by Jeff Sovern Yesterday I posted about Senator Elizabeth Warren's takedown of Leonard Chanin, formerly of the Fed and the CFPB, now of MoFo, at a Senate Banking Committee hearing. I have since finished listening to the hearing and wanted to say a few more things. First, at the conclusion of the hearing. the Committee's chair, Republican […]
Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern On April 5, the Senate Banking Committee held a hearing titled Assessing the Effects of Consumer Finance Regulations. I've been listening to the hearing, which has three witnesses–selected by the GOP majority–who spent much of their time attacking the CFPB, and one witness- chosen by the Democratic minority– who supported the CFPB. […]
by Jeff Sovern The Hill has the story with the headline House panel passes bills to ramp up CFPB oversight. For more on why "oversight" will hurt consumers, see here and here.
Here (free content). Makes for interesting reading. An excerpt: Time and again, lawmakers effectively stepped on their own lines, asking Cordray important questions and never bothering to let him respond. They allowed theatrics to trump (pun intended) substance, using their time to berate the CFPB chief instead of engaging in a productive discussion. Generally, the […]
House Financial Services Chair Jeb Hensarling gave a speech today to the American Bankers Association Frank Act. During the speech, he said the following about the CFPB: [T]hey’re certainly not helped when Obama’s Financial Control Law [his name for the Dodd-Frank Act that created the CFPB, among other things] has killed off a benefit many, […]
In a speech February 25 at the CFPB's Consumer Advisory Board meeting, CFPB Director Richard Cordray identified nine "key areas where we hope to make substantial progress over the next two years." He also noted, however, that "these goals do not capture all of the important work we are doing." The nine goals are: First, […]
Here (behind paywall, unfortunately). Excerpt: When the CFPB may [issue its arbitration rule] is unknown. A spokesman told Bloomberg BNA that the bureau continues to gather information from stakeholders on the arbitration rulemaking. A final regulation is unlikely to take effect before late 2017 or 2018, Joe Olson, a partner and class action defense specialist with Michael […]
Not so much, according to this story in the Boston Herald. Excerpt: [Apparently [buyers are] not [using the disclosures] so much. Bill Emerson, chief executive of Quicken Loans, the country’s second highest volume mortgage lender, says his firm is seeing no surge in shopping by applicants using the Loan Estimate. “I don’t think consumers are changing […]
by Jeff Sovern Bear with me for a moment. As is well-known, Richard H. Thaler and Cass R. Sunstein,in their important book Nudge, describe how classical microeconomics assumes that all people are rational. They call such rational people "Homo Economicus" or, for short, "Econs." But, as they also describe, and as Thaler elaborates on in his […]
The late Jean Braucher of Arizona and Angela K. Littwin of Texas have written Examination as a Method of Consumer Protection, 87 Temple Law Review, 807 (2015). Here is the abstract: Lack of compliance with consumer protection law has been a crucial problem in the field for as long as such law has existed. The Consumer […]