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The CFPB Gets a Director
The CFPB is finally getting a Director, which enables it to exercise its full range of powers. It's good to see this Administration show some backbone. Better late than never, I guess, and Rich...
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Breaking: National Journal reports Obama to use recess appointment for Cordray
Boom. Exactly one week ago, I warned that Barack Obama would not feel himself constrained from making recess appointments by the pro forma sessions in the Senate, especially on Richard Cordray....
View ArticleObama Defies Republicans, Plans to Bypass Congress and Install Richard...
Obama defies Republicans with consumer agency pick (Reuters) — President Barack Obama plans to bypass Congress and install Richard Cordray as head of the country’s new consumer financial watchdog,...
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Obamateurism of the Day
Phantom obstructions? When Barack Obama issued his recess appointments of Richard Cordray as head of the CFPB and three nominees to the NLRB, he and the White House blamed Republican obstructionism...
View ArticleWhy We Need a Consumer Protection Bureau… Lender Processing Services
Why We Need a Consumer Protection Bureau More than 500 readers voted in Friday’s poll about whether we need the Consumer Financial Protection Bureau, one of the few meaningful reforms to come out of...
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Payday Loans are First Target of New Consumer Protection Chief
Richard Cordray’s first CFPB hearing will be held today and will focus on the practices of payday lenders. Seventeen states and the District of Columbia already outlaw payday loans, but in all of the...
View ArticleJan 24, 2012 Congressional Oversight Committee CFPB Cordray Hearing (*Bonus*...
Event: ‘How Will The CFPB Function Under Richard Cordray?’ Back in May 2011, Elizabeth Warren, previous acting head of the Consumer Financial Protection Board (CFPB), was testifying in front of this...
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Payment Protection Plans
We have not talked a lot about payment protection plans, those great deals where the bank agrees to pay your credit card balance in the event of disability or death in exchange for premiums. They are...
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Cordray: Say, what this CFPB needs is more power
Tool time. When Senate Republicans blocked the confirmation of Richard Cordray to run the Consumer Financial Protection Bureau, they did so in protest of the ambiguous and open-ended power granted to...
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The CFPB is concerned that you don’t know how to avoid an overdraft fee
Interference. The Consumer Financial Protection Bureau’s latest all-consuming interest is overdraft fees. How do such fees affect consumers? How is overdraft protection marketed? How are consumers...
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Robosigning 2.0: Coming to a Foreclosure Review Near You
Last October, I wrote a post entitled "Robosigning 2.0" that discussed some job ads for outsourced OCC foreclosure reviews. I predicted based on the job ad qualifications that the foreclosure reviews...
View ArticleConsumer Financial Protection Bureau Warns Financial Industry RE Third-Party...
“Last year, Lender Processing Services Inc. which handles technology and other outside services for banks and other mortgage-servicing companies, was one of two nonbank entities that had to sign...
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FTC Mobile Payments Conference on April 26
Here's a plug for a conference on mobile payments that the FTC is hosting next week. It will be webcast live. The agenda is here. I'm one of the speakers. Despite my participation, it should be a...
View ArticleProf Chris Peterson Joins Federal Consumer Financial Protection Bureau (CFPB)
U. prof joins federal consumer financial protection unit Washington • A University of Utah law professor known for his critical view of payday lending has taken a job with the new Consumer Financial...
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Glorious: Texas bank to launch constitutional challenge to Dodd-Frank
Excellent. With every fiber of my being, I detest the woefully-orchestrated, unbearably intrusive disaster of a legislative package that is the Dodd-Frank Wall Street Reform and Consumer Protection...
View ArticleRanking Member Cummings Applauds CFPB on Joint Guidance to Protect Military...
Ranking Member Cummings Applauds CFPB on Joint Guidance to Protect Military Families from Foreclosure Testifies Before the Veterans Affairs Subcommittee on His Bill to Expand Home Foreclosure...
View ArticleCFPB | Obama’s Consumer Watchdog Gets Sued Over Recess Appointment
Obama’s consumer watchdog gets sued A small Texas bank, together with two conservative advocacy groups, have filed suit against the Consumer Financial Protection Bureau, claiming that its powers and...
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Obama: When I try something that doesn’t work, I don’t try it again — except...
More housing-market messes. I realize I already discussed this moment in an earlier post, but there are just so many juicy ways to interpret it — I hope you’ll forgive me for being unable to resist...
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Student-loan debt: The next bailout?
Only on the backs of private lenders. Haven’t we seen this one coming for a while? Back in November at the height of the Occupy movement, when activists demanded a bailout on student loans, Reason TV...
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Team Tim v. Team Neal on the Financial Crisis
Matthew Yglesias has a fantastic piece about the Barofsky-Geithner proxy debate on the financial crisis. Read it here. The only thing I would add is to note how this same debate continued through the...
View ArticleCFPB Report | Semi-Annual Report of the Consumer Financial Protection Bureau
Semi-Annual Report of the Consumer Financial Protection Bureau Message from Richard Cordray DIRECTOR OF THE CFPB Just one year ago, the Consumer Financial Protection Bureau became the nation’s first...
View ArticleCFPB Gets Plurality of Complaints About Mortgages
CFPB Gets Plurality of Complaints About Mortgages The Consumer Financial Protection Bureau has a hotline for complaints, as well as a process to lodge complaints at their website. They have begun to...
View ArticleCHRISTOPHER L. PETERSON | What is a Bank Robber?
What is a Bank Robber? Mafia families’ use of homicide and torture is, indeed, profoundly different than structured finance. Nevertheless, structured finance of subprime and exotic mortgages continues...
View ArticleConsumer Protection Out of the Shadows of Shadow Banking: The Role of the...
Consumer Protection Out of the Shadows of Shadow Banking: The Role of the Consumer Financial Protection Bureau Abstract: Consumer protection remains the stepchild of financial regulation....
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Credit Card Data
The CFPB released a beta version of its complaint database on June 19th. Right now, one can only search credit card complaints, which the CFPB began taking on the first birthday of its creation, July...
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Why So Few Mega-Credit Card Class Action Settlements?
JPMorgan Chase and Class Counsel have received preliminary approval of a $100 million class settlement in In re Chase Bank USA, NA "Check Loan" Contract Litigation (MDL 2032), a case involving Chase's...
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Attention Homeowners & Lawyers: AG Mortgage Settlement Launches Online...
Finally, there are places online where homeowners, lawyers and other advocates can go to lodge complaints about a mortgage servicer’s handling of mortgage modifications, et al. And all I can say is,...
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