In challenging new consumer-protection rules, opponents will claim that the CFPB was too cozy with consumer groups

That's the thrust of this American Banker article (possibly behind a paywall). Here is an excerpt:

Consumer groups have long denounced the influence of big banks and for-profit companies on agency rulemakings, often pointing to the number of meetings held between regulators and institutions about a proposal. Now, in an ironic twist, payday lenders and supporters of mandatory arbitration are using the same tactic in accusing the Consumer Financial Protection Bureau of disproportionately favoring consumer groups at the expense of industry. House Republicans and payday lending groups are hoping to use so-called ex parte communications with consumer groups as a basis for an eventual lawsuit against the mandatory arbitration and small-dollar lending rules. (The mandatory arbitration rule was finalized in July, while the payday lending ruleis expected to be released soon.)

0 thoughts on “In challenging new consumer-protection rules, opponents will claim that the CFPB was too cozy with consumer groups

  1. A Facebook User says:

    Given that the Consumer Financial Protection Bureau was created to protect consumers from future financial industry abuses, isn’t it obvious that the Bureau would favor consumer groups?

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