Ed's Blog

Justice Department: Recess appointments to CFPB, NLRB were legal

By | Ed Mierzwinski
Consumer Program Director

Here's a link to a Reuters story that links to the Justice Department memo that confirms the president's legal authority to do last week's recess appointments of Rich Cordray to head the CFPB and three others to sit on the NLRB.

Professor's paper on "Industry's Misguided Quest to Undermine the CFPB"

By | Ed Mierzwinski
Consumer Program Director

Last fall, U.S. PIRG co-hosted, with Americans for Financial Reform and the Consumer Federation of America, an academic symposium featuring a discussion of a forthcoming paper by Professor Art Wilmarth of George Washington University Law School,  perhaps the nation's leading bank law scholar. I am pleased to report that a close-to-final draft of Professor Wilmarth's paper -- The Financial Services Industry’s Misguided Quest to Undermine the Consumer Financial Protection Bureau -- is now available for review at the AFR website and will be published in the Spring 2012 issue of the Review of Banking and Financial Law at Boston University Law School.

Yesterday the Supreme Court, Inc. - with only Ruth Bader Ginsburg dissenting -- took away consumer legal rights in Compucredit vs. Greenwood. The court said disputes needed to be resolved in arbitration proceedings -- not court. The company issues subprime "fee harvester" credit cards with upfront fees that swallow the teeny credit limits. It's previously been sued by both the FDIC and the FTC.

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