by Jeff Sovern First, in case anyone who reads this blog doesn't already know, yesterday, CFPB Director Richard Cordray appointed CFPB chief of staff, Leandra English, to become CFPB deputy director. Section 1011(b)(5)(B) of the Dodd-Frank Act provides that the deputy director shall "serve as acting Director in the absence or unavailability of the Director." Mr. Cordray then […]
Category Archives: Consumer Financial Protection Bureau
From Ben White's Morning Money Newsletter, here's the report on Buckley & Strange: POLITICO’s Lorraine Woellert: “There’s no shortage of wannabes to fill Richard Cordray’s soon-to-be-vacant post at the CFPB. The latest names to circulate are Jerry Buckley of Buckley Sandler, an industry go-to for consumer finance law, and Alabama’s Luther Strange, the Senate short-timer […]
by Jeff Sovern Adam's piece is here while Dayen's is titled THERE’S A HITCH IN TRUMP’S PLAN TO STICK MICK MULVANEY ON THE CFPB: IT’S ILLEGAL. Adam's argument is based on the legislative history and makes a lot of sense, though I suppose a strict textualist would not be persuaded by the use of legislative history. But […]
From Kate Berry at American Banker. Hint: it will be better for banks than consumers.
There is too much valuable material in this one, by Gary Rivlin and Susan Antilla, to post excerpts. It should be read in its entirety.
Christopher Lewis Peterson of Utah has written Choosing Corporations Over Consumers: The Financial Choice Act of 2017 and the CFPB Consumer Finance Law Quarterly Report (forthcoming). Here is the abstract: The Consumer Financial Protection Bureau (CFPB) is the U.S. Government’s primary regulator and civil law enforcement agency governing consumer lending, payment systems, debt collection, and other […]
by Jeff Sovern Several names have surfaced. Both the NY Times and the Wall Street Journal have mentioned the possibility of George Mason Law professor Todd Zywicki. The American Banker has a slide show of potential directors here (free content). I fear the nominee will be someone who believes that consumer protection largely consists of […]
So reports Evan Weinberger at Law360.com.
by Jeff Sovern Some arbitration clauses permit consumers to opt out of arbitration and class action waivers provided the consumer acts within a stated period. For example, Asana provides in § 13.8 of its Terms of Service for a 30-day opt-out. Those wishing to opt out are instructed to send "written notice of your decision to opt […]
The story is in the American Banker. The theory is that by refusing to rule out a run for the governorship of Ohio, Cordray led Trump to believe that he could avoid the political heat he would take by firing Cordray because Cordray would quit anyway. Indeed, firing Cordray might even make him a political […]