by Jeff Sovern As well-covered on this blog and elsewhere, Wells Fargo employees opened millions of sham accounts for customers, for which they have paid fines and suffered reputational damage. During the House Financial Services Committee September hearing on the Wells fiasco, some Republican committee members berated Wells Fargo's then-CEO, John Stumpf, for giving ammunition to […]
Category Archives: Consumer Financial Protection Bureau
Here. This is about the resolution we reported about on Thursday to block the CFPB's prepaid debit cards rule from going into effect. The resolution has now drawn the support of seven senators. Excerpt: A spokesman for Sen. Mike Lee said that the “CFPB’s prepaid card rule is overly broad” and would increase compliance costs. […]
Another claim without a source, but the story is here (behind a paywall).
Here. This has been up since December, but I only just saw it. It offers a perspective from an economist. An excerpt: I can see three principles that can justify consumer financial protection beyond simple contract enforcement: Duping people is fraud even if they wouldn’t have been duped had they had infinite time and infinite […]
by Jeff Sovern Who needs fiction when we have this? Information about the resolution, introduced under the Congressional Review Act, and so filibuster-proof, is here. It's sponsor is GOP Senator David Perdue of Georgia. The CFPB's press release is here. Here' s the first paragraph of the press release: The Consumer Financial Protection Bureau today took action […]
Here (behind paywall, I think). Excerpt: The White House later confirmed to Reuters that the executive order did not touch independent regulatory agencies. * * * That exclusion means that the Fed, the CFPB and other independent financial regulators, as well as the Dodd-Frank rules, are safe from the executive order for now. * * * […]
by Jeff Sovern Here. Trump criticized Dodd-Frank on the campaign trail, but as far as I know still hasn't said very much about which aspects of the statute he would change. Consequently, it remains unclear what his views of the CFPB are. While he complained about the difficulties small business have in getting loans from […]
So speculates Joseph Rubin in the American Banker here (free content). Here is the paragraph with the speculation: The Washington rumor mill has already focused on potential CFPB successors preferred by the Trump administration, such as Rep. Randy Neugebauer, R-Texas, and George Mason University professor Todd Zywicki. Both are critics of the CFPB, and would likely […]
Here, in The Hill. Beavers is director of diversity and inclusion at The Greenlining Institute. Excerpt: Some critics—not previously known as leaders on diversity or civil rights—claim that the CFPB has become “a breeding ground” for discrimination that devalues employees of color and women. As an advocate for diversity—and specifically as an advocate for communities of color—I have […]