by Jeff Sovern I wanted to comment on a couple of op-eds opposing the CFPB arbitration rule. One is Joseph Cioffi's piece in the American Banker, headlined CFPB arbitration rule will still pose costs to consumers. Though Cioffi (Chair of the Insolvency, Creditors’ Rights & Financial Products Practice Group at Davis & Gilbert) sees the arbitration rule as […]
Category Archives: Consumer Financial Protection Bureau
From Paul Bland in HuffPo, CFPB Rule Fight Forces Senators to Choose: Military Families or Big Banks. Excerpt: When Gary Childress of Raleigh, North Carolina learned in July 2008 that he was being deployed to Iraq as part of his Army National Guard service, one of the things he did before reporting for duty was to […]
Many have probably already seen yesterday's article in the New York Times about the Consumer Financial Protection Bureau's popularity getting in the way of Republicans' efforts to weaken it, but just in case… Relying on emails and other documents obtained in public records requests, the article describes the CFPB's strategy to shield itself from the […]
by Jeff Sovern Here. Excerpt: The Consumer Financial Protection Bureau, still under the leadership of an Obama-appointed director, is expected to scale back its new rule on small-dollar lending as it rushes to complete the regulation * * * * * * The rule is now expected to focus on short-term payday loans that are […]
Colin Hanna, President of Let Freedom Ring USA, has penned Forced arbitration: Big banks' 'Star Chamber' in the Washington Examiner. Excerpt: Elbridge Gerry was a colonial-era plutocrat who became a patriot, a signer of the Declaration of Independence and a champion of equal justice under the law. * * * One of his more famous sayings was […]
Lauren E. Willis of Loyola of Los Angeles has written Performance-Based Remedies: Ordering Firms to Eradicate Their Own Fraud, 80 Law and Contemporary Problems 7-41 (2017). Here is the abstract: In resolving cases of unfair, abusive, and deceptive acts and practices, consumer protection enforcement agencies often prospectively dictate—in great detail—the design of defendants’ marketing, websites, […]
In Law360, by Andrew Sandler and Benjamin K. Olson Here is an excerpt: It is not entirely clear whether the Dodd-Frank Act or the [Federal Vacancies Reform Act] controls in these circumstances. The one thing that is clear is that there will be real and significant differences in the operation of the CFPB depending on which […]
by Jeff Sovern Here is a report on the mortgage default rate from Housing Wire. So we have a low mortgage default rate and record highs in consumer debt, as Brian reported earlier, half a dozen years after creation of the CFPB. Yet conservatives want to eliminate or reduce the Bureau's power.
Chuck Muth has written If Congress Won’t Protect Us from Wells Fargo, then at Least Get Out of the Way. Here's an excerpt: Now, as a conservative I fully support the right of private individuals to freely and voluntarily contract with each other * * * But to require someone to sign away a CONSTITUTIONAL RIGHT […]
Here. The graph in the article is mind-boggling.