by Jeff Sovern Here. Excerpt: Faced with a choice between helping their constituents or helping themselves to a campaign donation haul, House Republicans are siding with deep pockets. All but one of the House’s 234 Republicans voted last month to gut a powerful agency — the Consumer Financial Protection Bureau — that banks, credit card issuers, debt collectors […]
Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern Next stop should be the full committee, then the House floor.
by Jeff Sovern We posted yesterday about the House Appropriations Bill. I haven't studied the bill, but on a quick look, it contains a number of objectionable provisions from the Financial Choice Act (already passed by the House), including repeal of the CFPB's power to regulate arbitration and payday lenders and to block conduct on […]
by Jeff Sovern From The Hill. Excerpt: A spending bill released Wednesday by the House Appropriations Committee includes major restraints for financial regulatory agencies. * * * Including the provisions in the spending bill, which is must-pass legislation, increases the odds they could become law. The measure places the Federal Deposit Insurance Corporation, Consumer Financial […]
by Jeff Sovern Here. Using reconciliation would make the bill filibuster-proof, but would require the Republicans to lose no more than two of their number, assuming no Democrats voted in favor of the bill.
by Jeff Sovern Some congressional Republicans have said that the CFPB was asleep at the switch when it came to the Wells Fargo unauthorized account scandal, and that it just piggy-backed on the LA City Attorney, which was the first governmental office to bring a case against Wells for the accounts. But now the LA […]
Here, in the Consumer Finance Monitor. Alan also notes that the rule can be blocked by congressional invocation of the Congressional Review Act, litigation, or, if Cordray does indeed step down, by a new Trump-appointed director.
The headline reads Trump to Cordray: You’re Not Fired. It argues that the Treasury Report has made a strong case for firing the CFPB director.