The CFPB has released its annual report on activities under the Fair Debt Collection Practices Act. You can read it here. The report summarizes consumer complaint data, the Bureau's new supervision program, amicus briefs, and enforcement actions (not much to report in that category), and significant enforcement and other actions taken by the FTC, among […]
Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern Here. The piece begins: Auto dealership advocates are warning that costs will rise for borrowers if the Consumer Financial Protection Bureau presses banks to curtail auto loan markups determined by dealers. The warning followed the CFPB's bulletin this week that said banks are responsible for discrimination if their partner dealers mark up […]
by Jeff Sovern The American Banker has an interesting article titled CFPB Focuses on Consumer Choice – or Lack Thereof which discusses the speech Director Cordray gave to the Consumer Advisory Board last month (Allison blogged about it here). Excerpt from the article follow: [Cordray said] added, "When people cannot vote with their feet, their […]
Here. An excerpt: * * * Nearly 40 percent of dealers responding to a recent unscientific Automotive News survey also expressed concern that they soon will lose the arbitration option. "I think arbitration is on its last legs," said Tom Hudson, a partner in the Hudson Cook law firm in Hanover, Md., who predicts the […]
Now it goes to the floor, again, where Republicans are expected to prevent it from ever getting to a vote. The Washington Post has the story here.
For those of you in Washington: Tomorrow afternoon at Georgetown Law, I'll be at debating C. Boyden Gray on the constitutionality of the CFPB and Rich Cordray's recess appointment. Here's the announcement: The Consumer Law Society, The Federalist Society, and The Georgetown Center for the Constitution present: The Constitutional Challenge to the Consumer Financial Protection […]
So says The Hill. Of course, that doesn't mean the Republicans will allow the full Senate to vote on the nomination. As for the merits of his nomination (not that that matters to the Republicans), The Hill states: There really haven't been any questions about Cordray's ability to do the job. In fact, he's gotten […]
Here. It's a report on the Senate Banking Committee's hearing on whether he should be confirmed to head the CFPB.
Here. One concern is that fees are not described uniformly, and apparently that makes it hard to comparison shop for such cards. Excerpt: “It’s like the Wild West in terms of the different fees and policies,” said Odysseas Papadimitriou, CEO of CardHub.com. “The card issuers have a million different fees and everyone calls it something […]
by Jeff Sovern Here. An excerpt: As with the mortgage cases, the investigation focuses on the banks' poor paperwork and their weak tracking of the debts. When they sold delinquent credit card debt to the buyers, often at only a few cents on the dollar, they allegedly failed to provide them with the evidence that […]