The American Banker’s Kate Berry reports on the DOJ reply in the DC Circuit Court of Appeals appeal from Judge Jackson’s preliminary injunction ordering that the CFPB stay open. Here’s a quote: “Once agency leadership recognized that employees had inferred the agency was winding down, it acted to dispel that misimpression,” the DOJ said, contradicting […]
Category Archives: Consumer Financial Protection Bureau
By Jon Hill, here. The DC Circuit Court of Appeals issued an administrative stay and explained “The purpose of this administrative stay is to give the court sufficient opportunity to consider the emergency motion for stay pending appeal and should not be construed in any way as a ruling on the merits of that motion.” […]
The Senate Banking Committee held a hearing on CFPB-Director nominee Jonathan McKernan and three nominees for other agencies back on February 27 and voted to confirm them all at the same session, back on March 6. The full Senate confirmed the other three on March 12 and March 13. Yet the full Senate has not […]
In the American Banker. The oral argument will take place on April 9 before Judge Pillard, an Obama appointee and two Trump appointees: Judges Katsas and Rao.
Some remarkable statements in the opinion (this is all I have time for now):. Judge Jackson wrote of the CFPB’s employee testifying for the agency: “He had the demeanor of an abused wife brought to court by her husband to drop the charges.” “The testimony and the contemporaneous documents suggest that those last minute communications […]
U.S. senators are on their way to approve of big banks burdening constituents with excessive overdraft fees. The Consumer Financial Protection Bureau recently issued a rule to limit overdraft fees charged by the largest banks to $5. But in a late-night move yesterday, the Senate voted to advance a Congressional Review Act resolution that would […]
Here. Oral openers by the industry witnesses call for the CFPB to become a bipartisan commission without noting that Trump has fired the Democratic FTC commissioners, so that bipartisan really means one party. Meanwhile, former CFPB General Counsel Seth Frotman’s oral opening statement was terrific. His written testimony is here. Here’s an excerpt (footnotes omitted): […]
In a recent Hill op-ed, We don’t need the Consumer Financial Protection Bureau — we have courts, Vanderbilt Professor Brian T. Fitzpatrick writes: Many are asking: If the CFPB goes out of business, who will be there to help consumers? The answer is one million lawyers. CFPB has been around for less than 15 years. Consumers […]
I get that the Trump administration’s flood the zone strategy means a lot of things are newsworthy right now. But I’m still surprised and disappointed at how few op-eds (or guest essays if you prefer) and editorials I’m seeing that support the CFPB. While print publications have significant limits on what they can publish because […]