Ian Ayres of Yale, together with Jeff Lingwall and Sonia Steinway, have written Skeletons in the Database: An Early Analysis of the CFPB's Consumer Complaints. Here's the abstract: Analyzing a new data set of 110,000 consumer complaints lodged with the Consumer Financial Protection Bureau, we find that (i) Bank of America, Citibank, and PNC Bank […]
Category Archives: Consumer Financial Protection Bureau
Though the confirmation of CFPB Director Cordray mutes the issue of CFPB accountabilty, it does not moot it. Those who remain interested in the issue may wish to consult Susan Block-Lieb of Fordham's paper, Accountability and the Bureau of Consumer Financial Protection, 7 Brooklyn Journal of Corporate, Financial & Commercial Law (2013). Here's the abstract: […]
by Jeff Sovern Here. According to the story, Republicans agreed to vote for Cordray because he promised to testify before (Portman's phrasing) brief (according to the CFPB spokesperson) the Appropriations Committee on the CFPB budget. Another piece of the agreement, according to Portman, is that the Bureau will implement cost-benefit analysis of CFPB regulations, though […]
by Jeff Sovern Last week, we linked to Ed Mierzwinski's post about complaints about CFPB information-gathering processes. There's more. Over at the Taking Charge blog, Fred Williams has a post on the CFPB data collection, Privacy Agencies Say Don't Worry: Consumer Bureau is No Spy. Here's an excerpt: "I am not aware of any privacy […]
The confirmation was inevitable after this morning's deal and the vote just before noon, but it's official — Richard Cordray is the Senate-confirmed Director of the Consumer Financial Protection Bureau. The Senate has voted to confirm Richard Cordray as director of the Consumer Financial Protection Bureau, as senators approved the first of a batch of […]
by Jeff Sovern As Deepak pointed out last week, a lot has been going on in debt collection, and one item is that the CFPB has issued a bulletin stating that people subject to its jurisdiction may not commit unfair, deceptive, or abusive practices in collecting debts. The Fair Debt Collection Practices Act generally does […]
Ed's excellent post is here. Those who purport to be so concerned about the privacy of bank customers should seek to amend the Gramm-Leach-Bliley privacy provisions to bar banks from selling consumer information unless their customers affirmatively opt-in to the sale of that information. But that would mean supporting consumer protection, precisely what the CFPB […]
Suddenly, there's a lot going on the in the world of debt collection regulation. On the heels of yesterday's announcement by the FTC of a huge debt-collection settlement (discussed in the post below), the CFPB is announcing today that it will use its UDAAP authority to regulate the collection practices of banks. “It doesn’t matter […]
That's the topic of a Times article, Democrats Plan Challenge to G.O.P.’s Filibuster Use. The plan seems to be to leave unchanged the filibuster rules for legislation and confirmation of judges, but limit use of the filibuster for votes on confirmation of agency appointees. Such a change would make it easier to vote on confirmation […]
by Jeff Sovern From time to time, reports appear that Senator Portman is trying to broker a compromise that would permit confirmation of Richard Cordray as CFPB director. And some, including Ballard Spahr's Alan Kaplinsky, have predicted that a compromise will be eventually be reached. I don't have any inside information–it's not as if legislators […]