CFPB, Federal Agencies, State Agencies, and Attorneys General
Last year, we blogged that Zelle was considering possible solutions for P2P customers on the Zelle Network who were the victims of scams. In an August 30, 2023 press release, Zelle announced that it was initiating new safety measures. It stated:
All banks and credit unions on the Zelle Network® must implement Risk Insights for Zelle®.… Continue Reading
Professor Jeff Sovern has responded to our recent blog, “Senator Warren’s Numbers Don’t Add Up,” with a blog of his own. He does not contest the main point of our blog, which was that Senator Warren’s claim that consumers don’t do well in arbitration is wrong. He admits he found our discussion “interesting.” … Continue Reading
In a press release issued earlier this week, Senator Elizabeth Warren argued that the CFPB’s arbitration rule should not be repealed under the Congressional Review Act because consumers recovered “in only 9 percent of the disputes that arbitrators resolved” and the average award “is only 12 cents for every dollar they claimed.” … Continue Reading
President Obama issued a Presidential Memorandum last Monday directing the Secretary of Education to issue regulations that allow additional students to take advantage of a program to cap their student loan payments at 10 percent of their income and to improve communication about that option and existing student loan repayment options.… Continue Reading
Late last week, the student loan refinancing bill introduced by Senator Warren (D-MA) came up 4 votes short of the 60 needed to end debate and prevent a filibuster. If enacted, S. 2292, the Bank on Students Emergency Loan Refinancing Act, would establish separate refinancing programs for federal and private student loans. … Continue Reading
In a “tele-town hall” yesterday sponsored by Americans for Financial Reform, Senator Elizabeth Warren urged participants to contact their Senators to press them to confirm Richard Cordray as CFPB Director and support a change in Senate filibuster rules to require 51 rather than 60 votes for Mr. Cordray’s nomination to be voted on by the full Senate. … Continue Reading
A friend brought to my attention a two-page comment letter from Senators Elizabeth Warren and Bill Nelson, commenting on the OCC’s proposed deposit advance guidance, the subject of a prior blog. For a letter co-authored by the single person most responsible for the creation of the CFPB, this is a remarkable. … Continue Reading
President Obama’s renomination of Richard Cordray to serve as CFPB Director is now official. On February 13, the White House announced that his nomination was sent to the Senate.
The official announcement (predictably) coincided with a press release on the same day from Senator Elizabeth Warren stating that she, together with Democratic Senators Jack Reed and Sherrod Brown, were calling “on Republicans to end unprecedented obstruction and allow an up or down vote” on Mr.… Continue Reading
With President Obama’s reelection and control of the Senate remaining firmly in control of the Democrats, the CFPB’s hand has strengthened. I had been saying all along that even if Mitt Romney became President, it was unlikely that there would be any weakening of the CFPB until at least 2014 when Romney would have had the opportunity to appoint a new director.… Continue Reading
Less than two weeks after Obama nominated Richard Cordray for CFPB Director, Elizabeth Warren has swept out of town and returned to Harvard. Meanwhile, Cordray has not made any public announcements, posted comments about his nomination on the CFPB’s website, or otherwise been heard from in any significant way. He seems determined to stay quiet until at least his August 4th Senate confirmation hearing.… Continue Reading
