Here (free content). The entire article is worth a read, but here are some highlights: J.W. Verret, an associate law professor at George Mason University School of Law, listed some reasons why he thinks Cordray could be removed for cause: allegations of employee discrimination and retaliation at the CFPB, and a settlement with auto lender Ally Financial that some […]
Category Archives: Consumer Financial Protection Bureau
Here. Excerpt: * * * Title X of the Dodd-Frank Act * * * gives the agency explicit authority to pursue its own litigation up to and including the Circuit Court level. But when it comes to the Supreme Court, the law says the CFPB must first file a written request to the U.S. Attorney General […]
Ten leading consumer protection organizations have one here, with blog co-coordinator Deepak Gupta as lead counsel, while current and former members of Congress, including Senator Elizabeth Warren and former Congressman Barney Frank, have another one here.
by Jeff Sovern President-Elect Trump has named former SEC Commissioner Paul Atkins his "landing team" member for the CFPB, among other federal agencies. Atkins has a history of opposing regulation and supporting business. Politico has a piece about him titled Trump team member slams unions, activists in favor of businesses. Excerpt: “While Paul is in […]
by Jeff Sovern The Journal's editorial, behind a paywall, is here. Excerpt: By all rights the [Consumer Financial Protection] bureau should be killed, and we’re told the Trump transition team is considering this and other options. The political problem is that killing the bureau would probably require 60 Senate votes, and Democrats would be able […]
So reports my fellow blogger Deepak Gupta on Twitter. This is in the PHH case in which the panel ruled that the CFPB was unconstitutional unless the President could fire the Bureau's director without cause. The response is due in early December, well before the shift in administrations.
Here (behind paywall). Excerpt: Brandon Wilson is a former armed robber who, after serving roughly a decade in prison, reinvented himself as a successful debt broker. * * * * * * [Wilson] explained it: “Part of the package you get of being my business associate or my friend is that I’m gonna protect you […]
Aditya Bamzai of Virginia argues that he could here. Excerpt: [The] premise [that the president has to let the litigation runs its course] appears to rest on two mistaken assumptions: (1) that the President cannot exercise his removal authority absent an Article III judgment authorizing such removal, especially when a pending case may address the very […]
That's one of the questions addressed by the Wall Street Journal in an article headlined Financial Regulators Scramble to Complete Postcrisis Rules. (behind paywall). Excerpt: “This type of ’midnight rulemaking’ is neither conducive to sound policy nor consistent with principles of democratic accountability,” Texas Rep. Jeb Hensarling, chairman of the House Financial Services Committee, told […]
by Jeff Sovern The column is titled The future isn't bright for highly successful consumer watchdog. Excerpt: A stopgap government funding bill passed in September will expire Dec. 9. It’s widely expected that conservative members of Congress will include language in follow-up funding legislation that would change how the bureau operates and the scope of its […]