June 21, 2019
In the United States, there is an intellectual movement going on the likes of which have not been seen in nearly a century. The administrative state, otherwise known as the “headless fourth branch of government,” is in a legitimacy crisis. Its very foundations are being challenged on multiple fronts.
June 20, 2019
The Fair Debt Collection Practices Act (FDCPA) was passed in 1977, over forty years ago, at a time when telecommunication technology was in its infancy and the consumer Internet did not exist. Since that time, the technology used to communicate with customers has changed drastically. As one might suspect, the FDCPA has not kept up with these dramatic changes.
June 19, 2019
One of the most important, yet least visible, changes a new Consumer Financial Protection Bureau director could make is to reform the internal operations of the agency. This would include reforming everything from its hiring, rulemaking, enforcement processes and the structure of its departments, as well as championing a new “vision” of consumer protection.
June 17, 2019
It is becoming increasingly apparent that financial technology, or “fintech,” like other forms of technology, can drastically improve consumers’ lives. Yet one of the most glaring failures of the Consumer Financial Protection Bureau has been its neglect of the role of financial innovation.
June 11, 2019
The Consumer Financial Protection Bureau’s structure is unconstitutional. The agency’s leadership should recognize it as such.
June 5, 2019
The Dodd–Frank Act was a mammoth overhaul of financial services regulation. Along with creating an entire new consumer protection agency, the Consumer Financial Protection Bureau, it also created an entire new consumer protection standard, a prohibition on “abusive” acts or practices. This new prong is a part of a broader prohibition on “Unfair, Deceptive or Abusive Acts or Practices,” otherwise known as UDAAP.
June 4, 2019
Last month, the Consumer Financial Protection Bureau released its rulemaking agenda for Spring 2019. While there weren’t too many surprises in the agenda, which mainly involved implementing statutory requirements or completing ongoing initiatives, there was one important new reform that jumped out: assessing the necessity of a provision known as the Qualified Mortgage “patch.”
May 29, 2019
While the Consumer Financial Protection Bureau’s role in enforcing consumer protection laws is important, there are times when it oversteps the mark and brings frivolous cases based on weak factual grounds or obscure legal theories. Two well-documented examples are the PHH case and the Ally Financial consent order, both pursued under the Obama administration.
May 28, 2019
Section 1071 of the Dodd-Frank Act amended the Equal Credit Opportunity Act to require financial institutions to collect, report, and make public certain information concerning credit applications made by women- and minority-owned small businesses.
May 23, 2019
The CFPB’s new director, Kathleen Kraninger, assured the Senate Banking Committee in her confirmation hearing that she was committed to upholding the rule of law. More than just a buzzword, Director Kraninger has shown her commitment through such actions as asking Congress to clarify the bureau’s authority to supervise for compliance with the Military Lending Act and ending “regulation by enforcement.”