(32) Dodd-Frank enacted the CFPB
to supervise and enforce consumer financial laws.
Chamber has long argued that American capital markets and consumers would benefit from substantial structural reforms to the CFPB
. As the Bureau's new leadership begins to rechart the agency's course, the reform agenda aims to outline concrete steps that would improve consumer protection; ensure consumers have access to the marketplace and choice in products and services; and promote access to financial information so consumers can make informed decisions.
"We applaud their choice to do so, but stress to the CFPB
that it may not be feasible for others to offer such a consumer perk."
Payday lender World Acceptance Corporation (https://www.businesswire.com/news/home/20180122006623/en/Consumer-Financial-Protection-Bureau-Investigation-World-Acceptance) announced in a press release Monday that it received a letter from the CFPB
stating that the financial watchdog had closed its nearly four-year investigation into the company's marketing and lending practices.
Provisions in the Dodd-Frank Act, the act that created the CFPB
, already limit the CFPB
's ability to regulate insurance.
On Friday, Richard Cordray, CFPB
director, resigned and named English as acting director.
Second, the rule attempts to increase transparency and public accountability by requiring businesses that use pre-dispute arbitration to submit records to the CFPB
. Because arbitration is ordinarily private, the results of arbitration are hard to know and statistics difficult to compile.
The creation of the Consumer Financial Protection Bureau (CFPB
) marked a crucial moment in modern consumer law and coincided with the growing public outcry against banks and other financial institutions in the wake of the 2008 financial crisis.
So Congress had good reason to establish the CFPB
when it passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010.
If he could be removed, then [President Donald] Trump could put in someone who is more open to hearing industry concerns," said Reed Smith partner Maria Earley, a former CFPB
Gibson Dunn's Ted Olson, on Capitol Hill, Smacks CFPB
Trump's Justice Department Abandons Defense of CFPB