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 […]
Category Archives: Consumer Financial Protection Bureau
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 […]
by Jeff Sovern The country faces many issues which merit attention during the debates. Among them is consumer protection. Failures of consumer law contributed to 2008's Great Recession. Consumer protection is regularly in the headlines (just ask Wells Fargo or Volkswagen). The choice of the next president is likely to have a huge impact on consumer […]
by Jeff Sovern As we noted yesterday, on Tuesday, Wells Fargo CEO John G. Stumpf testified before the Senate Banking Committee about the Wells Fargo Customer Fraud Fiasco. Video is available here and Senator Elizabeth Warren's two rounds of questioning, by themselves, here. I have now listened to Mr. Stumpf's testimony, and I learned that Wells engaged in cross-selling to […]
Here. Excerpt: Republicans don’t like the Consumer Financial Protection Bureau. They opposed the very idea of the watchdog when Elizabeth Warren first proposed its creation, and they have been trying to defang and defund it ever since Congress made her vision into a reality. * * * But CFPB is still facing heat from Republicans […]
by Jeff Sovern As has been widely reported, last week the CFPB fined Wells Fargo $100 million for setting up phony accounts in consumers' names. But that didn't stop the House Financial Services Committee from voting yesterday on a largely party-line vote to adopt the Financial Choice Act, which would gut the Bureau. According to Law360, the […]