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.
Buy Now, Pay Later transactions (BNPL) are increasing dramatically. And for some folks, they are probably positive. But for others, BNPL can create significant problems. In case you don’t already know, the typical BNPL transaction enables consumers to purchase something by making four equal payments, one on the date of the purchase and the other […]
At Ballard Spahr’s Consumer Finance Monitor podcast. They broke the interview into two segments, with the second to drop next week; I am disappointed at having to wait until next week to hear the second half.
Some of the little work that the Administration has authorized the CFPB to undertake has been motions to withdraw amicus briefs filed in pending cases. In one case, though, a judge has in part rejected such a motion. In the case, Salom v. Nationstar Mortgage, the CFPB had filed an amicus brief explaining “explains why […]