by Jeff Sovern In a characteristically terrific post at Credit Slips, Georgetown's Adam Levitin explains the real reasons for calls to fire CFPB Director Cordray. A worthy companion to Adam's recent op-ed at American Banker (free content), What the CFPB 'Commission' Debate Is Really About. Both worth a read.
Category Archives: Consumer Financial Protection Bureau
Pamela Foohey of Indiana has written Calling on the CFPB for Help: Telling Stories and Consumer Protection, 80 Law & Contemporary Problems (Forthcoming). Here is the abstract: Since it began operating in 2011, the Consumer Financial Protection Bureau (CFPB) has handled more than a million complaints regarding consumer financial product and services. Beginning in June 2015, […]
Report here. Here's what it says: POLITICO's Lorraine Woellert: "Richard Cordray 'has no plans' to leave the top job at the CFPB, the agency said today. 'Director Cordray was confirmed by a bipartisan group of 66 senators to serve a term until July 2018 and has no plans to step down,' CFPB Communications Director Jen […]
by Jeff Sovern The FTC is a terrific agency that has done a lot of good for consumers. Every FTC staffer I've ever met has impressed me as dedicated to consumer welfare, hard-working, and talented. And yet, the FTC could do more if it weren't hamstrung by precisely the limits the financial industry and the […]
WSJ report here (behind paywall). The Caucus consists of 40 members. The article reports that they seek rollback of 200 rules, but they anticipate that the number will rise.
Here (free content). The entire article is worth a read, but here are some highlights: J.W. Verret, an associate law professor at George Mason University School of Law, listed some reasons why he thinks Cordray could be removed for cause: allegations of employee discrimination and retaliation at the CFPB, and a settlement with auto lender Ally Financial that some […]
Here. Excerpt: * * * Title X of the Dodd-Frank Act * * * gives the agency explicit authority to pursue its own litigation up to and including the Circuit Court level. But when it comes to the Supreme Court, the law says the CFPB must first file a written request to the U.S. Attorney General […]
Ten leading consumer protection organizations have one here, with blog co-coordinator Deepak Gupta as lead counsel, while current and former members of Congress, including Senator Elizabeth Warren and former Congressman Barney Frank, have another one here.
by Jeff Sovern President-Elect Trump has named former SEC Commissioner Paul Atkins his "landing team" member for the CFPB, among other federal agencies. Atkins has a history of opposing regulation and supporting business. Politico has a piece about him titled Trump team member slams unions, activists in favor of businesses. Excerpt: “While Paul is in […]
by Jeff Sovern The Journal's editorial, behind a paywall, is here. Excerpt: By all rights the [Consumer Financial Protection] bureau should be killed, and we’re told the Trump transition team is considering this and other options. The political problem is that killing the bureau would probably require 60 Senate votes, and Democrats would be able […]