In the Times's DealBook. Excerpt: Conservative lawyers have been muttering about the constitutionality of the Consumer Financial Protection Bureau for years, but their best argument is pretty novel. It is a “death by a thousand cuts” separation of powers claim. The idea is that if you count up all the ways that the Consumer Financial […]
Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern According to a report in HousingWire, a CompassPoint report concludes the following: “Our channel checks estimate that shifting the CFPB’s governance from a directorship to a commission would double the bureau’s already elongated rulemaking timeline, cut its enforcement activity by 50% to 75%, and result in a far greater importance being placed on […]
Kevin M. McDonald of VW Credit, Inc. has written Who's Policing the Financial Cop on the Beat? A Call for Judicial Review of the Consumer Financial Protection Bureau's Non-Legislative Rules, 35 Review of Banking and Financial Law, 224 (2015-2016). Here's the abstract: This law review article addresses administrative power in the context of financial services. The Dodd-Frank Act […]
Here. Here's the beginning of the piece: Bill Doak and his wife, Linda, were preparing to buy a new house this spring when a mortgage broker made an ominous declaration after scanning their credit report: “Oh my God, you’re in trouble.” The couple discovered five late payments on the loan on the home they were selling in […]
by Jeff Sovern Here. Excerpt: The draft bill approved by the House Appropriations Financial Services Subcommittee on Wednesday included a provision that would change the CFPB from a director-led agency to a bipartisan commission, as well as language that would make funding for the bureau subject to the annual appropriations process. Both measures largely pit […]
Here (behind a paywall, unfortunately).
by Jeff Sovern The House Committee on Appropriations Subcommittee on Financial Services has released the draft of a bill it is considering that would hamstring the CFPB and at least temporarily preserve pre-dispute arbitration clauses, among other things. Here is how the Subcommittee describes the CFPB portion of the bill: The bill includes a provision […]
by Jeff Sovern A press release is here. ALTA is the American Land Title Association. I haven't read the study (I couldn't find the actual report of the study on the web site), but it reports an increase in consumers who read the mortgage disclosures from 74% to 92% since the TRID disclosures went into effect. The […]
Christopher Lewis Peterson of Utah has written Consumer Financial Protection Bureau Law Enforcement: An Empirical Review, forthcoming in the Tulane Law Review. Here's the abstract: In the aftermath of the U.S. financial crisis, Congress created a new federal agency — the Consumer Financial Protection Bureau (CFPB) — with the goal of fashioning a more just […]