Meltdown: The Financial Crisis, Consumer Protection, and the Road Forward

Praeger (Verlag)
  • erschienen am 9. März 2017
  • |
  • 156 Seiten
E-Book | ePUB mit Adobe DRM | Systemvoraussetzungen
978-1-4408-4243-6 (ISBN)
Open for business in 2011, the CFPB was Congress's response to the financial catastrophe that shattered millions of middle-class and lower-income households and threatened the stability of the global economy. But only a few years later, with U.S. economic conditions on a path to recovery, there are already disturbing signs of the (re)emergence of the high-risk, high-reward credit practices that the CFPB was designed to curb. This book profiles how the Bureau has attempted to stop abusive and discriminatory lending practices in the mortgage and automobile lending sectors and documents the multilayered challenges faced by an untested new regulatory agency in its efforts to transform the broken--but lucrative--business practices of the financial services industry. Authors Kirsch and Squires raise the question of whether the consumer protection approach to financial services reform will succeed over the long term in light of political and business efforts to scuttle it. Case studies of mortgage and automobile lending reforms highlight the key contextual and structural conditions that explain the CFPB's ability to transform financial service industry business models and practices. Meltdown: The Financial Crisis, Consumer Protection, and the Road Forward is essential reading for a wide audience, including anyone involved in the provision of financial services, staff of financial services and consumer protection regulatory agencies, and fair lending and consumer protection advocates. Its accessible presentation of financial information will also serve students and general readers.
  • Englisch
  • Westport
  • |
  • USA
978-1-4408-4243-6 (9781440842436)
1-4408-4243-4 (1440842434)
weitere Ausgaben werden ermittelt
  • Cover
  • Title
  • Copyright
  • Contents
  • Foreword
  • Acknowledgments
  • 1. Introduction to a Meltdown
  • Maria Cruz
  • Elizabeth Warren
  • The Crash
  • Michael Barr
  • Consumer Protection
  • 2. Up from the Basement: The CFPB Begins to Take Shape
  • We Got What We Needed and the CFPB Worked Really Well on it
  • Richard Cordray: from Jeopardy to the Front Office
  • The Four DS
  • A Way Forward
  • 3. The Shattered Mortgage Market
  • Good Morning Ms. Cruz: Say Hello to Senator Hillary Clinton
  • Subprime Mortgages at the Federal Reserve: Fizz, Bubble, and Crash
  • Turmoil in the Mortgage Market: Enter the CFPB
  • The Consumer Bureau in Action: Qualified Mortgages and Ability to Repay
  • So, Where Do Things Stand?
  • 4. Auto Lending: The Deals and the Dealers
  • Auto Loans and Financial Channels: Maria Buys Her Taurus
  • Paying Auto Dealers to Broker Loans: Is There Anything Wrong with this Picture?
  • Uncertain Choices: The CFPB Debates its Course of Action
  • Political Power and Blowback: Brokers, Lenders, and the CFPB Collide in Auto Loan Space
  • Where is All of this Headed?
  • 5. The CFPB in Action: Did the Consumer Bureau Get What It Needed to Do What Was Necessary?
  • Afterword
  • Michael Barr
  • Notes
  • Index
  • About the Authors

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