Thu07162020

Robins Global News & Noticias



COVID-19 Map Tracker | COVID-19 News Features


  • Career Exam Study
    Career Exam Study
  • E-commerce Guide
    E-commerce Guide
  • Dropshipping Guide
    Dropshipping Guide
  • Microsoft Exam
    Microsoft Exam
  • IT Career News
    IT Career News

RobinsPost News Network

+ Larger Font | - Smaller Font
Share

Consumer Daily Reports

Consumer News: Supreme Court keeps CFPB in place but says President can fire its director at will

Photo
Photo (c) AndreyPopov - Getty Images
In a 5-4 decision on Monday, the U.S. Supreme Court gave the Consumer Financial Protection Bureau (CFPB) the all-clear to continue operating as it has been for more than 10 years, but it said the President of the United States can remove its director anytime and “at will.”

The CFPB has been the consumer’s best friend ever since the 2008 financial crisis went down. The bright idea of Sen. Elizabeth Warren, Congress established the bureau with one task and one task only: ensure that consumer debt products are safe and transparent. 

The “big number on Dodd-Frank”

To date, the Bureau has done its job well. As of its 2017 audit, it had returned close to $12 billion to consumers through 2017.

But things changed rapidly when President Donald Trump moved into the White House. Less than a month after Trump took office, he promised to do "a big number on Dodd-Frank," the consumer protection legislation that enabled the creation of the Bureau. 

The Dodd-Frank legislation says the President can remove the director of the Bureau for "inefficiency, neglect of duty, or malfeasance in office,” so that’s what Trump did.

The Bureau can still do its job, but…

The Supreme Court decision sided with Seila Law -- a California law firm which was in the crosshairs of the CFPB over promotions of debt relief services. The firm previously said that the CFPB’s leadership by a single director who was removable “for cause” ignored the U.S. Constitution’s separation of powers rule.

Not only that, but the Court said that the Bureau’s director can be removed by the President of the United States “at will.”

“The agency may ... continue to operate, but its Director, in light of our decision, must be removable by the President at will,” Chief Justice John Roberts wrote in his majority decision, a pro-conservative opinion.

Fighting back, Justice Elena Kagan and her three liberal colleagues said that their conservative counterparts took away what allowed the CFPB to be effective -- it’s immunity from Washington politics.

“Today’s decision wipes out a feature of that agency its creators thought fundamental to its mission -- a measure of independence from political pressure,” Kagan wrote.

The decision could hurt consumers

Soon after news of the decision went live, consumer watchdog group Allied Progress said that it’s a sad day when an administration’s consumer financial policy can be swayed by the highest bidder and have the power to fire a director on the spot for putting the interests of consumers ahead of the wish lists of donors. 

“Bottom line: this industry-backed case had nothing to do with what the Bureau is in a legal sense and everything to do with what it does, which is hold bad financial actors responsible while recovering billions of dollars on behalf of cheated consumers,” said Jeremy Funk, spokesman for Allied Progress. 

“Greedy banks, predatory lenders, and other financial scammers won’t stop until the agency is fully dismantled.”



Posted: 2020-06-29 18:56:41

Get Full News Story On Consumer Affairs


Listen to this article. Speaker link opens in a new window.
Text To Speech BETA Test Version.






YouTube Consumer News Playlists

Consumer Video: 2020 Tesla Model Y First Impressions | Talking Cars with Consumer Reports #263


Related Videos On: 2020 Tesla Model Y First Impressions | Talking Cars with Consumer Reports #263

Published: 13th Jul 2020 03:43:32   By: Consumer Reports

Consumer Video: 2021 Toyota RAV4 Prime First Impressions; Ford's Unveiling of the 2021 F-150 | Talking Cars #262


Related Videos On: 2021 Toyota RAV4 Prime First Impressions; Ford's Unveiling of the 2021 F-150 | Talking Cars #262

Published: 3rd Jul 2020 04:00:12   By: Consumer Reports

Consumer Video: Mini Projector Tips for a Backyard Movie Night | Consumer Reports


Related Videos On: Mini Projector Tips for a Backyard Movie Night | Consumer Reports

Published: 2nd Jul 2020 09:44:41   By: Consumer Reports

Consumer Video: How to Stain a Wood Deck | Consumer Reports


Related Videos On: How to Stain a Wood Deck | Consumer Reports

Published: 2nd Jul 2020 02:03:21   By: Consumer Reports

Consumer Video: 2020 Audi Q3 Test Results; Ford's All-new (Handsfree) Active Drive Assist System | Talking Cars #261


Related Videos On: 2020 Audi Q3 Test Results; Ford's All-new (Handsfree) Active Drive Assist System | Talking Cars #261

Published: 26th Jun 2020 09:00:15   By: Consumer Reports

Car Video: Cheap Sedan Road Trip - 1,000 miles of fear - Big Sedan Challenge - Long Term #5 | Everyday Driver


Related Videos On: Cheap Sedan Road Trip - 1,000 miles of fear - Big Sedan Challenge - Long Term #5 | Everyday Driver

Published: 9th Jul 2020 07:59:50   By: EverydayDriver

Car Video: Fixing the BMW 4-series - BeaverTeef - Paul Designs | Everyday Driver


Related Videos On: Fixing the BMW 4-series - BeaverTeef - Paul Designs | Everyday Driver

Published: 2nd Jul 2020 08:00:27   By: EverydayDriver

Car Video: King of the Hot Hatch - Civic Type-R vs Focus RS - TV Season 3 Ep. 3 | Everyday Driver


Related Videos On: King of the Hot Hatch - Civic Type-R vs Focus RS - TV Season 3 Ep. 3 | Everyday Driver

Published: 27th Jun 2020 04:00:11   By: EverydayDriver

Car Video: Canyon Running - How Tos and Headspace | Everyday Driver


Related Videos On: Canyon Running - How Tos and Headspace | Everyday Driver

Published: 25th Jun 2020 08:18:09   By: EverydayDriver

Car Video: Subaru Ascent - Cupholders on Clearance - Fast Blast | Everyday Driver


Related Videos On: Subaru Ascent - Cupholders on Clearance - Fast Blast | Everyday Driver

Published: 18th Jun 2020 07:50:36   By: EverydayDriver

Product Review Video: I let Insta360's AI edit my skate video


Related Videos On: I let Insta360's AI edit my skate video

Published: 16th Jul 2020 12:00:11   By: CNET

Product Review Video: Peacock app walkthrough and first impressions


Related Videos On: Peacock app walkthrough and first impressions

Published: 16th Jul 2020 03:00:18   By: CNET

Product Review Video: Nintendo Switch 2: What we want to see


Related Videos On: Nintendo Switch 2: What we want to see

Published: 15th Jul 2020 05:00:04   By: CNET

Product Review Video: The Origami King might be the best Paper Mario game yet


Related Videos On: The Origami King might be the best Paper Mario game yet

Published: 15th Jul 2020 01:00:10   By: CNET

Product Review Video: TikTok trouble: Why the US may try to ban the app


Related Videos On: TikTok trouble: Why the US may try to ban the app

Published: 15th Jul 2020 01:00:57   By: CNET

FTC Video: FTC Hearing: Emerging Competition, Innovation, and Market Structure - Nov. 14, 2018 - Session 2


Related Videos On: FTC Hearing: Emerging Competition, Innovation, and Market Structure - Nov. 14, 2018 - Session 2

Published: 13th Jul 2020 04:40:54   By: FTCvideos

FTC Video: FTC Hearing: Economics of Online Advertising; Competition and Consumer...- Nov. 7, 2018 - Session 3


Related Videos On: FTC Hearing: Economics of Online Advertising; Competition and Consumer...- Nov. 7, 2018 - Session 3

Published: 10th Jul 2020 08:25:27   By: FTCvideos

FTC Video: FTC Hearing: Remedies for Competition Problems in Data Markets - Nov. 7, 2018 - Session 2


Related Videos On: FTC Hearing: Remedies for Competition Problems in Data Markets - Nov. 7, 2018 - Session 2

Published: 10th Jul 2020 06:19:04   By: FTCvideos

FTC Video: FTC Hearing: Antitrust Analysis of Data - November 7, 2018 - Session 1


Related Videos On: FTC Hearing: Antitrust Analysis of Data - November 7, 2018 - Session 1

Published: 10th Jul 2020 05:03:27   By: FTCvideos

FTC Video: FTC Hearing: Presentations from Competition and Consumer Protection in... -Nov. 6, 2018 - Session 4


Related Videos On: FTC Hearing: Presentations from Competition and Consumer Protection in... -Nov. 6, 2018 - Session 4

Published: 7th Jul 2020 08:44:55   By: FTCvideos

DIY Video: Ricotta Malt Cheesecake | FOOD | Great Home Ideas


Related Videos On: Ricotta Malt Cheesecake | FOOD | Great Home Ideas

Published: 16th Jul 2020 12:30:08   By: Great Home Ideas

DIY Video: Plant Collector | GARDEN | Great Home Ideas


Related Videos On: Plant Collector | GARDEN | Great Home Ideas

Published: 14th Jul 2020 12:30:03   By: Great Home Ideas

DIY Video: Hand Crafted Wooden Horses| INDOOR | Great Home Ideas


Related Videos On: Hand Crafted Wooden Horses| INDOOR | Great Home Ideas

Published: 12th Jul 2020 12:30:01   By: Great Home Ideas

DIY Video: Honey Cake | FOOD | Great Home Ideas


Related Videos On: Honey Cake | FOOD | Great Home Ideas

Published: 11th Jul 2020 12:30:01   By: Great Home Ideas

DIY Video: Pork and Potato Fritters | FOOD | Great Home Ideas


Related Videos On: Pork and Potato Fritters | FOOD | Great Home Ideas

Published: 10th Jul 2020 12:30:04   By: Great Home Ideas

Business Video: Morgan Stanley Posts Record Profit on Second-Quarter Trading Boom


Related Videos On: Morgan Stanley Posts Record Profit on Second-Quarter Trading Boom

Published: 16th Jul 2020 12:13:06   By: Bloomberg Markets and Finance

Business Video: Carson Block Warns Tesla Short Sellers: ‘I Wouldn’t Do That’


Related Videos On: Carson Block Warns Tesla Short Sellers: ‘I Wouldn’t Do That’

Published: 16th Jul 2020 10:48:02   By: Bloomberg Markets and Finance

Business Video: EU Bourse Access Is Extremely Important, Says SIX CEO


Related Videos On: EU Bourse Access Is Extremely Important, Says SIX CEO

Published: 16th Jul 2020 09:07:15   By: Bloomberg Markets and Finance

Business Video: BlackRock’s Li Upgrades View on European Equities


Related Videos On: BlackRock’s Li Upgrades View on European Equities

Published: 16th Jul 2020 07:08:20   By: Bloomberg Markets and Finance

Business Video: China Returns to Growth; Not Out of the Woods Yet, BofA Says


Related Videos On: China Returns to Growth; Not Out of the Woods Yet, BofA Says

Published: 16th Jul 2020 03:29:32   By: Bloomberg Markets and Finance



Related News Stories From The Web And More

Related Bing News Search Results

Consumer News: Supreme Court keeps CFPB in place but says President can fire its director at will | Consumer Daily Reports | RobinsPost News Network - Newscast

Navient argument against CFPB: Lawsuit was unconstitutional, ratification pointless

Wed, 15 Jul 2020 06:43:00 GMT

who was unable to fire the director. That was unconstitutional, SCOTUS ruled. Navient says it shows the CFPB never had constitutional authority to bring the lawsuit in the first place.

FHFA's challenge: Convincing Supreme Court it's not CFPB

Tue, 14 Jul 2020 18:00:00 GMT

A recent ruling declaring the Consumer Financial Protection Bureau’s structure unconstitutional signaled that a similar outcome awaits the Federal Housing Finance Agency. But the FHFA will argue in a ...

Supreme Court says president can fire Consumer board head ‘at will’

Mon, 29 Jun 2020 13:14:00 GMT

The sun rises behind the Supreme Court on Capitol Hill in Washington, Monday, June 29, 2020. (Patrick Semansky/AP) WASHINGTON — The Supreme Court on Monday made it easier for the president to ...

Supreme Court keeps CFPB in place but says President can fire its director at will

Mon, 29 Jun 2020 12:00:00 GMT

but it said the President of the United States can remove its director anytime and “at will.” The CFPB has been the consumer’s best friend ever since the 2008 financial crisis went down.

Court backs president's right to fire CFPB director

Mon, 29 Jun 2020 11:34:00 GMT

Previously, the CFPB director could only be removed by the president for "inefficiency ... a flat-fee model of dealership compensation in place of dealer reserve to avoid enforcement actions.

Related News Story Videos From Youtube






Blow Us A Whistle

Comments (Whistles) Designed By Disqus




Company Information

Official Content Providers











PRIVACY POLICY

We recommend Firefox 3 (and above), Edge, and Chrome for dynamic performance.
© 2008-2020 RobinsPost (The Bird's Eye View Company) All rights are reserved.
RobinsPost provides links to news sites based on their RSS feeds.
All trademarks, copyrights, videos, photos and logos are owned by news sources.
News stories, videos and live streams are from trusted sources:
Bing News, Google News, Faroo News, NewsApi.org and YouTube Search Results.
ROBINSPOST Is Proudly Made In America.
Where Quality, Safety and Service Comes First.