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 […]
Category Archives: Consumer Financial Protection Bureau
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 […]
PHH was the case that held that the CFPB's structure is unconstitutional and that the remedy was to provide that the CFPB director could be fired without cause. The petition is here. It describes that case as "what may be the most important separation-of-powers case in a generation." National Law Journal coverage (behind paywall) here. […]
The statement is here. Excerpt: * * * Federal policy should focus on free enterprise, while protecting consumers by policing markets for force and fraud. Both Wall Street and Washington should be held accountable. Following the financial crisis, Congress enacted the Dodd-Frank Act, a sprawling and complex piece of legislation that has unleashed hundreds of […]
Here. The entire article is worth reading, but I've pasted in an excerpt below. (HT: Gregory Gauthier) “Trump and his businesses seem to have been big proponents of arbitration, using it as a way of getting disputes out of courts and therefore out of the public eye,” defense attorney Liz Kramer told Bloomberg BNA. Kramer, of Stinson […]
Here (free content, I think). Excerpt: While Republican lawmakers are likely to focus on efforts to replace the agency's single director with a bipartisan five-member commission, as well as subject it to the Congressional appropriations process, Trump may seek to take more immediate action once he takes office in January. Some said he could either pressure […]
Here (behind paywall). Excerpt: While his lack of clarity has left many in the financial services industry wondering what Trump’s win will mean, the presence of Pence in the No. 2 spot is likely to provide a good clue. * * * “He’s going to be in an enormously powerful position to influence policy,” Lynyak […]
Here (behind paywall). Excerpt: The CFPB is expected to appeal the three-judge panel’s decision [in PHH] to the full D.C. Circuit, where Democrat-appointed judges have a majority. But a question hanging over the transition is whether Trump will still try to replace Cordray—either by invoking the D.C. Circuit panel’s decision or finding cause to fire […]
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, […]
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 […]