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Category Archives: Consumer Financial Protection Bureau
The added witnesses are Jason S. Johnston of Virginia School of Law and Dong Hong, VP and Regulatory Counsel, Consumer Bankers Association. A link to Johnston's article on class actions is included in the post just below this one. Johnston has previously criticized the Bureau's arbitration report and the Dodd-Frank mortgage restrictions. Neither witness seems likely to […]
by Jeff Sovern Jean Sternlight of UNLV is circulating an impressive and well-argued letter for law professors to sign supporting the CFPB's proposed arbitration regulation. According to my count, 139 have already signed it. If you would like to add your name to the list, please email Jean at jean.sternlight@unlv.edu no later than May 20.
Here's a post that I wrote for the American Constitution Society's blog last Friday — the day after the CFPB released its proposed arbitration rule.
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 […]