Financial Regulation

  • February 15, 2018
    Guest Post

    by Christopher Wright Durocher, Senior Director of Policy Development and Program, ACS 

    Acting director of the Consumer Financial Protection Bureau, Mick Mulvaney (who also serves as director of the Office of Management and Budget), once called the CFPB a “sick, sad” joke that “some of us would like to get rid of. . .” In the three months since he has taken charge of the consumer watchdog agency, Mulvaney has appeared intent on delivering his own punchline to that joke.

  • November 27, 2017
    Guest Post

    by Paul Bland, Executive Director, Public Justice

    It has become common knowledge in Washington that, if you want to bury bad news, the best time to do so is on a Friday afternoon, or over a holiday weekend. So it is especially telling that, when it came time to strike at one of the most effective agencies in the federal government, the Trump Administration chose a two-for and announced its plans for the Consumer Financial Protection Bureau on Friday evening over Thanksgiving weekend. While most of the country was (the White House hoped) distracted by black Friday sales and family gatherings, President Trump announced he had installed Mick Mulvaney – who once referred to the CFPB as a “sad sick joke” – as acting director of the agency. The move is just the latest in a long line of Presidential appointments designed to dismantle government agencies from the inside by placing their fiercest critics in charge of their work. But Trump’s move at the CFPB is probably illegal, politically risky, and could backfire in a big way.

  • October 27, 2017
    Guest Post

    by Isaac Bowers, Director of Law School Engagement & Advocacy, Equal Justice Works

    Many students reading this have an idea of what they want to do after they graduate law school. Whether it is to work in your community as a public defender, join a prestigious law firm as a new associate, or clerk for a judge at the state or federal level, each of you have chosen a different path to take. One option many law students forego in the hopes of a high paying private sector job is working in the public sector. This can include working for the government, a 501(c)3 nonprofit, or various legal aid organizations across the country. To better prepare yourself for a career in the public sector, there are many things you should know, and an important program you should fight to protect.

  • August 31, 2017
    Guest Post

    by Dan Froomkinstacks on stacks

    The ultra-high-end real estate business, where Donald Trump made a lot of his money, is the easiest place for oligarchs and others to launder large amounts of illicit cash.

    And because several of the lawyers on special counsel Robert Mueller’s team investigating Russian connections with the Trump presidential campaign are specialists in money-laundering and other financial crimes, some observers are speculating that he may be looking into Trump's past business dealings to see if any of those connections are relevant to the matter at hand.

  • February 22, 2017
    Guest Post

    by Maura Healey, Attorney General of Massachusetts*

    To pay for the hallmarks of a decent middle-class life, American families have found it increasingly necessary to borrow money. We tell our children that a college degree is essential for their success in the modern economy, but few students can afford the ever-increasing costs of higher education without incurring student loans. (1) We extoll the virtues and benefits of homeownership, but the high cost of housing requires most homeowners to have a mortgage loan. (2) As middle-class wages have remained stagnant, consumers have looked to credit to pay for essential expenses like transportation, medical bills, and childcare. As a result, many American households find themselves deeply in debt.

    Too often, these debts have proven to be disastrous. Countless students sought to learn essential job skills and borrowed heavily to do so, but instead became the victims of high-cost, fraudulent, for-profit schools that offered no meaningful vocational training. (3) Homeowners across the country are still grappling with the consequences of the predatory subprime mortgage loans that caused the financial crisis of 2008. (4) While debt may allow some families to succeed, debt cripples the aspirations and ambitions of many others— approximately seventy-seven million Americans have at least one delinquent debt on their credit report. (5) 

    Given the challenges that consumer debt poses to the economic security of so many people, I applaud the Harvard Law & Policy Review for devoting this issue to discussing the rights and obligations of creditors and debtors and to the appropriate policy responses to America’s ongoing struggles with debt.