Of course, there is a low likelihood of passage through the Senate, but these bills are a set of common sense modifications to the CFPB. The bills consist of the following:
- H.R. 3193-The Consumer Financial Protection Safety and Soundness Improvement Act of 2013: The bill would amend Dodd-Frank to allow the Financial Stability Oversight Council to stay or set aside a CFPB regulation with a majority rather than a two-thirds vote.
- H.R. 3183-The bill would amend Dodd-Frank to require the CFPB to give consumers, upon request, a free disclosure during any 12-month period of all information with respect to the consumer held by the CFPB, the sources of such information, and any person or other federal department or agency to which the CFPB has disclosed such information.
- H.R. 2571-The Consumer Right to Privacy Act of 2013: The bill would amend Dodd-Frank to require the CFPB to notify and obtain permission from a consumer before collecting nonpublic personal information about such consumer. The bill would expressly make the requirement applicable to CFPB contractors collecting information on the CFPB’s behalf.
- H.R. 2446-The Responsible Consumer Financial Protection Regulations Act of 2013: The bill would amend Dodd-Frank to replace the CFPB Director with a five-person commission.
- H.R. 2385-The CFPB Pay Fairness Act of 2013: The bill would amend Dodd-Frank to set salaries for all CFPB employees in accordance with the General Schedule classification and pay system. Currently, the CFPB can base salaries on the Federal Reserve Board’s higher salary schedules.
- H.R. 3519-The Bureau of Consumer Financial Protection Accountability and Transparency Act of 2013: The bill would amend Dodd-Frank to make the CFPB subject to the congressional appropriations process.
via House committee approves six CFPB reform bills | CFPB Monitor.
I like this…a listing of apps that did and didn’t stick. For instance:
Knock – I used this app a lot for the first few days. After noticing some instability, I deleted it and stability returned (to both my phone and Mac). After hearing of a new version, I re-installed it and have been unsuccessful in getting it to run. I suppose I’ll try it again later but the hard shutdown that precipitated from my last installation attempt has me wondering if it is worth it.
via Technology Notes.
Amazing story of growth. And, from a company that actually charges for its services and makes money from its users (looking at you Twitter!).
I have been a longtime user of Dropbox and love it first and foremost for “just working”. My company now uses its competitor, Box. We changed to Box from Dropbox because of higher levels of control allowed in the corporate environment.
Dropbox, a five-year-old San Francisco start-up that allows users to access stored documents via the web, is seeking $250 million in funding in a round that would value it at more than $8 billion, according to people with knowledge of the matter.
via Dropbox Is Said to Seek $250 Million in Funding, Doubling Its Valuation – NYTimes.com.
John Edwards proved himself to be as sleazy as they come. The perfect plaintiff’s lawyer…
Before he served as a United States senator, before he made a run at the presidency and before his political career collapsed amid a sex scandal and fraud trial, John Edwards was a trial lawyer.
Now, Mr. Edwards is returning to his roots and opening a new law practice. The plaintiffs’ firm, Edwards Kirby, reunites him with his former partner, David F. Kirby, and includes on its payroll his eldest daughter, Cate Edwards.
via John Edwards Revisits His Past, Hanging Law Shingle Again – NYTimes.com.
Stunning editorial from the Wall Street Journal. The impact of Obamacare as felt by the sickest. Not only are people losing the insurance coverage they wanted, they are losing their physicians. While I am personally losing my insurance plan because it does not meet Obama’s definition of a “qualified plan”, my troubles are small in comparison to the writer:
For a cancer patient, medical coverage is a matter of life and death. Take away peoples ability to control their medical-coverage choices and they may die. I guess thats a highly effective way to control medical costs. Perhaps thats the point.
via A Stage-4 Gallblader Cancer Survivor Says: I Am One of ObamaCares Losers – WSJ.com.
Sad, but true.
A subcommittee of the House Financial Services Committee is scheduled to hold a hearing entitled “Examining Legislative Proposals to Reform the Consumer Financial Protection Bureau” on Thursday, October 24, 2013. The hearing will be held by the Subcommittee on Financial Institutions and Consumer Credit.
This seems like pure political theater since there is no realistic chance that the Senate will pass any such reforms. That train left the station when the Senate confirmed Richard Cordray as CFPB Director this past July.
via House to hold hearing on proposals to reform CFPB | CFPB Monitor.
JPMorgan said to be in talks to finalize the settlement’s with Obama’s government.
JPMorgan Chase and the Justice Department are moving closer to a $13 billion settlement over the bank’s mortgage practices, a record penalty that would cap weeks of heated negotiating and underscore the extent of the bank’s legal woes…
Of course, let’s remember, the civil settlement covers conduct from 2005-2007 and includes investigations of the mortgage businesses of Washington Mutual and Bear Stearns – two businesses acquired by JPMorgan at the “suggestion” of the government. Fines this large are simply extortion and wealth redistribution.
I would also suggest that the huge redistribution impacts the shareholders of the company, large pensions and investment funds, more than the people who ran the businesses that no longer exist. This seems more personal in the Jamie Dimon was the only big Wall Street boss not to bow down and kiss Obama’s ring.
via Cost of JPMorgan Mortgage Loan Settlement Is Said to Rise to $13 Billion – NYTimes.com.
Honestly, at some point, it just becomes extortion. Every federal agency, then every state agency is going to want to see how much it can “fine” JP Morgan…
JPMorgan Chase paid $1 billion last week to resolve a number of government investigations, but the bank’s biggest battles with federal authorities may lie ahead, Ben Protess and Jessica Silver-Greenberg report in DealBook.
via More Legal Woes to Come for JPMorgan – NYTimes.com.