CFPB drops investigation into abusve marketing and lending practices

The Consumer Financial Protection Bureau has ended its investigation into the marketing and lending practices of World Acceptance Corporation, a self-described "small-loan consumer finance" company. World Acceptance generates the bulk of its revenue through refinancings. As ProPublica has explained, here, the company makes installment loans with "sky-high rates" and generates revenue by charging interest up […]

Center for Auto Safety asks Ford to recall 1.3 million Explorers for carbon monoxide leaks

Today, in a letter to Ford Motor Company CEO Jim Hackett, the Center for Auto Safety renewed its request for Ford to conduct a full recall of 1.3 million Model Year 2011-2017 Explorers because of suspected Carbon Monoxide leaks. This follows the Center’s call for action in October 2017, after Ford failed to take seriously […]

Mulvaney Claims He Is Not Trying to Destroy the CFPB (But What Else Would He Say?)

by Jeff Sovern According to Evan Weinberger, writing in Law360: Office of Management and Budget Director Mick Mulvaney, who is leading the Consumer Financial Protection Bureau on a temporary basis despite a court challenge from the bureau's deputy director, insisted Friday that he is not trying to destroy the federal watchdog from within. Mulvaney, who has been […]

Loonin/Morgan Article: We Need to Know More to Solve the Federal Student Aid Problem

Deanne Loonin of Harvard University – Hale and Dorr Legal Services Center and Julie Margetta Morgan of the Bill & Melinda Gates Foundation have written Federal Student Aid: Can We Solve a Problem We Do Not Understand?, forthcoming in the Utah Law Review. Here is the abstract: Americans currently owe over $1.3 trillion in student loans, […]

House Financial Services Committee Markup of Bill to Exclude Lawyers Litigating Debt Collection Cases from FDCPA Deferred Until March

by Jeff Sovern Earlier this week we linked to an op-ed by Mary Spector (SMU), Genevieve Hebert Fajardo (St. Mary’s) and Neil L. Sobol (Texas A&M) criticizing a debt collection bill pending in the House, HR 4550, which would exclude from the FDCPA's coverage attorneys to the extent they are engaging in litigation. Though the bill […]

Ohio State Representative Jonathan Dever Seen as a Top Candidate for CFPB Director

by Jeff Sovern So reports Ian MacKendry in the American Banker. The article says that Dever's candidacy is being pushed by Rep. Steve Stivers, R-Ohio, a member of the House Financial Services Committee and the National Republican Campaign Committee. As is usual in such matters, no sources are identified, though a couple of administration insiders […]