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.
Category Archives: Consumer Financial Protection Bureau
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 […]
by Jeff Sovern According to a CNBC story, Trump wants to sack consumer protection chief but is afraid of turning him into hero for the left, during the signing of the resolution to rescind the CFPB arbitration rule, a session that, as far as I know, was attended only by representatives of the financial services industry, members […]
Here. The report is based on a statement by an unidentified White House aide. The signing is to take place tomorrow.
by Jeff Sovern Allison blogged earlier about CFPB Director Cordray's letter to the president urging him to allow the CFPB arbitration rule to go into effect. While it would be wonderful if the president did so, there are many reasons to think he won't. Among these: as regular readers will know, Vice President Pence broke […]
Here, in The Conversation. Excerpt: The House of Representatives has passed a bill that would cripple the CFPB by, for example, taking away the power it used to fine Wells Fargo for opening illegal accounts and concealing its complaint database from public view. In other words, it would force the bureau to sit idly by as financial institutions lie to […]