Here. The motion to intervene in the PHH case is here.
Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern Here, in the American Banker (free content). Cuccinellis is general counsel to the FreedomWorks Regulatory Action Center, and former AG for Virginia. Excerpt: Rather than tinkering with this regulatory monstrosity, let’s pursue a simpler course: simply eliminate the standalone agency. Most of the regulatory powers that the CFPB now wields were previously […]
So reports Law360's Evan Weinberger on Twitter here.
Here. Here's the beginning and the end: President-elect Donald J. Trump will soon face a stark choice: whether to protect consumers, the ordinary Americans he pledged to defend against a system he criticized as rigged — or to side with that system. * * * If Mr. Trump chooses not to preserve a strong, […]
Here. Excerpt: Schumer said Trump’s decision to “govern as a hard-right Republican” and possibly replace Cordray breaks his campaign promise to “drain the swamp” by fighting corporate interests on behalf of middle-class Americans. * * * The CFPB is currently finalizing rules on arbitration clauses, payday lending and debt collecting. Warren said the push to […]
by Jeff Sovern Here (behind paywall). Excerpt: Exactly how President-elect Donald Trump intends to get rid of Cordray is unclear. Under the Dodd-Frank Act, Cordray can only be fired "for cause," and some speculate that the Trump administration is already building a case against the CFPB chief. One source with knowledge of the situation told […]
Here. Excerpt: Any effort to discharge Cordray would be illegal — and it might even precipitate something close to a constitutional crisis. * * * Both Republican and Democratic presidents have not loved the idea of independent agencies, operating outside of their daily control. But in 1935,[in the Humphries Exec case], the Supreme Court unanimously agreed […]
Here. Excerpt: Trump is expected to almost immediately dismiss Richard Cordray, who has been the head of the Consumer Financial Protection Bureau (CFPB) since its creation in 2011. * * * "Consumer protection is important to a well-functioning financial marketplace," Neugebauer wrote in one of his arguments for a new CFPB structure. But "this protection […]
Here. Excerpt: It’s also possible that Trump and Cordray may yet find common ground. * * * The Trump-Pence transition team, while generally tagging the Dodd-Frank Act as a brake on economic growth, has said nothing specific about the CFPB or its director. And although the conventional wisdom is that there’s little common ground between […]
Politico interviewed him here. Excerpt: There will be some areas that will be improved but fundamentally you are going to look at a very similar piece of legislation that is going to replace bailouts with bankruptcy, that's going to give working Americans greater opportunities when it comes to their mortgages, their credit cards and achieving […]