Here. Excerpt: The CHOICE Act also rejects the painful lessons about toxic financial products from the financial crisis and Great Recession in which 10 million families lost their homes and Americans collectively lost $19 trillion in wealth. Instead of continuing post-crisis reforms that have ensured the availability of safe and affordable financial products, it would […]
Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern I finally finished listening to the House Financial Service's Committee's April 5 hearing: a more than five-hour long interrogation of CFPB Director Richard Cordray. I am torn between thinking every American should listen to some of it–to see how awful some members of Congress are–and thinking no one should have to listen to […]
Here. Quoting now: “Gary Cohn gave Richard Cordray, the head of the Consumer Financial Protection Bureau, an ultimatum over dinner a few weeks ago: Go the easy way, or go the hard way. “Cohn, President Donald Trump’s top economic adviser, had heard the rumors that Cordray wanted to run for governor in Ohio. He left […]
Here. It's the "On Money" column by Gary Rivlin. Excerpt: Three days after Donald Trump was sworn in as president, the United States government fined a couple of Citigroup subsidiaries $28.8 million for giving the runaround to tens of thousands of borrowers who were trying to avoid foreclosure on their homes. One week later, it […]
Here, from Insidearm.com. The headline is CFPB Director Cordray's Testimony Gets Off to a Heated Start
by Jeff Sovern First, Cordray. Here's what Politico's Morning Money reported: CORDRAY IS … STILL THERE – Compass Point's Isaac Boltansky and Lukas Davaz: "With a decision in the PHH case review unlikely until next year, and the path for a legislative compromise on the Bureau's governance structure becoming hazier by the day, all indications […]
by Jeff Sovern More here. One panel is on the CFPB proposed arbitration rule (I'm on that one) and consumer arbitration; another is on FAA preemption and nursing home arbitration; a third is on ADR in practice.
Here. Deepak Gupta is counsel. Here's the Introduction and Summary of the Argument: The Constitution requires public accountability for government agencies but does not prescribe how it must be achieved. It can be achieved in a variety of ways through agency design, and indeed, there is tremendous variation in agency structure. Public accountability can also […]
Here is The Hill's Report. Excerpt: Republicans on the House Financial Services Committee are eyeing April markups for Dodd-Frank legislation, meaning Democrats have just about a month to settle on a strategy to defend the CFPB. Some Democrats think working with Republicans on some changes to the CFPB could be sound policy. Several House Financial […]