Treasury Secretary Scott Bessent has been named Mick Mulvaney Acting CFPB Director. According to Kate Berry in the American Banker, Senator Elizabeth Warren voted against Bessent’s confirmation, at least in part because Bessent supports financial deregulation.
We received a request to post the following: The National Association of Consumer Advocates was angered and disappointed by the new Federal Administration’s unwarranted decision to rescind summer clerk positions for law students interested in consumer and economic justice careers. While we’re sorry we cannot offer assistance to most law students harmed by this thoughtlessly […]
The notice arrived Saturday morning. Rohit Chopra’s tenure as director of the Consumer Financial Protection Bureau had ended — by the new administration — well short of the completion of his five-year term. The past week was filled with grumbling from various industry corners and inquiring journalists wondering why Chopra had not already been forced […]
As expected, President Trump has fired CFPB Director Rohit Chopra. At this time, a replacement has not been named. Public Citizen’s press release is available here.
Tess Wilkinson‐Ryan, David A. Hoffman, and Emily Campbell, all of Penn, have written Contracts for Everyone. Herre’s the abstract: The architects of American contract law—judges, lawyers, regulators and academics—know a lot about what litigated deals look like, but almost nothing about the contracting of ordinary people. This Article offers a wide-ranging empirical account of how non-elites […]
The article, by Claire Williams, is headlined Sen. Tim Scott hints at ‘imminent’ CFPB director pick (behind paywall but available on Lexis). Excerpt: “It’d be nice for us to have someone, and I’ve asked the administration, please fire the guy,” Scott said. “I think we’re going to be happy with the answer they give us and the […]
The US airline industry challenged DOT rules issued by the last administration that required airlines to disclose certain fees upfront when potential customers search for itineraries, The petitions for review included both constitutional and statutory challenges, as well as procedural challenges. A motions panel of the Fifth Circuit had stayed the Rule, and today, the […]
Four former servicemembers brought a putative class action against Citibank, alleging that it was violating the Servicemembers Civil Relief Act (SCRA) by charging certain interest rates on their credit card balances. Citibank moved to compel arbitration pursuant to the terms of the relevant credit card account agreements, but the district court denied the motion, citing […]
Yesterday, over a dissent, the Fifth Circuit vacated the FTC’s CARS rule, which protected consumers from unfair and deceptive practices by car dealers. While the challengers lobbed many wide-ranging arguments that called into question the FTC’s authority broadly, the Fifth Circuit based its ruling solely on the agency’s failure to issue an Advanced Notice of […]
As we await agency reversals on pro-consumer positions, a decision today from the Eleventh Circuit reminds us that many pro-consumer rules may be eliminated without the Administration doing anything. In 2023, the FCC issued a rule defining the term “prior express consent” as used in the TCPA, and providing that a consumer’s consent to a […]