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Casebook Read Credits
Regulation of Financial Institutions – Fall 2015
Section 7 . 1

Class Twenty-Nine: December 3, 2014

Howell E. Jackson

As a prelude to our discussion of the CFPB, take a look at the Christmas Eve Closing case study, which reviews the mortgage financing and refinancing decisions of a Massachusetts couple back in 2002. We then turn to the Consumer Financial Protection Bureau (CFPB), starting with an overview of the agency (drawing on Adam J. Levitin, 32 Rev. Banking & Fin. Law, The Consumer Financial Protection Bureau: An Introduction, 321 (2012-2013)) and its initial two years of activities (as reported in Bipartisan Policy Center, The Consumer Financial Protection Bureau: Measuring the Progress of a New Agency (Sept. 2013), which you need only skim). As you review the BPC document, consider the extent to which the Bureau’s early rulemaking efforts have addressed the problems underlying the Christmas Eve Closing (Aug. 25, 2010) (HBS Case Study 9-209-043). Finally, we will turn to the legal issues raised by the recess appointment of Director Cordray and also the Bureau's UDAAP Powers. Make sure you look at the research paper posted on this last subject. See also Notice of Ratification, 78 Fed. Reg. 53,734 (Aug. 30, 2013).

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