by Maura Dundon (Senior Policy Counsel, Center for Responsible Lending) The sale of Corinthian Colleges (the for-profit college chain that operates Everest, WyoTech, and Heald) to the student loan debt collector ECMC is poised to close today. The deal has raised serious concerns about the fate of Corinthian students and whether the new entity represents […]
Category Archives: Consumer Financial Protection Bureau
Here. An excerpt: Right now, the CFPB is finishing up the second phase of its study, which will hone in on consumers' understanding of arbitration clauses. At that point, it will decide whether it needs to act. If the bureau's findings are anything like those of the law school study, it must. Being stripped of our […]
Bloomberg story here, and here is one from InsideArm.com.
Debra Pogrund Stark of John Marshall,Jessica M. Choplin of DePaul University, Mark A. LeBoeuf of DePaul and Andrew G. Pizor of the National Consumer Law Center have written Dodd-Frank 2.0: Creating Interactive Home-Loan Disclosures to Enable Shrewd Consumer Decision-Making, forthcoming in the Loyola Consumer Law Review. Here's the abstract: Congress and the Consumer Financial Protection […]
by Jeff Sovern Here. To see why it is important to keep the CFPB's budget out of the appropriations process (just as with the other bank regulators), here's an excerpt from one of our posts from 2011 (the more things change, . . . ): To see why this matters, you have only to read New […]
by Jeff Sovern The CFPB Monitor blog has a post titled Industry trade groups urge OMB not to approve CFPB arbitration telephone survey about a filing by the American Bankers Association, the Consumer Bankers Association and the Financial Services Roundtable. They "strongly recommend that OMB not approve the proposal because it will not produce information of practical utility […]
by Jeff Sovern In its ongoing efforts to weaken the CFPB and consumer protection generally, the House Financial Services Comittee's Subcommittee on Financial institutions and Consumer Credit held a hearing on May 21 on eleven bills. I will talk in this post about only one, the so-called ‘‘Preventing Regulatory Abuse Act of 2014, sponsored by Representative Barr. As regular […]
by Jeff Sovern Last March, the CFPB Monitor Blog, announced that "a group of representatives from across a variety of industries met to discuss the formation of a Research Integrity Council (RIC), the purpose of which will be to make recommendations to improve the quality and veracity of the research being conducted by the CFPB […]
by Jeff Sovern Here. Eleven proposed bills this time. It creates an interesting contrast with the just issued CFPB's Supervisory Highlights report, which reports, for example, that the CFPB found that one collection firm violated debt collection laws approximately 17,000 times and a creditor has been selling debts on which consumers were no longer liable. […]