Here. Excerpt: "We expect to be cutting a lot out of Dodd-Frank," [President Trump] told a group of bankers and other corporate executives [on Friday, when signing an Executive Order pertaining to Dodd-Frank], "because, frankly, I have so many people, friends of mine that have nice businesses that can't borrow money. They just can't get […]
Here. Excerpt (but the whole piece is worth reading): Young servicemembers are often easy targets for financial firms marketing loans with ultra-high interest rates. Tens of thousands of servicemembers have benefited from the CFPB’s actions. The agency worked with state attorneys general to secure debt relief for 17,000 servicemembers tricked into taking out high-cost loans for computers, video […]
Here. Excerpts: “There has been talk of getting rid of Cordray, but I think they're trying to figure out what they can do and what [Trump] will actually go along with,” said a person close to the administration. Lawyers who say they’re providing guidance to the White House declined to comment for the record or […]
The petition for review, filed in the DC Circuit, is here. Press release here. Excerpt from the press release: “We’re optimistic that the Court will rein in the FTC’s dangerous and irresponsible abuse of its authority. Instead of protecting consumers, the FTC is protecting unscrupulous auto dealers who engage in false and deceptive advertising about […]
Here (behind paywall). House Financial Services Committee Chair's Financial Choice Act, passed last fall by the committee, is expected to be introduced again in a revised version as soon as this week. While Senate Democrats can usually block legislation by using the filibuster, as long as they hold together, the WSJ reports that some aspects of […]
Here (behind paywall). Net neutrality is in danger.
In the New York Times today, Paul Krugman discusses the "fiduciary rule" that the President last week ordered the Department of Labor to "reconsider." Last week Mr. Trump released a memorandum calling on the Department of Labor to reconsider its new “fiduciary rule,” which requires financial advisers to act in their clients’ best interests — […]
This article by Melody Peterson explains that a Trump Administration, with the agreement of Congress, may expand a trend in which the Food and Drug Administration cares less about certain drugs' effectiveness than it used to. Here's an excerpt concerning the views of someone Trump is considering to lead the FDA: One of Trump’s possible selections […]
This blog is focused on consumer policy, but I figured that some of our readers may be interested in having ready access to the key litigation documents in Washington State's case against the president over the travel ban. So, here is the the State of Washington's complaint, the State of Washington's request for a temporary restraining […]
by Jeff Sovern As well-covered on this blog and elsewhere, Wells Fargo employees opened millions of sham accounts for customers, for which they have paid fines and suffered reputational damage. During the House Financial Services Committee September hearing on the Wells fiasco, some Republican committee members berated Wells Fargo's then-CEO, John Stumpf, for giving ammunition to […]