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Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern Yesterday the House passed the financial services appropriations bill. Here is how the Appropriations Committee describes the bill's provisions pertaining to the CFPB: The bill includes a provision to increase oversight over the CFPB by bringing funding for the agency under the annual congressional appropriations process, instead of direct funding from the […]
Here. He also said that the final arbitration and payday lending rules will come out in the next year or so.
Here. Excerpt: * * * Affected businesses are likely to sue (in court, ironically) to try to block [the CFPB arbitration proposal]. In a move that conjures up the famous scene from “Blazing Saddles” in which Cleavon Little takes himself hostage, the financial industry has threatened to abandon consumer arbitration altogether if the regulation takes […]
by Jeff Sovern Hensarling calls the bill the Financial Choice Act. Make America Great for Banks Act is closer to the truth. Based on a quick look, the bill would give bank lobbyists power over the CFPB by subjecting it to the appropriations process, increase the likelihood of deadlocks by turning the Bureau into a commission, […]
InsideArm.com reports that it "has learned from multiple industry sources" that the CFPB will hold a Small Business Regulatory Fairness Enforcement Act (SBREFA) proceeding the week of August 22 in connection with the Bureau's forthcoming debt collection regulations. The Bureau has to convene the SBREFA proceeding before proposing the new rules. Just to give a sense […]
Martha T. McCluskey of SUNY Buffalo, Thomas Owen McGarity of Texas, Sidney A. Shapiro of Wake Forest, and James Goodwin and Mollie Rosenzweig, both of the Center for Progressive Reform, have written Regulating Forced Arbitration in Consumer Financial Services: Re-Opening the Courthouse Doors to Victimized Consumers. Here's the abstract: Forced arbitration clauses have become almost unavoidable […]
Here (behind paywall). The CFPB is one of the agencies that House Financial Services Chair Jeb Hensarling's bill would ubject to the appropriation process. Excerpt from the article: "There are many things to like about Chairman Hensarling's bill, particularly its tough capital requirements," [former FDCIC head Sheila] Bair said. "However, subjecting the banking agencies to congressional appropriations […]
Here. Excerpt: “[House Financial Services Committee Jeb Hensarling would] gut Dodd-Frank and gut the Consumer Financial Protection Bureau,” said Deepak Gupta, a Washington lawyer who previously worked as senior counsel for the watchdog agency. “Jeb Hensarling is a wholly owned subsidiary of the financial services industry.” Too harsh? Not when you consider that, according […]