Here. Excerpt: Thousands of angry consumers and business representatives have flooded the Consumer Financial Protection Bureau with comments on its May proposal to block companies from forcing customers to take disputes to arbitration instead of joining group lawsuits. Sentiment in the unusually high number of comment letters, more than 8,380 have already been filed though […]
Category Archives: Consumer Financial Protection Bureau
Here. Excerpt from the Issue Brief: Although opponents of financial reform often claim that it has harmed community banks, a closer and more comprehensive review of the economic evidence shows that community banks remain healthy. Critics typically point to declining numbers of community banks as evidence that new regulatory requirements are too restrictive. In reality, […]
Here. Excerpt: While ACA maintains that its 3,500 members have "long been committed to making debt collection a more consumer-friendly experience," its idea of friendly stretches credulity. While the consumer bureau has proposed that collectors limit phone attempts to reach debtors to six a week, the ACA's idea was quite different — to limit "collection call attempts to no more […]
Here (free access). Excerpt: Republican presidential nominee Donald Trump called for a temporary suspension of all new federal regulations during a speech Tuesday, but even if he wins the White House, stalling or rolling back financial rules may prove to be beyond his reach. * * * "I don't think a full-on moratorium is even […]
We received the following announcement: The Section on Financial Institutions and Consumer Financial Protection is pleased to announce a Call for Papers from which up to two presenters will be selected for our program to be held during the AALS 2017 Annual Meeting in San Francisco on Friday, January 6, 2017 at 8:30 a.m. The topic […]
by Jeff Sovern The Senate letter, signed by more than a third of the Senators, is here, and the House letter with 65 signers, is here. The letters are more than pro forma expressions of support. They are extensively footnoted (and the House letter cites the law professor letter joined by more than 200 professors). Some excerpts […]
Here. Excerpt: Even before the November election, warning lights were flashing. Jeb Hensarling, the Republican member of Congress who chairs the House financial services committee, has declared he won’t rest until he tosses post-financial crisis reforms like the Dodd-Frank Act “on to the trash heap of history”. Hensarling is also a fierce opponent of the […]
by Jeff Sovern Brian posted this morning on the CFPB's debt collection proposal. I wanted to focus just on the validation requirements. Appendix F to the Bureau's proposal speaks to the validation notice. The Proposal indicates that the Bureau has conducted and continues to conduct extensive consumer testing of validation notices. I don't know what […]
The American Banker (behind paywall) and Bloomberg report speculations.