by Jeff Sovern Last week, the House Financial Services Committee's Subcommittee on Financial Institutions and Consumer Credit held a hearing titled Legislative Proposals for a More Efficient Federal Financial Regulatory Regime: Part III on a variety of bills. One of the bills, H.R. 1264, provides that "Community financial institutions shall be exempt from all rules and regulations issued by the Bureau." […]
Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern Here. It seems unlikely that the Bureau would go to the trouble of a rulemaking only to ratify the rule. The Bureau had previously stated that it intended to amend the prepay card rule.
by jeff Sovern The American Banker has the story, in a report headlined Is CFPB’s data freeze about security or a political ploy? The article quotes Minnesota's Prentiss Cox, as saying "This is a very thinly veiled attempt to shut down fraud enforcement, which is consistent with the not-even-veiled priority agenda item of the congressional Republicans to eviscerate […]
The report comes from Allied Progress. Excerpt: Just before the holiday break, Consumer Financial Protection Bureau (CFPB) “Acting Director” Mick Mulvaney announced that several of his senior staff from the Office of Management and Budget (OMB) would be taking on leadership roles at the CFPB. That list included his chief of staff Emma Doyle. What […]
by Jeff Sovern A fitting honor for John "Andy" Spanogle, whom I have come to know as co-author of our consumer law casebook.
by Jeff Sovern The new chief of staff for the CFPB will be Kirsten Sutton Mork, a longtime aide for House Financial Services Chair Jeb Hensarling, according to Mr. Hensarling. Chief of staff is the position formerly held by Leandra English, who is locked in a battle with Mulvaney to be acting director of the Bureau. […]
by Jeff Sovern Camden R. Fine is the president and CEO of the Independent Community Bankers of America, a trade group for community bankers. The American Banker recently published his op-ed, Don’t let a credit union regulator run the CFPB, opposing the candidacy of National Credit Union Administration Chairman J. Mark McWatters to head the CFPB. Here's […]
So says Victoria Finkle in the American Banker. Other names reportedly on the list are House Financial Services Chair Jeb Hensarling, GMU professor Todd Zwyicki, and Keith Norieka, the former acting head of the OCC who threw a monkey wrench into the CFPB's doomed arbitration rule. McWatters currently helms the National Credit Union Administration, and […]
by Jeff Sovern As others, including Adam Levitin and David Lazarus have pointed out, the CFPB recently modified its description of itself at the bottom of its press releases. Here is the old version: The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, […]