That's the name of this article by C. Ryan Barber (possibly behind a paywall). Here's an excerpt: When the Consumer Financial Protection Bureau expanded its public database to include narratives of negative customer experiences, banks such as Wells Fargo and other industry players worried about being named and shamed. Now, a new public database could be going up […]
by Jeff Sovern Here. Call it a long op-ed or a short magazine article, in The Conversation, a forum for academics writing for the public. I co-authored it with my colleagues Gina Calabrese and Ann Goldweber. It discusses life before the CFPB, what the CFPB has done, and the attacks on the Bureau.
by Jeff Sovern House Financial Services Chair Jeb Hensarling has already called for Congress to invalidate the CFPB arbitration rule by using the Congressional Review Act while the US Chamber of Commerce calls it a "Prime Example of [an] Agency Gone Rogue." Sigh.
I try not to use the blog to tout Public Citizen's own work, but nonetheless want to provide two updates on our work to maintain protections for student borrowers in the face of a Department of Education no longer interested in doing so: First, on Friday, Public Citizen and Harvard's Project on Predatory Student Lending […]
CFPB director Richard Cordray's prepared remarks on the new arbitration rule: Thank you for joining us on this call. Today, we are announcing a final rule that prevents financial companies from using mandatory arbitration clauses to deny groups of consumers their day in court. A cherished tenet of our justice system is that no one, […]
We’ve issued a new rule on arbitration to help groups of people take companies to court July 10, 2017 If you have opened a bank or credit card account, it’s likely that your contract included an arbitration clause. Arbitration clauses can limit your options if you have a legal issue with a financial […]
by Jeff Sovern As we have reported a number of times, Wells Fargo opened millions of unauthorized accounts over a period of years. Estimates of how many range from two million to 3.5 million. So you might expect many complaints about that to the CFPB complaint database. On the other hand, considerable empirical research shows […]
by Jeff Sovern OIRA is the Office of Information and Regulatory Affairs (formerly headed by Cass Sunstein). It presides over the issuance of regulations by executive agencies, but not independent agencies (at least, not yet) like the CFPB. President Trump has nominated for its director George Mason Professor Neomi Rao, a former clerk for Justice Thomas and […]