by Jeff Sovern I finally finished listening to the House Financial Service's Committee's April 5 hearing: a more than five-hour long interrogation of CFPB Director Richard Cordray. I am torn between thinking every American should listen to some of it–to see how awful some members of Congress are–and thinking no one should have to listen to […]
Category Archives: Consumer Financial Protection Bureau
Here. Quoting now: “Gary Cohn gave Richard Cordray, the head of the Consumer Financial Protection Bureau, an ultimatum over dinner a few weeks ago: Go the easy way, or go the hard way. “Cohn, President Donald Trump’s top economic adviser, had heard the rumors that Cordray wanted to run for governor in Ohio. He left […]
Here. It's the "On Money" column by Gary Rivlin. Excerpt: Three days after Donald Trump was sworn in as president, the United States government fined a couple of Citigroup subsidiaries $28.8 million for giving the runaround to tens of thousands of borrowers who were trying to avoid foreclosure on their homes. One week later, it […]
Here, from Insidearm.com. The headline is CFPB Director Cordray's Testimony Gets Off to a Heated Start
by Jeff Sovern First, Cordray. Here's what Politico's Morning Money reported: CORDRAY IS … STILL THERE – Compass Point's Isaac Boltansky and Lukas Davaz: "With a decision in the PHH case review unlikely until next year, and the path for a legislative compromise on the Bureau's governance structure becoming hazier by the day, all indications […]
by Jeff Sovern More here. One panel is on the CFPB proposed arbitration rule (I'm on that one) and consumer arbitration; another is on FAA preemption and nursing home arbitration; a third is on ADR in practice.
Here. Deepak Gupta is counsel. Here's the Introduction and Summary of the Argument: The Constitution requires public accountability for government agencies but does not prescribe how it must be achieved. It can be achieved in a variety of ways through agency design, and indeed, there is tremendous variation in agency structure. Public accountability can also […]
Here is The Hill's Report. Excerpt: Republicans on the House Financial Services Committee are eyeing April markups for Dodd-Frank legislation, meaning Democrats have just about a month to settle on a strategy to defend the CFPB. Some Democrats think working with Republicans on some changes to the CFPB could be sound policy. Several House Financial […]
by Jeff Sovern We've blogged several times about the House Financial Service Subcommittee hearing on the constitutionality of the CFPB, at which PHH's lawyer Ted Olson, among others, testified. Now that I have listened to the hearing, I have a few reactions. Personally, I found the questioning by the Democratic members disappointing. For the most part, […]