So reports Kate Berry in an American Banker article, CFPB’s top enforcement official, Cara Petersen, resigns. Berry writes: “It has been devastating to see the Bureau’s enforcement function being dismantled through thoughtless reductions in staff, inexplicable dismissals of cases, and terminations of negotiated settlements that let wrongdoers off the hook,” Petersen wrote in an email, […]
Category Archives: Consumer Financial Protection Bureau
I hope some reporter will ask that question of someone in the Trump administration but I’m not sure who the person to ask would be. OMB Director and CFPB Interim Director Russell Vought? We have written at length about the administration’s attempts to shutter and shatter the CFPB. The FTC has certainly taken some hits, […]
So Jasper Goodman reports. The bill would leave open the possibility of the Bureau receiving funds through the normal appropriations process, or in the words of one of my kids, “yeah, right.”
At Ballard Spahr’s Consumer Finance Monitor podcast.
Here, in Bloomberg Law. Weinberger writes: That Vought is telling CFPB employees to come collect their personal belongings is a sign that he’s confident the US Court of Appeals for the District of Columbia Circuit will overturn a lower court ruling that blocked an attempt to fire nearly 1,500 members of the approximately 1,700 people who worked […]
In his Bloomberg Law article, Trump’s Eventual CFPB Pick Will Work in White House’s Shadow, Evan Weinberger reports that “Mark Calabria, an Office of Management and Budget official currently detailed to the CFPB and former director of the Federal Housing Finance Agency, and acting Comptroller of the Currency Rodney Hood” are under consideration. But Weinberger also […]
Here. Finally the NYT runs an op-ed about the CFPB! And it’s a good one. Here are the first two paragraphs: The Consumer Financial Protection Bureau is turning into the Corporate Financial Protection Bureau. President Trump’s C.F.P.B. has not only ceased to pursue its mandate; it has taken the unprecedented step of unwinding prior victories […]
Here, at Penn’s Regulatory Review. The entire piece merits reading, and is short, but here’s my favorite paragraph: The primary reason the CFPB gave for pulling the guidance documents back is its “current policy to avoid issuing guidance except where necessary and where compliance burdens would be reduced rather than increased.” In a very real sense, this […]
Here, in Law360. Judges Rao and Katsas, both Trump appointees, expressed concerns about whether the administration had taken final action, required for court review under § 704 of the APA, and what an injunction requiring the Bureau to fulfill its statutory mandate would look like. The third judge, Judge Pillard, an Obama appointee, seemed less […]
That’s the lesson from NCLC lawyer Lauren Saunders’s essay, A $1,000 Taxi? That’s What Consumer Protections Are For at OtherWords.org. Here’s a striking paragraph: I’m a consumer lawyer. I know that federal law requires the bank to investigate disputes about incorrect charges and to correct errors. I even wrote a long letter full of legalese and got my […]