Susan Grant at the Consumer Federation of America has written A Credit Reporting Agency You Probably Never Heard Of. Here's a key excerpt: If you have placed freezes on your credit files at Experian, Equifax and TransUnion, no one can fraudulently open a new account pretending to be you, right? Not exactly. Freezing your files at […]
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This article from the American Banker discusses Acting Director Mulvaney's intention to re-examine how the Consumer Financial Protection Bureau enforces the Equal Credit Opportunity Act, which prohibits discrimination in lending. "Mulvaney's comments suggest the CFPB may make it harder for protected groups, including minorities and women, to claim they were adversely impacted by discriminatory practices. […]
That's the name of this article by Devin Leonard and Elizabeth Dexheimer. A key passage sets out what Mulvaney has done already and his vision for the agency: Six months into his tenure, Mulvaney is doing everything he can to transform the CFPB from a regulatory crown jewel of liberals into one that he says follows the […]
Ben White at Politico has written this piece on surging gas prices and whether the cost to consumers is gobbling up gains, if any, to the middle class from the tax cut. Here's an excerpt: President Donald Trump is hoping a wave of tax-cut-fueled economic euphoria will boost his approval ratings and his party’s political fortunes this fall. A […]
This NY Times article by Stacy Cowley and Emily Flitter explains that A federal regulator on Wednesday encouraged banks to offer small, short-term loans to people in need of emergency cash, the Trump administration’s latest relaxation of banking regulations and a rare moment of common ground with consumer groups that oppose payday lending. The Office of […]
A strong editorial from the New York Times today about the failure of the Department of Education to protect students from predatory colleges and the House of Representative's bill to make the situation worse, here.
Read Steven Lane's piece in The Hill entitled Trump signs repeal of auto-loan policy that targeted racial bias. Acting CFPB director Mick Mulvaney is pleased. In a press release issued today, Mulvaney "thanks the President and the Congress" for nixing the CFPB's policy because the agency had acted "outside of federal statutes." "As an executive agency," Mulvaney says, "we […]
In a 5-4 opinion this morning, the Supreme Court continued its string of pro-arbitration decisions. In Epic Systems v. Lewis, the Court held that arbitration agreements that ban collective proceedings do not violate the federal labor laws’ protection of concerted worker action. Instead, the Court held, the Federal Arbitration Act requires enforcement of those bans […]
The Vatican called for "a new regulation of financial activities" in on Thursday a broad and harsh critique of the international financial system that emphasized the need for higher ethical standards since the housing market crash in the last decade. The new document released by the Vatican, approved by Pope Francis, calls out the post-2008 […]
The Senate today approved a resolution to nullify the Federal Communications Commission's decision to undo the net neutrality rule.The House, however, is not expected to take up the resolution. NPR has the story, here.