Here. Excerpt: [S]upport [to overturn the rule] in the Senate is uncertain. No Democrats are likely to back the effort, and Republicans, with their slim majority, can’t afford to lose more than two GOP votes. Several Republican senators have expressed reservations about voting to overturn the regulation, worried they may be portrayed as siding with […]
Category Archives: Consumer Financial Protection Bureau
Jean R. Sternlight of the University of Nevada, Las Vegas has written Hurrah for the Consumer Financial Protection Bureau: Consumer Arbitration As a Poster Child for Regulation, 48 St. Mary's Law Journal 343 (2016). Here is the abstract: Drawing on economic, psychological and philosophical considerations, this Essay considers whether consumers should be "free" to "agree" […]
by Jeff Sovern According to Politico, President Trump first used the phrase "drain the swamp" in a speech on October 17, 2016, in which he announced an ethics plan to, in fact, drain the swamp. Here's the Washington Post's quote of what he said draining the swamp meant: First: I am going to re-institute a […]
Here. Excerpt: Big Lie No. 1: Bank lobbyists claim that people recover more in arbitration than in class actions: $32 per person in class actions versus $5,400 per person in arbitration, citing the CFPB’s study. * * * The very few people who take the time and expense to pursue an individual arbitration — only […]
Here. Excerpt: A Senate GOP aide said that supporters of the resolution do not have the votes needed to proceed on the floor, given the absence of Sen. John McCain (R-Ariz.), who has returned to Arizona to receive medical treatment for brain cancer. A July 28 statement from McCain’s office said he does not plan […]
by Jeff Sovern Results from WalletHub. Some other findings: More than half think banks and credit bureaus need more regulation while 71% think consumers need more financial protection 92% know CFPB stands for Consumer Financial Protection Bureau and 49% would turn to the CFPB if they had a serious complaint about a bank, compared to 9% […]
by Jeff Sovern Here. My favorite sentence points out that in an average year, "[a]t least 6,800,000 consumers get cash relief in class actions—compared with just 16 consumers who receive cash relief in arbitration, according to available data." Here is a longer excerpt: Opponents of the rule have suggested that the bureau’s own findings show consumers […]
by Jeff Sovern The Hill reports that Hensarling has demanded an investigation into whether Cordray violated election law. This follows the Financial Services Committee (chaired by Hensarling) staff report saying the Committee should consider holding Cordray in contempt (a story on the CFPB reply is here). And if you listen to the Committee's hearings during which […]
by Jeff Sovern Last week, Gretchen Morgenson at the Times broke the story of how hundreds of thousands of auto loan borrowers at Wells Fargo had been charged for car insurance they didn't need. Now Kate Berry at the American Banker reports on the arbitration connection: it turns out that many of the contracts provide […]
by Jeff Sovern Here. Biden's Briefing is a podcast which plays "[w]hat Joe wants you to know. Every day, Vice President Joe Biden looks to the news across the nation that's sparking conversation, sharing the articles and opinions that he's reading and might be of interest to you." For today's episode, he chose the essay […]