The web has been abuzz about the letter that Majority Whip Richard Durbin (D. Il) and Jack Reed (D. RI) of the Banking Committee rather publicly sent to Raj Date last Thursday. Purportedly out of concern that banks will try to “sneak fees past” consumers after having mostly abandoned the monthly debit card fee program, Senators Durbin and Reed “urge[d]” the CFPB to “swiftly require financial institutions to post on their websites a standardized, concise and consumer-friendly disclosure form that lists the fees and key terms associated with checking accounts.”… Continue Reading
CFPB leadership: immune from political influence?
By Ballard CFS Group on
Posted in CFPB People, Regulatory and Enforcement
The Treasury Department issued a press release announcing that Raj Date will replace Elizabeth Warren as Special Advisor to the Secretary of the Treasury on the CFPB, effective August 1. A blog I read understands that Mr. Date will replace Professor Warren as Special Advisor to the President.
Critics of the current structure of the Bureau—including this author—believe that Dodd-Frank concentrates far too much power in a single unelected official.… Continue Reading