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During his remarks in a meeting with private sector companies on June 15, 2023, President Biden described junk fees as “these hidden charges that companies sneak into your bill to make you pay more and without you really knowing it initially.”  President Biden was joined by representatives from Live Nation, SeatGeek, xBk, Airbnb, the Pablo Center at the Confluence, TickPick, DICE, and the Newport Festivals Foundation — companies that currently provide or have committed to providing all-in pricing in response to the President’s call to action on “junk fees” in his State of the Union.… Continue Reading

On February 28, 2023, the Supreme Court heard oral argument in two separate cases challenging the Biden Administration’s authority to proceed with its plan to forgive approximately $400 billion in federal student loans.  In the first case, the Biden Administration seeks to vacate an injunction granted by a three-judge panel of the U.S.… Continue Reading

The Biden Transition has announced that President-elect Biden has nominated Rohit Chopra to serve as CFPB Director.

Mr. Chopra currently serves as an FTC Commissioner, having been appointed by President Trump in 2018 to fill one of the Democratic seats on the FTC.

The nomination of Mr. Chopra as Director will return him to the CFPB, where he served as an Assistant Director from the time the CFPB was stood up in 2010 until his departure in 2015. … Continue Reading

Earlier this month, House Financial Services Committee Chairwoman Maxine Waters sent a letter to President-elect Joe Biden recommending various actions that the Biden Administration should take in the financial services arena.  Chairman Waters and members of her staff are expected to have a strong voice in shaping the Biden Administration’s approach to financial services regulatory policy. … Continue Reading

After looking at the differing approaches of the former and current CFPB Directors to using the CFPB’s authorities, we look ahead to how the CFPB’s leadership is expected to change in a Biden Administration.  Topics discussed include how the choice of a new Director will be made (including the impact of the Georgia Senate runoff elections), who can serve as Acting Director pending a new Director’s confirmation, and what approach a new Director will take to using the CFPB’s authorities and how it will differ most from the current Director’s approach.… Continue Reading

The Biden transition has announced the members of its agency review teams.

The team leaders include the following individuals:

CFPB.  The team will be led by Leandra English, who is currently with the New York Department of Financial Services.  As our blog readers may recall, Ms. English was appointed CFPB Deputy Director by former CFPB Director Cordray upon his departure from the Bureau. … Continue Reading

We begin this special edition episode with a discussion of why we launched the podcast, topics we have covered and guests who have joined us, and our plans for future episodes.  We then look at how the CFPB has changed since 2017 (and dispel some misconceptions) and share our expectations if Joe Biden becomes President. … Continue Reading