Here. Excerpt: [LA City Attorney Mike] Feuer said one of the key lessons of the Wells Fargo (WFC) scandal is the need to have a "very viable and muscular CFPB." * * * "It's true we brought the case in the first place, but our collaboration with the CFPB enabled there to be nationwide relief […]
Category Archives: Consumer Financial Protection Bureau
Congress could have blocked the rule using the Congressional Review Act, but the deadline for the Senate vote appears to be tomorrow and it looks like the Senate won't get to it, and that even if it did, it might not pass. Bloomberg and American Banker have reports. Here's an excerpt from the American Banker story: […]
by Jeff Sovern It's for an arbitration symposium at Rutgers and is available for download here. I would love to hear comments! Here's the abstract: In September 2016, regulators charged Wells Fargo with opening millions of unauthorized accounts on behalf of its customers. When some of those customers filed class actions against Wells, the bank initially […]
The HIll report is here. Excerpt: The CHOICE Act also places major restraints on the Consumer Financial Protection Bureau (CFPB), an agency created by Dodd-Frank that the GOP has long called unaccountable, abusive and redundant. The bill renames the CFPB the Consumer Law Enforcement Agency and reduces its power to enforce pre-existing consumer protection laws. […]
The report about tonight is here while the report about tomorrow is here. In either case, it's soon. Not surprisingly, in light of the makeup of the Committee, CFPB supporters' proposals are being rejected.
by Jeff Sovern Rohit Chopra senior fellow at the Consumer Federation of America and formerly student loan ombudsman at the CFPB, testified last week on the Choice Act and listed a few of student loan cases that could not have been brought under the Choice Act. Here is his list: While many know of Wells Fargo’s […]
by Jeff Sovern During hearings on the CFPB and the Choice Act, I kept hearing critics of the CFPB saying they want to increase its accountability (I haven't started listening to the markups yet, but it's probably a recurring theme there too). In fact, the CFPB is accountable. But assume it isn't for the moment. CFPB […]
The Hill reports that "Panel Democrats say they're preparing to offer dozens of amendments and plan to draw out the hearing for hours, as they make the case to protect the Obama-era financial regulation law." Meanwhile, according to CNN Money, the "bill is likely to clear the House, where Republicans hold the majority and don't need […]
by Jeff Sovern So CNNMoney reports here. The Committee will hold a hearing tomorrow; the witness list appears here. Seems pretty rushed for a 600-page bill that would make major changes in financial regulation, including changing the structure of the CFPB, eliminating its power to prohibit unfair, deceptive, and abusive practices, abrogating its power to […]