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 […]
Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern We've blogged several times about the House Financial Service Subcommittee hearing on the constitutionality of the CFPB, at which PHH's lawyer Ted Olson, among others, testified. Now that I have listened to the hearing, I have a few reactions. Personally, I found the questioning by the Democratic members disappointing. For the most part, […]
Brian posted yesterday about the House hearing. For those who don't want to listen to the recording, you can find reports in the St. Louis Post-Dispatch (Rep. Ann Wagner takes aim at consumer protection chief), Housing Wire (Tensions escalate at House hearing on constitutionality of the CFPB), Money (This Lawmaker Just Gave the Perfect Defense […]
The book is Meltdown: The Financial Crisis, Consumer Protection, and the Road Forward (Praeger 2017), by research economist Larry Kirsch and sociologist Greg Squires (George Washington University Sociology Department). Here's an abstract: Meltdown is the first book length account of the CFPB from its inception through 2015. With a foreword based on an interview with […]
by Jeff Sovern I originally had a different title for this post in mind, but I didn't have the discipline to resist the one above. Not that anyone should have any doubts, but the CFPB director is not the executive the article refers to. Anyway, the House Financial Services Committee is having a hearing titled […]
by Jeff Sovern The Department of Justice has now filed its brief in PHH, arguing that the CFPB as created by the Dodd-Frank Act was unconstitutional because the statute did not give the president the power to fire the Bureau's director without cause, and that the appropriate remedy is the one selected by the original […]
Here. Excerpt: A government brief in opposition to the CFPB [in the PHH case] likely would have significant weight at the D.C. Circuit, and would boost the odds that the Justice Department might block CFPB efforts to push the case to the U.S. Supreme Court later on. * * * “In the longer term, an […]
So says Lisa Servon in her op-ed, Save the federal consumer watchdog: The CFPB protects us all.
Brad Wolverton's article, Your Wallet Will Suffer If This Agency Is Gutted, is an excellent roundup of the Bureau's accomplishments that cuts across a variety of areas, including student loans, credit cards, debt collection, mortgages, payday loans, credit reporting agencies, auto lending, consumer complaints, military protections, and arbitration. Excerpt: Collectively, for every $1 in federal spending on […]
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 […]