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Category Archives: Consumer Financial Protection Bureau
The CFPB has just released its much-awaited proposed rule on forced arbitration clauses — arguably the single biggest step the Bureau can take to level the playing field for American consumers. If adopted after notice-and-comment, the CFPB's new rule would prohibit forced arbitration clauses that prevent consumers from banding together to hold companies accountable in court, […]
Last week I posted something about the latest attack on the CFPB's constitutionality because of its single-director structure and sought comment. Americans for Financial Reform Policy Counsel Brian Simmonds Marshall addressed the issue on the ACS Blog in an informative post titled An Easy Case: Why a Federal Appeals Court Should Reject a Constitutional Challenge to […]
by Jeff Sovern Earlier today, the US Chamber of Commerce released a letter to CFPB Director Richard Cordray from David Hirschmann, President and CEO, Center for Capital Markets Competitiveness, urging the Director to address certain issues at Thursday's CFPB arbitration field hearing. Here's one of those issues, as stated in the letter: [T]he public would benefit […]
The CFPB typically invites representatives from various organizations to speak at its field hearings. According to an email report, U.S. Chamber Center for Capital Markets Competitiveness Executive Director Travis Norton will be one of the speakers at next Thursday's arbitration field hearing.
by Jeff Sovern Earlier this month, Allison posted a link to a story about the PHH case in which the D.C Circuit heard arguments about whether the CFPB's structure is constitutional (CFPB Monitor reports on the oral argument here). The Wall Street Journal has now run an editorial (behind a paywall) arguing that the Bureau […]
by Jeff Sovern Critics of consumer protection regulation routinely assert that such regulation reduces access to credit and increases consumer costs. For example, here is what Todd Zywicki wrote in his recent testimony before the Senate Banking Committee (footnote omitted): By imposing a regulatory regime that substitutes the judgment of bureaucrats for consumer decisions, Dodd-Frank […]
Here. Because the Bureau usually combines field hearings with announcements of related developments, it is likely to announce its proposed arbitration rules that day.
by Jeff Sovern Yesterday I posted about Senator Elizabeth Warren's takedown of Leonard Chanin, formerly of the Fed and the CFPB, now of MoFo, at a Senate Banking Committee hearing. I have since finished listening to the hearing and wanted to say a few more things. First, at the conclusion of the hearing. the Committee's chair, Republican […]
by Jeff Sovern On April 5, the Senate Banking Committee held a hearing titled Assessing the Effects of Consumer Finance Regulations. I've been listening to the hearing, which has three witnesses–selected by the GOP majority–who spent much of their time attacking the CFPB, and one witness- chosen by the Democratic minority– who supported the CFPB. […]