Articles by: Michael Benoit

Compliance Insider: Another Step Too Far

Compliance Insider: Another Step Too Far

The Consumer Financial Protection Bureau recently issued a proposed rule to regulate “Payday, Vehicle Title, and Certain High-Cost Installment Loans.” It purports to cover two categories of loans: Among other things, the proposed rule looks to treat both categories of loans as illegal to the extent the lender does notRead More

Compliance Insider: Politics, Populism, and Polarism

Compliance Insider: Politics, Populism, and Polarism

In yet another example of misplaced priorities, the Consumer Financial Protection Bureau issued its long-awaited proposed arbitration rule. It is, for the most part, consistent with Director Richard Cordray’s comments to the American Constitution Society (described in my April 2016 column) and generally bans class-action waivers in arbitration agreements relatingRead More

Compliance Insider: Write a Rule

Compliance Insider: Write a Rule

On March 9, Consumer Financial Protection Bureau Director Richard Cordray addressed the CBA Live conference in Phoenix. He focused on the successes he perceives in the agency, i.e., improved supervision processes, the consumer complaint portal, and increased transparency through vehicles such as its periodic Supervisory Highlights. He also defended theRead More

Compliance Insider: Please Pass the Gravy

Compliance Insider: Please Pass the Gravy

On Feb 18, Consumer Financial Protection Bureau Director Richard Cordray made remarks to the American Constitution Society (ACS) regarding the ills of mandatory pre-dispute arbitration clauses, in particular, those containing class-action waivers. It was a friendly audience; the ACS is the liberal corollary to the conservative Federalist Society. Put anotherRead More

Compliance Insider: Nobody Likes a Bully

Compliance Insider: Nobody Likes a Bully

The Consumer Financial Protection Bureau is under increasing fire for its questionable fair lending enforcement activities, both in the media, and in the U.S. Congress. It’s about time that both groups started asking questions, and it’s time the American public started weighing in as well. There is much good theRead More

Compliance Insider: Blurred Lines

Compliance Insider: Blurred Lines

By “blurred lines,” I don’t mean the controversial, chauvinistic and wildly successful hit song by Robin Thicke/T.I./ Pharrell Williams (and Marvin Gaye?). Artistic license in music and lyrics is a component of the craft. The same can’t be said, however, for government speech. Any government pronouncement should clearly express itsRead More