"Republican staff of the House Financial Services Committee have completed a legal analysis concluding there is sufficient basis for Congress to initiate contempt proceedings against Consumer Financial Protection Bureau Director Richard Cordray.
The staff report, which may be released as soon as this afternoon, describes how Mr. Cordray has defied a committee subpoena for documents related to his effort to ban arbitration agreements.
Mr. Cordray said the ban would protect consumers, but his own agency’s study suggests otherwise. Consumers who prevailed in arbitration recovered on average $5,389 while those who joined class actions received $32. Trial lawyers on average raked in $1 million...
The regulators are simply guessing the race of borrowers based on their last names and addresses in the loan files and then claiming racism if the people they guessed were minorities seemed to be paying higher rates.Read on!