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Jeff Sovern
Recent Activity
by Jeff Sovern Why this week? Deepak Gupta speculated on Twitter: Why is GOP pushing this vote now? Possibly to get ahead of hearings next week at which Equifax and Wells Fargo execs will have to testify. But if that's... Continue reading
Posted 8 hours ago at CL&P Blog
The letter is here. Marketwatch has a report headlined 400 college professors say you should be able to sue Equifax and other financial institutions. Excerpt from the report: The professors are sending the letter Monday because it is Sept. 25,... Continue reading
Posted 12 hours ago at CL&P Blog
by Jeff Sovern Reuters has a report here. Excerpt: The U.S. consumer finance watchdog agency is expected to punish Equifax for its cyber breach with the wide-ranging powers it has used with Wall Street, former agency officials and lawyers said... Continue reading
Posted yesterday at CL&P Blog
by Jeff Sovern A frequent claim by class action critics is that we don’t need class actions because we have regulators. For example. Alan Kaplinsky recently tweeted that class actions were not needed in the wake of the Equifax scandal... Continue reading
Posted 2 days ago at CL&P Blog
by Jeff Sovern More here. We can expect that the senators will attempt to outdo each other in attacking Mr. Smith, but that some will still try to protect Equifax when the cameras are off, by weakening regulators (as some... Continue reading
Posted 3 days ago at CL&P Blog
by Jeff Sovern The latest example is an op-ed by Dean Clancy, a former senior Republican official in Congress and the White House, in the American Banker, CFPB arbitration rule is an undeniable win for consumers. Clancy takes issue, as... Continue reading
Posted 3 days ago at CL&P Blog
by Jeff Sovern That's the question discussed in Ian McKendry's article in the American Banker, GOP undeterred by Wells, Equifax in seeking arbitration rule repeal. Arbitration advocates hope and predict it won't, as this except shows: "I don't necessarily want... Continue reading
Posted 3 days ago at CL&P Blog
by Jeff Sovern Evidently some financial institutions see benefits in class actions. As American Banker's Kevin Wack reports here, Wisconsin's Summit Credit Union has filed a class action against Equifax. I guess Summit's contract with Equifax doesn't have an arbitration... Continue reading
Posted 4 days ago at CL&P Blog
Here. The whole column is definitely worth a read, but here's an excerpt: The FCRA Liability Harmonization Act is particularly noxious. Authored by Rep. Barry Loudermilk (R-Ga.), the bill would cap actual and statutory damages for class actions involving credit... Continue reading
Posted 4 days ago at CL&P Blog
by Jeff Sovern On Saturday, I posted an entry, Kaplinsky & Levin Concede "Consumers rarely pursue individual arbitration" But Miss Mark on Why. Maybe it irritated Alan and Mark, because they then posted Professor Sovern Disagrees with Senator Warren and... Continue reading
Posted 5 days ago at CL&P Blog
by Jeff Sovern Earlier this week, Senator Elizabeth Warren issued a press release about the responses she had received from Bank CEOs to her questions about the CFPB's arbitration rule, Responses from Bank CEOs Demonstrate Positive Impact of CFPB Arbitration... Continue reading
Posted Sep 16, 2017 at CL&P Blog
Here, in the LA Times. Excerpt: First, visit the company’s often crashing Web page to check if your information was compromised. Then decide whether to sign up for the one year of free credit monitoring, * * * Next, the... Continue reading
Posted Sep 16, 2017 at CL&P Blog
by Jeff Sovern Equifax is, as expected, turning into a huge consumer protection story and as with many such stories, it is generating so much news that not only is it hard to keep up, it seems easier to give... Continue reading
Posted Sep 15, 2017 at CL&P Blog
by Jeff Sovern Yesterday, the House passed an appropriations bill that incorporates provisions from the Financial Choice Act that would cripple the CFPB. According to Law360: The base bill would make a number of changes to the CFPB, including bringing... Continue reading
Posted Sep 15, 2017 at CL&P Blog
by Jeff Sovern Here. The customers in question had purchased Equifax's credit monitoring service. You know, the service it's now offering for free. Oh, and in addition to the CFPB investigation, the NY AG's investigation, and the class actions, the... Continue reading
Posted Sep 14, 2017 at CL&P Blog
by Jeff Sovern Brian posted earlier about a letter from senators on the Equifax breach. Not to be outdone, the two dozen Democrats on the House Energy and Commerce Committee have written their own letter to Equifax, raising numerous questions... Continue reading
Posted Sep 12, 2017 at CL&P Blog
by Jeff Sovern I wanted to comment on a couple of op-eds opposing the CFPB arbitration rule. One is Joseph Cioffi's piece in the American Banker, headlined CFPB arbitration rule will still pose costs to consumers. Though Cioffi (Chair of... Continue reading
Posted Sep 11, 2017 at CL&P Blog
by Jeff Sovern I'm still trying to make sense of the arbitration situation in connection with the Equifax breach. Here is how I see it at the moment. Comments welcome. Our story so far: after hackers invaded the Equifax database,... Continue reading
Posted Sep 9, 2017 at CL&P Blog
Here . Excerpt: The Equifax revelations come at exactly the wrong time for Republicans, who had been hoping as late as Thursday to rapidly push ahead next week on a vote to overturn the rule. * * * * *... Continue reading
Posted Sep 8, 2017 at CL&P Blog
by Jeff Sovern Scott posted yesterday about the Equifax data breach, which may end up being as significant a consumer scandal as the Wells Fargo unauthorized account fiasco. As has been pointed out elsewhere, the disclosure of the Equifax announcement... Continue reading
Posted Sep 8, 2017 at CL&P Blog
From Paul Bland in HuffPo, CFPB Rule Fight Forces Senators to Choose: Military Families or Big Banks. Excerpt: When Gary Childress of Raleigh, North Carolina learned in July 2008 that he was being deployed to Iraq as part of his... Continue reading
Posted Sep 6, 2017 at CL&P Blog
Brian D. Feinstein a Bigelow Fellow at Chicago has written Judging Judicial Foreclosure. Here is the abstract: For the third time in the last several decades, policymakers are contemplating an overhaul of mortgage-finance regulations. Despite the considerable attention paid to... Continue reading
Posted Sep 3, 2017 at CL&P Blog
by Jeff Sovern Housing Wire reports on mortgage origination costs in a report headlined MBA: The cost to produce a mortgage falls closer to historic lows, with a subhead reading "Independent mortgage bank production profitability improves." Reports like this make... Continue reading
Posted Sep 1, 2017 at CL&P Blog
Stephen J. Ware of Kansas has written The Centrist Case for Enforcing Adhesive Arbitration Agreements, Forthcoming in the Harvard Negotiation Law Review. Here is the abstract: "The Politics of Arbitration Law and Centrist Proposals for Reform", 53 Harvard J. on... Continue reading
Posted Aug 28, 2017 at CL&P Blog
Here, at The Clearinghouse Blog. Excerpt (footnote omitted): Recently, one hears opponents of regulatory reform arguing that there is no need for regulatory reform because banks are making "record profits." The argument is quite puzzling, but we’ve heard it enough... Continue reading
Posted Aug 27, 2017 at CL&P Blog