often agree with J.W. Verret of George Mason, who formerly served as chief economist and counsel to Jeb Hensarling's House Financial Services Committee. But his warnings on CFPB director-nominee Kathy Kraninger deserve attention. Now he has written an op-ed for the National Review, Kathy Kraninger Is the Wrong Choice to Lead […]
Category Archives: Consumer Financial Protection Bureau
Yan Zhang of the Office of the Comptroller of the Currency (OCC) has written Assessing Fair Lending Risks Using Race/Ethnicity Proxies, 64 Management Science (January 2018). Here is the abstract: Fair lending analysis of non-mortgage credit products often involves proxying for race/ethnicity since such information is not required to be reported. Using mortgage data, this paper […]
Here. Excerpt: Kraininger’s supporters have noted that she acquired considerable managerial experience as an associate director at the Office of Management and Budget and deputy assistant secretary at the Department of Homeland Security. That may help her with management issues, but it’s hard to see how it will help her make decisions about which cases to bring […]
by Jeff Sovern According to HousingWire, the CFPB has informed Zillow that it is dropping its investigation into Zillow for RESPA violations. We know about this because of a Zillow SEC filing. We will never know how many CFPB investigations have been dropped into companies that are not subject to SEC filing requirements. Nor can […]
by Jeff Sovern AccountsRecovery.Net has a story, Mulvaney Lobbying Hard For Kraninger, Despite Saying He Wants To Stay Out of Process, which reports: Mulvaney has spoken out publicly in favor of Kraninger’s nomination and the report [in The Hill] said that Mulvaney has reached out to several Republican members of the Senate Banking Committee, which will […]
by Jeff Sovern Allison blogged earlier about Judge Preska's decision striking down the CFPB as unconstitutional and I've been wondering what it means for consumers. I hope some of our readers will offer their own thoughts in the comments, because I'm still trying to figure this out. As a formal matter, in terms of the […]
by Jeff Sovern Kate Berry in the American Banker is reporting that the nominee to run the CFPB, Kathy Kraninger "likely was deeply involved in President Trump's "zero-tolerance" immigration policy, according to former officials with the Office of Management and Budget and the Department of Homeland Security." Meanwhile, a WSJ editorial argues that Kraninger "has more […]
Is Kraninger's nomination really a ploy to extend Mulvaney's leadership of the Bureau? That's an issue discussed in Roll Call's article, Despite New CFPB Nominee, Mulvaney Could Be Around a Long Time. Excerpt: “I think there’s a strategy here that is steeped in the lore of federal appointments,” said Morrison & Foerster attorney Oliver Ireland. […]
by Jeff Sovern We received the following transcript from Canadian intelligence services of White House deliberations between two unidentified people: A: Who should we pick to run the BCFP? B: Can't Mick just stay on? A: Not past this week. B: Too bad. He's done a great job. Wait until you see the bank campaign […]
by Jeff Sovern Various outlets are reporting that it will be Kraninger. At least one conservative objects to the appointment. Here is an except from the WSJ report: “The nominee is unqualified,” said J.W. Verret, a law professor at George Mason University and former chief economist for Rep. Jeb Hensarling, (R., Texas), head of the […]