Here. Excerpt (footnotes omitted): As then-Professor Elena Kagan explained in her famous article, “Presidential Administration,” it is the overriding tendency of recent presidents to harness executive agencies’ rulemaking and other authorities and use them as extensions of their own policy and political agendas. Given the CFPB’s broad authorities, its ample funding through the Federal Reserve, […]
Category Archives: Consumer Financial Protection Bureau
Charlotte Haendler and Rawley Heimer, both of Boston College's Department of Finance, have written The Financial Restitution Gap in Consumer Finance: Insights from Complaints Filed with the CFPB. Here's the abstract: Consumers seek restitution for disputed financial services by filing complaints with the Consumer Financial Protection Bureau (CFPB). We find that filings from low-socioeconomic (i.e., low-income […]
The Conference on Consumer Finance Law and the Program on Financial Regulation & Technology at George Mason University’s Scalia Law School held a webinar recently titled “New Directions for Consumer Finance Law. An Insider’s Look at the Report of the CFPB’s Taskforce.” The speakers included Taskforce members Jean Noonan, Todd Zywicki and William McLeod.
by Jeff Sovern If you are curious to learn more about FTC Commissioner and CFPB Director-Nominee Rohit Chopra, here is a video of him discussing the FTC's remedial authority a couple days before the Supreme Court heard oral argument earlier this month in AMG v. FTC. The event was hosted by Truth-in-Advertising.org (TINA.org).
President Biden has named Dave Ueijo, the chief strategy officer at the Consumer Financial Protection Bureau as the Bureau's acting director. Kate Berry's American Banker story here (may be behind paywall). Excerpt: “He’s a great interim pick and he doesn’t regard the role as simply a caretaker," said [former CFPB Director Richard] Cordray. "He knows […]
Here. I think it's not behind a paywall.
by Jeff Sovern The American Banker's Kate Berry has the report here. Meanwhile, CQ Roll Call's Steven Harass reports that House Financial Services ranking member Patrick McHenry is critical of the selection of Rohit Chopra as the new CFPB Director, saying "the selection will foster a culture of “overregulation” at the agency." The article continues: […]
Here. Excerpt: Chopra is expected to be installed as the CFPB’s acting director while he waits for a quick Senate confirmation, experts said. Because Chopra is currently a commissioner at the Federal Trade Commission and therefore is already Senate-confirmed, Biden can install him as the acting director * * * “He is already Senate-confirmed so […]
by Jeff Sovern Report here (may be behind a paywall). FTC bio here. My first reaction is that he's an excellent choice. UPDATE: Blog co-founder and prominent Supreme Court consumer advocate Deepak Gupta on the choice: "This is a home run. There's nobody better than Rohit to take the helm of the CFPB at this […]
by Jeff Sovern The report is here. I played hooky from the AALS Financial Serices & Consumer Financial Services program to listen to the Bureau's simultaneous event to release the report (don't tell Rory Van Loo). I haven't read the voluminous report but some comments on the remarks at the event: I learned that when […]