Consumer Law

Some Seeming Disappointments in the CFPB Bill

By Jeff Sovern

by Jeff Sovern

I haven't read the conference Dodd-Frank bill yet, so take this with a grain of salt, but judging by Gretchen Morgenson's column in today's Times, it is a long way from a complete victory for consumers. Of course, the auto dealers won their carve-out, and Morgenson's column indicates that the conferees went with the Senate version of preemption, meaning that the OCC can declare state consumer protection laws preempted even if federal law does not provide for corresponding protection, and the Financial Stability Oversight Council can override CFPB rules.  I'm sure the bill is still worth supporting, but losing on all three of those is disappointing.

Full post as published by CL&P Blog on June 27, 2010 (boomark / email).