Articles by: Michael Benoit

Mick Mulvaney, acting director of the CFPB, photo by Gage Skidmore via Flickr.

3 Possible Resolutions CFPB’s Mulvaney Has for 2018

As I was thinking about the things I want to accomplish personally in the new year, I pondered what the Consumer Financial Protection Bureau’s Acting Director Mick Mulvaney might be thinking about for the direction of bureau’s activities in 2018. As such, I am suggesting three resolutions Mulvaney might considerRead More

© Can Stock Photo / zolnierek

How Does Congress’s Action Impact the CFPB’s Ability to Prohibit Arbitration Clauses?

In a nail-biter of a session, the Senate voted late in the evening on Oct. 24, to invalidate the Consumer Financial Protection Bureau’s recently finalized arbitration rule. The vote on the joint resolution — which had passed the House earlier this year — was 51 to 50 with Vice PresidentRead More

Is an Effort Afoot to Improve Repo Communications?

Is an Effort Afoot to Improve Repo Communications?

In the September issue of the Consumer Financial Protection Bureau’s Supervisory Highlights — in which CFPB supervision staff reports on issues they are seeing in the context of examinations — the staff addresses one of the more axiomatic and frustrating realities facing creditors — trying to retract a repossession order.Read More

Compliance Insider: The Cynic Returns

Compliance Insider: The Cynic Returns

You may recall that last month I wrote about how a cynic might view the Consumer Financial Protection Bureau’s arbitration rule and its corresponding ban on class-action waivers in predispute arbitration agreements. My cynic held the view that the rule, while purporting to be only a ban on waivers, wasRead More

The Cynic’s View on the CFPB Arbitration Rule

The Cynic’s View on the CFPB Arbitration Rule

On July 10, the Consumer Financial Protection Bureau issued the final version of its arbitration rule banning consumer financial services providers from enforcing federal or state court class-action waivers in pre-dispute arbitration agreements. The rule — which takes effect Sept. 19 and with which compliance will be required in MarchRead More

How the Supreme Court Turned Debt Collection Into a Grammar Lesson

How the Supreme Court Turned Debt Collection Into a Grammar Lesson

On June 12, the Supreme Court settled a question about the status of debt buyers under the Fair Debt Collection Practices Act (FDCPA) that has been the subject of uncertainty for years: “Is a person who purchases debt for his own account a debt collector if he tries to collectRead More

Choice … or No Choice?

Choice … or No Choice?

How’s that Dodd-Frank reform — the Financial Choice Act — coming along? Unless you’ve been under a rock for the last month, you’ll have noticed that things are not going so well for the Trump administration, and by extension, Republicans in the House and Senate. Between the Russia investigation, the FBI director’sRead More