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.
Category Archives: Consumer Financial Protection Bureau
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. […]
by Jeff Sovern The Hill has the story with the headline House panel passes bills to ramp up CFPB oversight. For more on why "oversight" will hurt consumers, see here and here.
Here (free content). Makes for interesting reading. An excerpt: Time and again, lawmakers effectively stepped on their own lines, asking Cordray important questions and never bothering to let him respond. They allowed theatrics to trump (pun intended) substance, using their time to berate the CFPB chief instead of engaging in a productive discussion. Generally, the […]
House Financial Services Chair Jeb Hensarling gave a speech today to the American Bankers Association Frank Act. During the speech, he said the following about the CFPB: [T]hey’re certainly not helped when Obama’s Financial Control Law [his name for the Dodd-Frank Act that created the CFPB, among other things] has killed off a benefit many, […]
In a speech February 25 at the CFPB's Consumer Advisory Board meeting, CFPB Director Richard Cordray identified nine "key areas where we hope to make substantial progress over the next two years." He also noted, however, that "these goals do not capture all of the important work we are doing." The nine goals are: First, […]