Category Archives: Consumer Financial Protection Bureau

Creola Johnson on the CFPB and Payday Lending

Creola Johnson of Ohio State has written America's First Consumer Financial Watchdog Is on a Leash: Can the CFPB Use Its Authority to Declare Payday-Loan Practices Unfair, Abusive, and Deceptive? 61 Catholic University Law Review (2012). Here's the abstract: To stop payday lenders from skirting state laws, this Article asserts that the CFPB should exercise […]

The CFPB’s Proposed Mortgage Disclosures and the De-Emphasizing of the APR

by Jeff Sovern One of the big changes in the CFPB's proposed mortgage disclosure forms is the de-emphasis of the APR.  The APR has historically been one of the most central Truth in Lending disclosures.  For example, for closed-end loans, it must be clear and conspicuous and appear in the "Federal Box" under 12 C.F.R. […]

CFPB Head Cordray Joins Regulators’ Letter Opposing Agency Review Bill

The American Banker has the story here and here is the Chicago Tribune's coverage.  The bill would require the CFPB, as well as other independent federal agencies, to jump through additional hoops before adopting regulations.  Many consumer groups have also opposed the bill in a letter.

National Law Journal Article on What Happens to CFPB if Romney Wins

Here. An excerpt: Lawyers believe Cordray will remain at the helm of the agency until his appointment expires in December 2013, though some predict he'll step down a few months early to run for governor of Ohio. As a result, the CFPB — at least initially — is likely to hold course. That means more […]

Former FDIC Head Sheila Bair on the CFPB

Bair has a new book out, and so has been the subject of some media attention.  CNN/Money interviewed her and among the questions was an exchange about the CFPB.  Her reply:  I support the Bureau, and I also strongly endorse it in the book.  And I think they’re doing a good job.  I am, if […]

National Law Journal Report on CFPB’s Director Cordray’s Appearance Before Congress Yesterday

Here.  The headline: A Sense of Déjà Vu in Latest Hill Appearance of CFPB Chief. An excerpt: First came the obligatory complaint that Cordray's January recess appointment was illegal. "Dodd Frank made you a very powerful appointee, but not a legitimate appointee," Representative Jeb Hensarling (R–Texas) told the perpetually unflappable Cordray. "There's a big gray […]

Bloomberg News: Republican State AGs Resisting CFPB Cooperation

by Jeff Sovern Here.  An excerpt: A group of Republican state attorneys general has declined to sign cooperation agreements with the Consumer Financial Protection Bureau, part of an escalating Republican revolt against the agency that began in the U.S. Congress. Richard Cordray, the agency’s director, asked all 50 states in March to sign a memorandum of […]

AP Story: Consumer regulator barks; an industry shudders

Here. An excerpt: For some banks and industrial lenders, the new oversight may be so costly that they stop offering some products, says Bill Himpler, vice president of the American Financial Services Association, a trade group for card companies, mortgage lenders and finance companies. He says the bureau's tactics put companies on the defensive. "It […]

A Comment on Eric Grover’s Essay on the CFPB in the Washington Times

by Jeff Sovern A fellow named Eric Grover had a piece atacking the Consumer Financial Protection Bureau in the Washington Times this week titled "CFPB’s unchecked power."   A line at the end of the essay explains "Eric Grover is a principal at Intrepid Ventures."  I had never heard of Intrepid Ventures, but their web site […]