The report about tonight is here while the report about tomorrow is here. In either case, it's soon. Not surprisingly, in light of the makeup of the Committee, CFPB supporters' proposals are being rejected.
Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern Rohit Chopra senior fellow at the Consumer Federation of America and formerly student loan ombudsman at the CFPB, testified last week on the Choice Act and listed a few of student loan cases that could not have been brought under the Choice Act. Here is his list: While many know of Wells Fargo’s […]
by Jeff Sovern During hearings on the CFPB and the Choice Act, I kept hearing critics of the CFPB saying they want to increase its accountability (I haven't started listening to the markups yet, but it's probably a recurring theme there too). In fact, the CFPB is accountable. But assume it isn't for the moment. CFPB […]
The Hill reports that "Panel Democrats say they're preparing to offer dozens of amendments and plan to draw out the hearing for hours, as they make the case to protect the Obama-era financial regulation law." Meanwhile, according to CNN Money, the "bill is likely to clear the House, where Republicans hold the majority and don't need […]
by Jeff Sovern So CNNMoney reports here. The Committee will hold a hearing tomorrow; the witness list appears here. Seems pretty rushed for a 600-page bill that would make major changes in financial regulation, including changing the structure of the CFPB, eliminating its power to prohibit unfair, deceptive, and abusive practices, abrogating its power to […]
Nathan Cortez of SMU has written Regulation by Database, University of Colorado Law Review, Vol. 89, 2017. Here is the abstract: The federal government currently publishes 195,245 searchable databases online, a number of which include information about private parties that is negative or unflattering in some way. Federal agencies increasingly publish adverse data not just […]
by Jeff Sovern Here. As previously reported on the blog, it would eliminate the CFPB's power to stop unfair, deceptive, or abusive practices (section 736)–that is, the power the Bureau used to stop Wells Fargo from opening sham accounts–and to regulate arbitration (section 738)–that is, the section that would give the CFPB the power to […]
by Jeff Sovern Earlier, Allison posted a link to an op-ed opposing rescission of the CFPB's prepaid card rule. For readers who would like to hear what opponents of the prepaid card rule argue, here is an op-ed in The Hill by Andrew Langer of the Institute for Liberty (I wonder who provides their funding). […]
Here. Excerpt: The CHOICE Act also rejects the painful lessons about toxic financial products from the financial crisis and Great Recession in which 10 million families lost their homes and Americans collectively lost $19 trillion in wealth. Instead of continuing post-crisis reforms that have ensured the availability of safe and affordable financial products, it would […]