Here (behind paywall). The article consists mostly of quotes and statistics. Some excerpts (for some reason, I couldn't get the paragraph breaks to work correctly): * * * Republican lawmakers continue to gun for the CFPB. More than 50 bills pending in Congress have sought to defund, change or somehow restrict the agency. * * […]
Category Archives: Consumer Financial Protection Bureau
The full platform is here. Here are excerpts on consumer protection issues: The Republican vision for American banking calls for establishing transparent, efficient markets where consumers can obtain loans they need at reasonable rates based on market conditions. Unfortunately, in response to the financial institutions crisis of 2008-2009, the Democratic-controlled Congress enacted the Wall Street […]
by Jeff Sovern As we have previously noted, the CFPB has scheduled a July 28 debt collection field hearing, and could announce the beginning of the SBREFA process, leading to a rule-making, that day. NCLC's April Kuehnhoff speculates that the Bureau will also release the results of its debt collection studies then. The Bureau's arbitration study […]
Here. The Bureau is likely to announce the Small Business Regulatory Fairness Enforcement Act (SBREFA) proceeding that day, which will entail giving some information about what its proposed debt collection rules are likely to look like.
The story is headlined Pence VP Pick Could Shape Trump's Banking Policy (free content). Here is what the article says about Pence's view of the CFPB: When the Consumer Financial Protection Bureau was just a legislative proposal, Pence objected to giving a new agency so much power; he would likely support efforts to reform the structure […]
by Jeff Sovern Yesterday the House passed the financial services appropriations bill. Here is how the Appropriations Committee describes the bill's provisions pertaining to the CFPB: The bill includes a provision to increase oversight over the CFPB by bringing funding for the agency under the annual congressional appropriations process, instead of direct funding from the […]
Here. He also said that the final arbitration and payday lending rules will come out in the next year or so.
Here. Excerpt: * * * Affected businesses are likely to sue (in court, ironically) to try to block [the CFPB arbitration proposal]. In a move that conjures up the famous scene from “Blazing Saddles” in which Cleavon Little takes himself hostage, the financial industry has threatened to abandon consumer arbitration altogether if the regulation takes […]