by Jeff Sovern Here is the full text of the House bill: The Consumer Financial Protection Act of 2010 is hereby repealed and the provisions of law amended or repealed by such Act are restored or revived as if such Act had not been enacted. The Senate bill is here. At least it has the […]
Category Archives: Consumer Financial Protection Bureau
Our regular readers probably also check in with Credit Slips, but in case anyone doesn't, Georgetown's Adam Levitin has a pair of posts that merit attention. First, he fact-checks a recent Jeb Hensarling WSJ op-ed about the CFPB, and then he seeks comment on this question: What Would a CFPB Commission Have Done Differently?
Here (behind paywall). Excerpt: [I]f he hears an appeal from PHH v. CFPB, he will likely be sympathetic to PHH’s positions, both in terms of the unconstitutionality of the CFPB’s structure and in terms of the reach of its enforcement powers.
by Jeff Sovern As we have discussed extensively, Wells Fargo opened millions of sham accounts in its customers' names. The CFPB responded by fining Wells $100 million. But under Financial Services Chair Jeb Hensarling's proposed Financial Choice Act 2 bill, the CFPB would have been powerless to do anything about Wells's scam. That's because, according […]
by Jeff Sovern Here. Excerpt: I talked to [Jim] Purcell [of State National Bank in Big Spring] this week. He says the bureau spreads its tentacles too far. He complains that there's no appeal for the bureau's decisions, that it's too independent of Congress and the president (by design, and for obvious reasons, I might […]
by Jeff Sovern On Tuesday, as widely reported, the Senate silenced Senator Elizabeth Warren. Now House Financial Services Chair Jeb Hensarling wants to silence complaining consumers by eliminating the ability of Senator Warren's creation, the Consumer Financial Protection Bureau, to operate a consumer complaint database. The Dodd-Frank Act, in 12 U.S.C. § 5511, provides that: […]
The WSJ has a report here (behind paywall). In the next version of the Financial Choice Act, House Financial Services Chair Jeb Hensarling is also reported to be considering eliminating the Bureau's supervisory authority, power to regulate payday lending, consumer complaint database and its research and consumer education functions. The goal appears to be to […]
by Jeff Sovern Last Friday, President Trump announced an Executive Order on Core Principles for Regulating the United States Financial System. Here is the list: (a) empower Americans to make independent financial decisions and informed choices in the marketplace, save for retirement, and build individual wealth; (b) prevent taxpayer-funded bailouts; (c) foster economic growth and […]
Here. Excerpt: President Donald Trump’s pledge to dismantle the Dodd-Frank financial overhaul is colliding with the same reality as his pledge to gut Obamacare: The Republican majority in Congress can’t decide how to make it happen and Democrats are vowing to fight. * * * On the House side, there’s no agreement on a plan to […]