Here. Excerpt: Any move by the CFPB to adopt a final version of its rule would almost certainly prompt Republican lawmakers to overturn it, with a long-term chilling effect on future regulation of the clauses used by banks and other financial services providers. But if the CFPB does not put out a final rule before […]
Here. Previous posts on the bills appear here and here. Excerpt: The fast-track approach is deemed essential to give the bills time to advance in the more-deliberative Senate, where 60 votes are needed to overcome an almost certain filibuster. * * * With House passage almost certain, opponents and supporters are already turning an eye […]
A new analysis finds that, under the proposed republican replacement for the ACA, 6 to 10 million would lose health insurance in the private market and, between 2020 and 2024, the Medicaid program would lose 4 to 6 million recipients. But health insurance industry profits would likely climb. Read about it here.
Here. Excerpt: Drywall from China was . . . highly toxic. * * * Approximately 60,000 homes built with drywall from China were affected, according to one source. In fact, the problems caused by this imported drywall are so massive and widespread that individual lawsuits could not have even begun to make a dent in […]
The Department of Education announced on Monday that it will delay implementing new rules designed to punish career-training schools that leave students with high levels of debt but weak job prospects. The Wall Street Journal (subscription required) explains: The move delays new rules known as “gainful employment” that formed a key piece of former President […]
It's titled Will Congress Remove Consumer Credit “Seat Belts”? and is in Democracy. The whole piece is worth reading if you care about the CFPB, but here's an excerpt to whet your appetite: [I]f the CFPB really were a “runaway agency,” we should expect to see banks running from it. In every law enforcement case, […]
From the press release: On Tuesday, March 7, Senator Al Franken (D-Minn.) and top Senate and House Democrats will hold a press conference to push legislation to stop the use of unfair forced arbitration clauses, which are widely used by corporations to limit consumers’ and employees’ access to justice. The lawmakers will be joined by […]
In January, a company calling itself "Company Doe" filed suit against the CFPB to challenge its constitutionality. The theory of the complaint was that, in light of the DC Circuit's (now vacated) decision in PHH v. CFPB finding the structure of the CFPB unconstitutional, the agency should be enjoined from taking any action against Company […]
This article by Steve Eder explains the situation. A notice sent out at the class-certification stage in 2015 gave class members the right to opt out — as is required in all Rule 23(b)(3) class actions (such as the Trump University class action). But now a class member named Sherri Simpson is seeking to opt out at […]
by Jeff Sovern As an independent agency, the CFPB can issue regulations without approval from the Office of Management and Budget. But the House has now passed a bill that would require OMB to review major regulations promulgated by independent agencies, including the CFPB and the FTC (though the FTC seldom produces regulations, a topic […]