The Bureau's announcement is here. An excerpt: Today the Consumer Financial Protection Bureau (CFPB) announced it is considering proposing rules that would ban consumer financial companies from using “free pass” arbitration clauses to block consumers from suing in groups to obtain relief. Buried in many contracts for consumer financial products like credit cards and bank […]
Category Archives: Consumer Financial Protection Bureau
Despite complaints from some that Dodd-Frank has led to the closing of community banks, the Wall Street Journal reports something different here. Some excerpts: It's a favorite lament of community banks: The 2010 Dodd-Frank law is squeezing small financial firms and crimping access to credit for Main Street, all in the name of protecting the […]
The story, based on a Fed study, is here. Excerpt: New rules designed to make sure borrowers can repay their mortgages haven’t curtailed the ability to buy a home, a Federal Reserve study says. * * * The Fed study didn’t find any evidence of credit restriction as a result of the rules. For instance, […]
October 7, in Denver. More here. Will the Bureau announce proposed arbitration rules? (HT: Gregory Gauthier)
by Jeff Sovern Here. Some excerpts: First, the attacks: Ben Carson, second only to Donald Trump in Republican presidential polling, has called the Consumer Financial Protection Bureau the "ultimate example of regulatory overreach." Candidate Carly Fiorina, former chief executive of Hewlett-Packard, says the watchdog agency's investigative powers worry her "a whole lot more" than the […]
by Jeff Sovern The following is the body of an email I sent to the editor of the Consumer Financial Services Law Report (a very useful newsletter on developments in consumer finance): The August 9, 2015 issue of the Consumer Financial Services Law Report includes an advocacy piece by financial industry lawyers Alan S. Kaplinsky and […]
Talia B Gillis, a doctoral student at Harvard, has written Putting Disclosure to the Test: Toward Better Evidence-Based Policy. Here is the abstract: Financial disclosures no longer enjoy the immunity from criticism they once had. While disclosures remain the hallmark of numerous areas of regulation, there is increasing skepticism as to whether disclosures are understood […]
by Jeff Sovern Earlier this week, I posted a link to the Ballard Spahr comments, on behalf of various industry trade associations, on the CFPB Arbitration Study . Their thesis is that the Bureau Study indicates that consumers fare better in arbitration than litigation in general and class actions in particular. For example, here is […]
Just one day after a Senate Judiciary Committee hearing focusing on the constitutional challenge to the CFPB in State National Bank of Big Spring v. Lew, the D.C. Circuit has issued an opinion allowing that challenge to go forward on the merits and reversing the district court's dismissal on standing grounds. I testified in defense […]
Here. But what is Trump's position on the CFPB?