That’s a possibility raised by Alan Kaplinsky in his analysis of the Supreme Court’s universal injunction case, Trump v. CASA, at Ballard Spahr’s Consumer Finance Monitor Blog. Because CASA will make it harder for consumer financial service companies to seek injunctions against CFPB regs, etc., Mr. Kaplinsky suggests they may resort to class actions, though […]
The Dodd-Frank Act provides that the CFPB “shall” issue a semiannual report on its activities and various other matters and that its director “shall appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services and the Committee on Energy and Commerce of the House of Representatives […]
So reports Politico. That means that even if all Democrats oppose the bill, the Senate can still pass it unless at least four Republicans oppose it. Current law provides for a 12% cap.
Consumer Federation of America just released its annual report of consumer complaints submitted to state and local agencies. Auto sales and auto repair issues tops the list for the ninth year in a row, the report said. The Top Ten1. Auto Sales and Repair2. Retail Purchase Issues3. Home Improvement4. Consumer Credit5. Landlord/Tenant Issues6. Frauds and […]
Here, from the Consumer Federation of America and Student Borrower Protection Center. The conclusion is based on elimination of fee limits, dropping of enforcement actions, and blocking payments to consumers, among other things.
In the American Banker (behind paywall but available on Lexis). The essay is about how the CFPB is repeating the mistakes of the past. Excerpt: The Consumer Financial Protection Bureau is systematically removing guardrails designed to prevent abuses in the consumer finance market. With each retreat from its oversight obligations, the CFPB is expanding the opportunities for firms […]
According to the parliamentarian, zeroing out the CFPB budget is subject to a filibuster and so requires 60 votes–which the proposal would surely not get. The Senate majority can overrule the parliamentarian, but doing so would diminish the filibuster’s significance and would set a precedent for when Democrats recapture the Senate but lack the 60 […]
. . . is now available at Ballard Spahr’s Consumer Finance Monitor podcast.
In the National Mortgage News (may be behind paywall). Excerpt: Through a law enacted by Congress, the CFPB receives an amount of up to 12% of the Federal Reserve’s inflation adjusted profits in 2009. This new Senate plan would reduce that amount to 0%, completely cutting off money the agency’s dedicated workers used to hold financial […]
Data brokers are largely unregulated by federal law, despite efforts to fix that. According to Senator Wyden, the shooter obtained the legislators’ home addresses from data brokers. This is an area overripe for legislation. I hope no one else dies because of Congress’s failure.