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Professor Sovern Disagrees with Senator Warren and Concedes that Consumers Do Well in Arbitration But Raises Another Red Herring

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...more

Senator Warren’s Numbers Don’t Add Up

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press release issued earlier this week, Senator Elizabeth Warren argued that the CFPB’s arbitration rule should not be repealed under the Congressional Review Act because consumers recovered “in only 9 percent of the...more

Upcoming Programs On CFPB Arbitration Rule

In July, the CFPB issued its Final Arbitration Rule on the use of arbitration provisions in consumer financial services products and services.  I will be participating in two upcoming programs related to the Rule....more

Equifax And The CFPB Arbitration Rule: A Tempest In A Teapot

The recent data breach disclosure by Equifax raised an outcry from consumer advocates trying to link the data breach to the Consumer Financial Protection Bureau’s (CFPB) final arbitration rule. They are portraying this...more

Director Cordray praises his work at CFPB at Cincinnati AFL-CIO Labor Day picnic but does not resign and launch his campaign for...

Ever since it was announced that Richard Cordray would be delivering a speech at the annual Cincinnati AFL-CIO Labor Day picnic, there was wide speculation that he would use that occasion to launch his campaign to run for...more

Issuance of Part I of CFPB Debt Collection Rule is imminent

Much attention has been devoted to the issuance very soon of the CFPB’s small-dollar lending rule. I thought that once that rule was issued, Richard Cordray would soon thereafter resign as Director to return to Ohio to run...more

CFPB may narrow coverage of final payday loan rule

According to a Wall Street Journal article published this past weekend, “people familiar with the matter” are reporting that the CFPB’s final payday loan rule will be narrower in its coverage than the CFPB’s proposed rule....more

Another sign that Richard Cordray will resign soon, perhaps next week?

We have previously blogged about two upcoming events that have led to speculation that Richard Cordray is about to resign as Director of the CFPB. The first event is a speech he is giving in Cincinnati, Ohio at a Labor Day...more

Director Cordray’s Op-Ed Disregards Many Inconvenient Facts

In an op-ed published in today’s New York Times, CFPB Director Richard Cordray argues against congressional repeal of the agency’s final arbitration rule by “correcting the record.” He contends that the CFPB’s March 2015...more

CFPB warns consumers about debt relief/settlement companies

Last week, the CFPB published a blog post with tips for consumers facing a cash flow emergency. We were glad to see that the blog post included a warning to consumers about debt relief or settlement companies. ...more

More speculation about Director Cordray’s resignation

On July 20, we reported that Director Cordray is scheduled to give a speech at the September 4 Cincinnati AFL-CIO Labor Day picnic.  Assuming the speculation that Director Cordray plans to run for Ohio governor is accurate,...more

Why David Silberman, the CFPB’s Acting Deputy Director, will not succeed Richard Cordray (if and when he resigns)

On July 31, I published a blog post in which I suggested that, if Director Cordray resigns, Treasury Secretary Mnuchin would be the obvious and logical person to serve as CFPB Acting Director until President Trump nominates,...more

State AGs urge Senate rejection of CRA resolution to disapprove CFPB arbitration rule

A group of 19 state attorneys general and the District of Columbia attorney general have sent a letter to Senate Majority Leader Mitch McConnell and Senate Minority Leader Charles Schumer expressing the AGs’ “strong...more

Acting Comptroller passes on FSOC challenge to CFPB arbitration rule

In a statement released today, Acting Comptroller Keith Noreika announced that he will not petition the Financial Stability Oversight Council to stay the effective date of the CFPB’s final arbitration rule....more

Can President Trump appoint an Acting Director upon Director Cordray’s departure?

Given the speculation that Director Cordray will soon resign to run for Ohio governor, we have been pondering whether President Trump could appoint an Acting Director upon his resignation or whether David Silberman, the...more

House passes H.J. Res. 111 to override CFPB arbitration rule

Yesterday afternoon, the House of Representatives, by a 231-190 partisan vote, passed H.J. Res. 111 which provides for Congressional disapproval under the Congressional Review Act (CRA) of the CFPB’s final arbitration rule...more

House likely to pass H.J. Res. 111 today to override CFPB Arbitration Rule

Yesterday at 5:00 p.m., the House Rules Committee, by a 9-4 partisan vote, reported a rule on H.J. Res. 111 with a recommendation that the resolution be adopted. H.J. Res. 111 provides for Congressional disapproval under the...more

Acting Comptroller reacts to Director Cordray’s latest response; final arbitration rule published in Federal Register

In a letter dated July 18, 2017 to Acting Comptroller Noreika purporting to respond to Acting Comptroller Noreika’s July 17 letter, Director Cordray continued to question how there could be “any plausible basis for [Acting...more

Director Cordray continues to doubt that safety and soundness concerns are raised by the final arbitration rule

The letter-writing war between Director Cordray and Acting Comptroller Keith Noreika continues. Director Cordray sent a letter dated July 18, 2017 to Acting Comptroller Noreika in which he purports to respond to Acting...more

CFPB final arbitration rule to be published in Federal Register on July 19

The CFPB final arbitration rule is scheduled to be published in the Federal Register today, July 19. The rule’s effective date will be the 60th day after publication and the compliance date will be March 19, 2018. Based...more

Acting Comptroller asks Director Cordray to delay publication of CFPB final arbitration rule

Keith Noreika, the Acting Comptroller of the Currency, has sent a letter dated July 17 to Director Cordray asking him to delay publication of the CFPB’s final arbitration rule in the Federal Register. The July 17 letter...more

Professor Sovern unfairly criticizes Senator Cotton’s stance on CFPB final arbitration rule

Recently, Professor Jeff Sovern criticized Senator Tom Cotton of Arkansas for announcing that he would seek to block the CFPB’s final arbitration rule using the Congressional Review Act. Professor Sovern quoted Senator...more

Director Cordray responds to Acting Comptroller’s arbitration rule letter raising safety and soundness concerns

Director Corday has sent a letter to Keith Noreika, the Acting Comptroller of the Currency, responding to Mr. Noreika’s July 10 letter in which he stated that OCC staff had expressed safety and soundness concerns arising from...more

The Financial Stability Oversight Council: another potential route for overturning the CFPB’s final arbitration rule

In addition to the passage of legislation amending the Dodd-Frank Act (DFA), disapproval under the Congressional Review Act, and a legal challenge filed in court, a fourth potential route for stopping the CFPB’s final...more

Lawmakers announce plans to use CRA to overturn CFPB arbitration rule

Two Republican Senators, Mike Crapo (who chairs the Banking Committee) and Tom Cotton (a Banking Committee member), have announced plans to draft a resolution of disapproval to overturn the CFPB’s final arbitration rule under...more

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