by Jeff Sovern The American Banker article is headlined Trump discussed Cordray's future in community bank meeting (free content). Excerpt: At one point, Trump expressed to the group that many had urged him to oust Cordray, but the president was not sure it was worth the political backlash. But Trump was apparently under the impression that […]
Category Archives: Consumer Financial Protection Bureau
A March 2017 report by the Consumer Financial Protection Bureau sets out serious problems uncovered by examinations at the Big Three consumer reporting companies (Experian, TransUnion, and Equifax) and details significant new reforms that these companies must implement to protect consumers. This article by National Consumer Law Center staff attorney Chi Chi Wu walks through […]
Here. Excerpt: Any move by the CFPB to adopt a final version of its rule would almost certainly prompt Republican lawmakers to overturn it, with a long-term chilling effect on future regulation of the clauses used by banks and other financial services providers. But if the CFPB does not put out a final rule before […]
It's titled Will Congress Remove Consumer Credit “Seat Belts”? and is in Democracy. The whole piece is worth reading if you care about the CFPB, but here's an excerpt to whet your appetite: [I]f the CFPB really were a “runaway agency,” we should expect to see banks running from it. In every law enforcement case, […]
by Jeff Sovern As an independent agency, the CFPB can issue regulations without approval from the Office of Management and Budget. But the House has now passed a bill that would require OMB to review major regulations promulgated by independent agencies, including the CFPB and the FTC (though the FTC seldom produces regulations, a topic […]
Here. Excerpt: Hensarling does already have a bill in the House, the Financial Choice Act, that’s being given long odds. “We think the chances that the bill becomes law are less than 20 percent—maybe as low as 10 percent,” Brian Gardner, Washington analyst at the investment bank Keefe, Bruyette & Woods, wrote to clients on […]
Here. Excerpt: [John] Harwood: The Wall Street Journal wrote an editorial, said your agency is lawless. Ben Sasse of Nebraska, who is an independent-minded senator, refers to you as King Richard. People say, "He's a dictator." What do you say? Cordray: First of all, I think it's completely ill-founded. There's never specifics in those kinds […]
Remember how House Financial Services Committee Chair Jeb Hensarling said last month that he wanted to change the CFPB's structure to one headed by a single director reporting to the president? Well, now the WSJ is reporting that Rep. Blaine Luetkemeyer of Missouri, chair of the House Financial Services Subcommittee on Financial Institutions and Consumer […]
by Jeff Sovern Here. Here's something they say about transferring the Bureau's authority to the FTC: Transferring all federal consumer protection authority to the Federal Trade Commission, the agency with vast regulatory experience in assessing practices affecting consumer financial services markets, would dramatically improve the federal regulatory framework for consumer financial protection. Maybe Heritage should have paid […]
In the Dallas Morning News. The headline is Texans need to tell Ted Cruz and Jeb Hensarling to keep the Consumer Financial Protection Bureau. This is an excellent op-ed and could serve as a template for use in drafting op-eds for other states. Excerpt: Thanks to the bureau, Texas-based EZCORP had to stop illegally collecting debts […]