by Jeff Sovern We posted the first part of California-Irvine professor Leah Litman's take on the PHH case last week. Here is part two. Professor Litman offers a perspective on Humphrey's Exec, the Supreme Court case that held an independent agency–there, it was the Federal Trade Commission–was constitutional. I have wondered for some time how the […]
Category Archives: Consumer Financial Protection Bureau
Here. Excerpt: Financial firms, spurred by the Trump administration’s promises to deregulate, hope to return to offering short-term, high-interest loans after being pushed out of the sector by Obama-era rules. Two leading trade groups, the American Bankers Association and Consumer Bankers Association, recently proposed to Treasury Secretary Steven Mnuchin several steps they say would encourage […]
Here is a Reuters story to bring you up to date. And here is California-Irvine professor Leah Litman's take on the case.
One is by my co-author, Chris Peterson, in the Salt Lake Tribune. Here's an excerpt: [The Financial Choice Act] imposes the absurd requirement of an exhaustive economic study every time the agency opens a law enforcement case. The bill even creates a special exception prohibiting any law enforcement cases against payday lenders. Most astonishing, the […]
Here. Excerpt: [LA City Attorney Mike] Feuer said one of the key lessons of the Wells Fargo (WFC) scandal is the need to have a "very viable and muscular CFPB." * * * "It's true we brought the case in the first place, but our collaboration with the CFPB enabled there to be nationwide relief […]
Congress could have blocked the rule using the Congressional Review Act, but the deadline for the Senate vote appears to be tomorrow and it looks like the Senate won't get to it, and that even if it did, it might not pass. Bloomberg and American Banker have reports. Here's an excerpt from the American Banker story: […]
by Jeff Sovern It's for an arbitration symposium at Rutgers and is available for download here. I would love to hear comments! Here's the abstract: In September 2016, regulators charged Wells Fargo with opening millions of unauthorized accounts on behalf of its customers. When some of those customers filed class actions against Wells, the bank initially […]
The HIll report is here. Excerpt: The CHOICE Act also places major restraints on the Consumer Financial Protection Bureau (CFPB), an agency created by Dodd-Frank that the GOP has long called unaccountable, abusive and redundant. The bill renames the CFPB the Consumer Law Enforcement Agency and reduces its power to enforce pre-existing consumer protection laws. […]