Here. Excerpt: President Donald Trump and other supporters of the major banking bill that cleared the Senate on Wednesday say they want to rescue the nation’s lenders from a crush of regulations. But far from being crushed, the industry looks more like it's booming. Banks have hauled in record profits for the last three years […]
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by Jeff Sovern Politico's Morning Money newsletter reports: BANKERS NOT AS WORRIED BY REGS — At the Consumer Bankers Assoc. annual conference, CBA Live, attendees were asked about their top worries. The regulatory environment was tops from 2012-2016. On Monday it barely cracked four percent. Which of course raises a question about why Congress is working on […]
"Buried within Senate legislation to roll back restraints on banks is a provision that would exempt an estimated 85 percent of US banks and credit unions from public reporting requirements, raising fears that discriminatory practices by lenders could go undetected. The data that would be exempt from reporting include the financial information of borrowers and loan […]
by Jeff Sovern Kevin Wack in The American Banker has a report headlined Wells was tipped off to government probe by OCC, watchdog says. And yet, Mick Mulvaney wants the CFPB to take a backseat to the OCC when it comes to supervision.
The New York Times carried a story this weekend about a disturbing lawsuit that will be argued in the California Court of Appeal later this month. Olivia de Havilland sued FX for running the docudrama “Feud,” a fictionalized account of the feud between Joan Crawford and Bette Davis; a character portraying deHavilland has a modest […]
Here. Excerpt: “There hasn’t been a lot that has been methodical about this presidency, but I do think Trump is systematically dismantling consumer protections,” said Mark Totten, a Michigan State University law professor who studies the enforcement of consumer protection laws and a 2014 Democratic candidate for Michigan attorney general. The new direction affects agencies […]
That's the title of this article by Mike Konzcal. Then, read this article in The Hill explaining that "[t]he battle pits moderate Democrats up for reelection this year in states such as Missouri, West Virginia, North Dakota and Montana against Sen. Elizabeth Warren (D-Mass.) and other progressives, and comes as the party braces for primary fights between the left and […]
The ACLU recently released a report on the criminalization of private debt: An estimated 77 million Americans—one in three adults—have a debt that has been turned over to a private collection agency. Thousands of these debtors are arrested and jailed each year because they owe money. Millions more are threatened with jail. The debts owed […]
by Stephen Gardner On February 27, the Northern District of California issued an opinion on a motion to dismiss in Becerra v. The Coca-Cola Company. The court got the law right, but then ruled based on incorrect conclusions on disputed facts. There are two parts to the opinion. First, the court analyzed Coke’s various attempts to avoid […]
National banks have long argued for broad preemption of state laws that would otherwise apply to their activities, and their federal regulator, the Office of the Comptroller of the Currency (OCC) has often gone along. In an important decision issued Friday, the U.S. Court of Appeals ruled that preemption is more limited than the banks […]