The FTC reports: At the request of the Federal Trade Commission and the State of Florida, a federal court has temporarily halted a massive phony debt relief operation that bilked tens of millions of dollars from financially strapped consumers, including the elderly and disabled. According to the FTC and Florida, Jeremy Lee Marcus, Craig Davis […]
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On Wednesday, the U.S. Court of Appeals for the D.C. Circuit will hear argument in a case challenging the constitutionality of the structure of the Consumer Financial Protection Bureau. The question is whether the provision of the Dodd-Frank Wall Street Reform Act that created the CFPB violates separation-of-powers principles because it provides that the CFPB […]
Mother Jones reports; Earlier this year, White House Chief Strategist Steve Bannon said the Trump administration will be fighting regulations at every turn through "the deconstruction of the administrative state." The Regulatory Accountability Act, dubbed the "License to Kill bill" by some environmental groups, may kick off that trend by making reining in the industry […]
The Washington Post explains, here.
The House passed the bill in January. The bill provides that regulations imposing more than $100 million in costs would not take effect unless Congress affirmatively voted to approve them. The bill passed the Senate Homeland Security and Governmental Affairs Committee on a vote of 8 to 6. More here from Reason.
The Tennessean has this op-ed.
The Consumer Financial Protection Bureau issued a report yesterday analyzing student loan industry data. The report shows that 9 in 10 of the highest-risk borrowers were not enrolled in federal affordable repayment plans. The analysis looks at hundreds of thousands of the highest-risk borrowers who are exiting default and may be eligible for federal programs […]
Here. Excerpt: [L]ast week’s appointment of the lawyer, Keith A. Noreika, to run the Office of the Comptroller of the Currency is unusual because it does not require him to sign the ethics pledge that President Trump is forcing on other appointees. * * * [T]he White House used an administrative quirk to appoint Mr. […]
Many of our readers have no doubt heard news reports of Trump's recent interview with The Economist. If you read this blog, you are probably interested in consumer policy, and, in turn, may be interested in economic policy. If so, read the interview. The interview goes beyond the Trump lies (or gross ignorance) that you've been reading […]
In October 2016, the Consumer Financial Protection Bureau issued a rule requiring greater disclosures for and imposing overdraft limits on prepaid cards, which are frequently used in place of paychecks by people without bank accounts. The timing made the rule eligible for Congress to repeal it under the Congressional Review Act, but lawmakers only had […]