Here. Excerpt: It will be interesting to see what Cordray attempts to accomplish between now and January 21, 2017. One thought is that he might try to focus on finalizing those rules that have already been out for public comment – payday and arbitration. With the completion of the debt collection SBREFA hearing in August, […]
Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern It looks like the Republicans have captured the presidency and both houses of Congress, but that the Democrats will retain enough Senate seats to use the filibuster to block legislation, assuming the filibuster rules don't change. Filibusters cannot be used to prevent confirmation of most presidential nominees, but can still be used […]
CBS MoneyWatch has the story here. (HT: Gregory Gauthier). Excerpt: While the arbitrator sided with Dempsey, the ruling proved to be something of a Pyrrhic victory. The decision awarded Dempsey more than $20,500 in actual and punitive damages, as well as $30,000 in attorney fees, or about one-third of Dempsey’s legal costs. Since Citibank has […]
Christopher K. Odinet and Roederick C. White Sr., both of the Southern University Law Center, have written Regulating Debt Collection, Review of Banking and Financial Law, 2017 (Forthcoming). Here is the abstract: Debt collection. It often starts as a late night call carrying threats of being thrown in prison, ruin at the workplace, and trouble […]
by Jeff Sovern Some reactions from Politico's Morning Money: TOP EMAIL from Richard Hunt, President & CEO of the Consumer Bankers Association: “Four debates and no Wall Street or bank bashing. Didn't see that coming.” * * * Cowen’s Jaret Seiberg: “Sec. Hillary Clinton and Donald Trump have now faced off in three presidential debates […]
Here. Excerpt: Throughout history, Congress has had to step in to make corporations do the right thing. That’s why we have rules about working conditions. That’s why we have a minimum wage. And that’s why the CFPB was established to help with gaps in consumer protection. It was time to do something different. It was […]
. . . from Adam Levitin at Credit Slips. I don't usually link to Credit Slips, on the theory that most of our blog readers also read that blog, but this post was too good not to link to. It will be interesting to see if this decision does indeed take the wind out of the […]
by Jeff Sovern I meant to post this a long time ago, but then I got caught up teaching an intensive class, followed by an overload and didn't get to it. Anyway, here is a comment on the CFPB's proposed arbitration rule posted by law professors teaching consumer law clinics (we had previously covered a law […]
by Jeff Sovern Here. The article reports GOP criticism of the CFPB in connection with the Wells scandal. Excerpt: “Why does it take the L.A. Times to break this story, when we’re paying federal investigators to investigate?” [House Financial Services Committee Chair Jeb] Hensarling recently told Fox Business Network. “Where was the CFPB? Why did they […]
Here is the Consumer Reports story. Excerpt: If a bank employee opens fake accounts and credit cards in your name, as recently happened at Wells Fargo, you may be charged fees for those fake accounts, which you didn't pay because you didn't know the accounts existed. And since you didn't pay those fees, your credit report […]