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Category Archives: Consumer Financial Protection Bureau
Here. Excerpt: "We expect to be cutting a lot out of Dodd-Frank," [President Trump] told a group of bankers and other corporate executives [on Friday, when signing an Executive Order pertaining to Dodd-Frank], "because, frankly, I have so many people, friends of mine that have nice businesses that can't borrow money. They just can't get […]
Here. Excerpt (but the whole piece is worth reading): Young servicemembers are often easy targets for financial firms marketing loans with ultra-high interest rates. Tens of thousands of servicemembers have benefited from the CFPB’s actions. The agency worked with state attorneys general to secure debt relief for 17,000 servicemembers tricked into taking out high-cost loans for computers, video […]
Here. Excerpts: “There has been talk of getting rid of Cordray, but I think they're trying to figure out what they can do and what [Trump] will actually go along with,” said a person close to the administration. Lawyers who say they’re providing guidance to the White House declined to comment for the record or […]
Here (behind paywall). House Financial Services Committee Chair's Financial Choice Act, passed last fall by the committee, is expected to be introduced again in a revised version as soon as this week. While Senate Democrats can usually block legislation by using the filibuster, as long as they hold together, the WSJ reports that some aspects of […]
by Jeff Sovern As well-covered on this blog and elsewhere, Wells Fargo employees opened millions of sham accounts for customers, for which they have paid fines and suffered reputational damage. During the House Financial Services Committee September hearing on the Wells fiasco, some Republican committee members berated Wells Fargo's then-CEO, John Stumpf, for giving ammunition to […]
Here. This is about the resolution we reported about on Thursday to block the CFPB's prepaid debit cards rule from going into effect. The resolution has now drawn the support of seven senators. Excerpt: A spokesman for Sen. Mike Lee said that the “CFPB’s prepaid card rule is overly broad” and would increase compliance costs. […]
Another claim without a source, but the story is here (behind a paywall).
Here. This has been up since December, but I only just saw it. It offers a perspective from an economist. An excerpt: I can see three principles that can justify consumer financial protection beyond simple contract enforcement: Duping people is fraud even if they wouldn’t have been duped had they had infinite time and infinite […]