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Jeff Sovern
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by Jeff Sovern In the Dallas Morning News. Here are some more quotes from the article: Hensarling bemoaned that the bureau gets to be a "cop on a beat, a judge and its own Congress." * * * He said... Continue reading
Posted yesterday at CL&P Blog
Here. Excerpt: They can figure out when you leave town and see where you parked your car. They can see how many times you went to the grocery store or the health clinic. Auto loans to Americans with poor credit... Continue reading
Posted 2 days ago at CL&P Blog
Here. Excerpt: I asked [the] office [of Rep. John Ratcliffe, who has proposed to abolish the CFPB] to elaborate [on his claim that the CFPB hurts consumers]. I received a statement from Ratcliffe citing the group’s “qualified mortgage rule,” which... Continue reading
Posted 2 days ago at CL&P Blog
Here. I won't post an excerpt because the report is too full of information to single some items out. If you care about class actions, I suggest reading the whole piece. Continue reading
Posted 4 days ago at CL&P Blog
Todd J. Zywicki of George Mason has written Market-Reinforcing versus Market-Replacing Consumer Finance Regulation in Hester Peirce and Benjamin Klutsey, eds., Reframing Financial Regulation: Enhancing Stability and Protecting Consumers, Mercatus Center at George Mason University, pp. 319-341, 2016. Here's the... Continue reading
Posted 4 days ago at CL&P Blog
Here (behind paywall). The article reports on an email from an unidentified Trump spokesperson. Excerpt: “The President believes that the initial decision made by the three judge panel of the DC circuit was correct,” the spokesperson said in an emailed... Continue reading
Posted 6 days ago at CL&P Blog
Here. Excerpt: [T]here are three cases before the Supreme Court at various stages that not only deal with the CFPB, but with federal regulations that some fear that Trump's nominee, Neil McGill Gorsuch, currently a judge on the U.S. Court... Continue reading
Posted 7 days ago at CL&P Blog
Here is Politico's answer: SHOULD TRUMP HEAR FROM CONSUMER GROUPS? - St. John's University law school's Jeff Sovern emails: "You reported today that the president 'will participate in a listening session with the Retail Industry Leaders Association and member company... Continue reading
Posted 7 days ago at CL&P Blog
Here. Excerpt: More than a dozen Republican senators are backing a bill to give Congress greater control and oversight of the Consumer Financial Protection Bureau (CFPB). Sen. David Perdue (R-Ga.) will introduce a bill Wednesday to let Congress control the... Continue reading
Posted Feb 15, 2017 at CL&P Blog
by Jeff Sovern Here is the full text of the House bill: The Consumer Financial Protection Act of 2010 is hereby repealed and the provisions of law amended or repealed by such Act are restored or revived as if such... Continue reading
Posted Feb 15, 2017 at CL&P Blog
Our regular readers probably also check in with Credit Slips, but in case anyone doesn't, Georgetown's Adam Levitin has a pair of posts that merit attention. First, he fact-checks a recent Jeb Hensarling WSJ op-ed about the CFPB, and then... Continue reading
Posted Feb 15, 2017 at CL&P Blog
Here. Markup on the bills is schedule for tomorrow. Excerpt from Frankel's piece: The bill would limit class certification to class actions in which plaintiffs all “suffered the same type and scope of injury” and would bar certification unless courts... Continue reading
Posted Feb 14, 2017 at CL&P Blog
Here (behind paywall). Excerpt: [I]f he hears an appeal from PHH v. CFPB, he will likely be sympathetic to PHH’s positions, both in terms of the unconstitutionality of the CFPB’s structure and in terms of the reach of its enforcement... Continue reading
Posted Feb 13, 2017 at CL&P Blog
by Jeff Sovern For years, fans of economics have attempted to convert judges and lawyers to their mode of analyzing legal problems. For example, George Mason's Scalia Law School's Law & Economics Center has offered programs for judges for nearly... Continue reading
Posted Feb 12, 2017 at CL&P Blog
by Jeff Sovern As we have discussed extensively, Wells Fargo opened millions of sham accounts in its customers' names. The CFPB responded by fining Wells $100 million. But under Financial Services Chair Jeb Hensarling's proposed Financial Choice Act 2 bill,... Continue reading
Posted Feb 11, 2017 at CL&P Blog
by Jeff Sovern Here. Excerpt: I talked to [Jim] Purcell [of State National Bank in Big Spring] this week. He says the bureau spreads its tentacles too far. He complains that there's no appeal for the bureau's decisions, that it's... Continue reading
Posted Feb 11, 2017 at CL&P Blog
by Jeff Sovern On Tuesday, as widely reported, the Senate silenced Senator Elizabeth Warren. Now House Financial Services Chair Jeb Hensarling wants to silence complaining consumers by eliminating the ability of Senator Warren's creation, the Consumer Financial Protection Bureau, to... Continue reading
Posted Feb 10, 2017 at CL&P Blog
The WSJ has a report here (behind paywall). In the next version of the Financial Choice Act, House Financial Services Chair Jeb Hensarling is also reported to be considering eliminating the Bureau's supervisory authority, power to regulate payday lending, consumer... Continue reading
Posted Feb 9, 2017 at CL&P Blog
by Jeff Sovern Last Friday, President Trump announced an Executive Order on Core Principles for Regulating the United States Financial System. Here is the list: (a) empower Americans to make independent financial decisions and informed choices in the marketplace, save... Continue reading
Posted Feb 9, 2017 at CL&P Blog
Here. Thomas Pahl will be the acting director of the Bureau of Consumer Protection. Continue reading
Posted Feb 8, 2017 at CL&P Blog
by Jeff Sovern The FTC, New Jersey AG's Office, and Vizio have agreed to a court order under which Vizio will pay 2.2 million to settle charges that Vizio recorded and sold information about the viewing practices of consumers watching... Continue reading
Posted Feb 8, 2017 at CL&P Blog
Here. Excerpt: President Donald Trump’s pledge to dismantle the Dodd-Frank financial overhaul is colliding with the same reality as his pledge to gut Obamacare: The Republican majority in Congress can’t decide how to make it happen and Democrats are vowing... Continue reading
Posted Feb 8, 2017 at CL&P Blog
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,... Continue reading
Posted Feb 7, 2017 at CL&P Blog
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... Continue reading
Posted Feb 7, 2017 at CL&P Blog