by Jeff Sovern During hearings on the CFPB and the Choice Act, I kept hearing critics of the CFPB saying they want to increase its accountability (I haven't started listening to the markups yet, but it's probably a recurring theme there too). In fact, the CFPB is accountable. But assume it isn't for the moment. CFPB […]
. . . as was reported yesterday to be under consideration. The announcement is here.
WSJ has a story here (behind paywall). The OCC famously declared state anti-predatory lending laws preempted as to national banks, which probably worsened some of the subprime lending leading to the Great Recession. It also received 700 whistleblower reports about Wells Fargo employees gaming the incentive plans (that led to the unauthorized accounts scandal) back in […]
The Washington Post reports: Republicans who eagerly awaited a GOP president so they could take a heavy knife to many of the regulatory requirements for banks, insurers and other financial institutions finally get their chance. The House Financial Services Committee, led by Texas Rep. Jeb Hensarling, is slated to begin work Tuesday on legislation to […]
The decision is here. SCOTUSblog analysis here. Here's the first paragraph of that analysis: The Supreme Court handed a partial but significant victory to cities today, holding that the Fair Housing Act allows the city of Miami to bring a lawsuit alleging that two banks, Bank of America and Wells Fargo, violated the law when […]
The Hill reports that "Panel Democrats say they're preparing to offer dozens of amendments and plan to draw out the hearing for hours, as they make the case to protect the Obama-era financial regulation law." Meanwhile, according to CNN Money, the "bill is likely to clear the House, where Republicans hold the majority and don't need […]
David A. Hyman of Georgetown, David J. Franklyn of the University of San Francisco, Calla E. Yee of Kilpatrick, Townsend & Stockton, and Mohammad Rahmati of Sharif University have written Going Native: Can Consumers Recognize Native Advertising? Does it Matter? 19 Yale J.L. & Tech. 77 (2017). Here the abstract: Native advertising, which matches the […]
The Consumer Financial Protection Bureau today filed suit against four online lenders – Golden Valley Lending, Inc., Silver Cloud Financial, Inc., Mountain Summit Financial, Inc., and Majestic Lake Financial, Inc. – for deceiving consumers by collecting debt they were not legally owed. The CFPB alleges that the four lenders could not legally collect on these […]
The Federal Communications Commission has begun the process to rollback net neutrality regulations. NPR has the story. For the perspective of the inventor if the World Wide Web, Consumerist has this article.