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 […]
Category Archives: Consumer Financial Protection Bureau
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 […]
Here (behind paywall). House Financial Services Committee Chair Jeb Hensarling says the Financial Choice Act will be reintroduced in the "weeks to come" (which is already later than some earlier statements had it); the Senate Banking Committee still has presidential nominations to consider; both Houses face deadlines on some matters, such as the expiration of […]
Here. Excerpt: In the wake of the recent election, the mind-boggling possibility of a return to the pre-crisis world of 2008 is now a real threat. That is precisely what would happen if Congress and the incoming Administration forget why the Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted and what the Consumer […]
Here (behind paywall). Excerpt: "* * * Director Cordray has been reluctant to issue a final arbitration rule, is because I think he realizes that there is a very high likelihood of it being overridden," said Alan Kaplinsky, a partner at the law firm Ballard Spahr. * * * It's also not a guarantee that […]
by Jeff Sovern At Real Clear Politics, by George Masonites Hester Pierce and Vera Soliman. The arguments (with my editorializing on some points) are that the Bureau's payday lending rule would put some such lenders out of business (would those be the lenders that ensnare consumers in a never-ending debt trap?), that the Bureau collects […]
by Jeff Sovern In the Dallas Morning News. Here are some more quotes from the article: Hensarling bemoaned that the bureau gets to be a "cop on a beat, a judge and its own Congress." * * * He said the bureau has led to higher bank fees, fewer banking options and more difficulty in […]
Here. Excerpt: I asked [the] office [of Rep. John Ratcliffe, who has proposed to abolish the CFPB] to elaborate [on his claim that the CFPB hurts consumers]. I received a statement from Ratcliffe citing the group’s “qualified mortgage rule,” which he said “has made it harder for young people and retirees on fixed incomes to be […]
Here (behind paywall). The article reports on an email from an unidentified Trump spokesperson. Excerpt: “The President believes that the initial decision made by the three judge panel of the DC circuit was correct,” the spokesperson said in an emailed statement. “The structure of the CFPB makes it unaccountable to the American people.” The statement […]