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Jeff Sovern
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Here. Excerpt: * * * Affected businesses are likely to sue (in court, ironically) to try to block [the CFPB arbitration proposal]. In a move that conjures up the famous scene from “Blazing Saddles” in which Cleavon Little takes himself... Continue reading
Posted 7 hours ago at CL&P Blog
Jane R. Bambauer, Jonathan D. Loe, and D. Alex Winkelman, all of Arizona have written A Bad Education, 2016 University of Illinois Law Review ___ (Forthcoming). Here is the abstract: Mandated disclosure laws achieve their regulatory goals by educating the... Continue reading
Posted 2 days ago at CL&P Blog
by Jeff Sovern Hensarling calls the bill the Financial Choice Act. Make America Great for Banks Act is closer to the truth. Based on a quick look, the bill would give bank lobbyists power over the CFPB by subjecting it... Continue reading
Posted 3 days ago at CL&P Blog
InsideArm.com reports that it "has learned from multiple industry sources" that the CFPB will hold a Small Business Regulatory Fairness Enforcement Act (SBREFA) proceeding the week of August 22 in connection with the Bureau's forthcoming debt collection regulations. The Bureau... Continue reading
Posted 3 days ago at CL&P Blog
Oren Bar-Gill of Harvard and Omri Ben-Shahar of Chicago have written Optimal Defaults in Consumer Markets. Here's the abstract: The design of default provisions in consumer contracts involves an aspect that does not normally arise in other contexts. Unlike commercial... Continue reading
Posted 7 days ago at CL&P Blog
Amy Schmitz of Missouri has written Remedy Realities in Business-to-Consumer Contracting, 58 Arizona Law Review 213 (2016). Here is the abstract: Professor Jean Braucher greatly contributed to the exploration of consumer and contract law by questioning how the law operates... Continue reading
Posted Jun 17, 2016 at CL&P Blog
Martha T. McCluskey of SUNY Buffalo, Thomas Owen McGarity of Texas, Sidney A. Shapiro of Wake Forest, and James Goodwin and Mollie Rosenzweig, both of the Center for Progressive Reform, have written Regulating Forced Arbitration in Consumer Financial Services: Re-Opening... Continue reading
Posted Jun 16, 2016 at CL&P Blog
Here (behind paywall). The CFPB is one of the agencies that House Financial Services Chair Jeb Hensarling's bill would ubject to the appropriation process. Excerpt from the article: "There are many things to like about Chairman Hensarling's bill, particularly its... Continue reading
Posted Jun 16, 2016 at CL&P Blog
Here. Excerpt: “[House Financial Services Committee Jeb Hensarling would] gut Dodd-Frank and gut the Consumer Financial Protection Bureau,” said Deepak Gupta, a Washington lawyer who previously worked as senior counsel for the watchdog agency. “Jeb Hensarling is a wholly owned... Continue reading
Posted Jun 14, 2016 at CL&P Blog
by Jeff Sovern As a member of the consumer law professor community, I have learned from Senator Elizabeth Warren's work, admire her, worked with her staff, and exchanged emails with her (though we have never actually met). Consequently, I don't... Continue reading
Posted Jun 11, 2016 at CL&P Blog
by Jeff Sovern Yesterday the House Appropriations Committee reported out a bill that would convert the Bureau to a commission, subject it to the congressional appropriations process, and delay (perhaps forever) the adoption of the arbitration and payday lending rules.... Continue reading
Posted Jun 10, 2016 at CL&P Blog
ALI’s Proposed Restatement of Consumer Contracts – Perpetuating a Legal Fiction? By Dee Pridgen The members of the American Law Institute (ALI) are currently working on what may ultimately become “The Restatement of Consumer Contracts.” This project could provide an... Continue reading
Posted Jun 8, 2016 at CL&P Blog
House Financial Services Chair Jeb Hensarling has proposed a Republican alternative to the Dodd-Frank Act, to be called the Financial Choice Act. The Committee's summary of the portions of the bill that affect the CFPB are as follows: SECTION THREE:... Continue reading
Posted Jun 7, 2016 at CL&P Blog
or click here. Brilliant. Best line (and one I'm planning to use in my forthcoming FDCPA article): No good guy business model has ever been based on the logic of "what, don't worry about people's legal rights. I'm pretty sure... Continue reading
Posted Jun 6, 2016 at CL&P Blog
In the Times's DealBook. Excerpt: Conservative lawyers have been muttering about the constitutionality of the Consumer Financial Protection Bureau for years, but their best argument is pretty novel. It is a “death by a thousand cuts” separation of powers claim.... Continue reading
Posted Jun 6, 2016 at CL&P Blog
by Jeff Sovern According to a report in HousingWire, a CompassPoint report concludes the following: “Our channel checks estimate that shifting the CFPB’s governance from a directorship to a commission would double the bureau’s already elongated rulemaking timeline, cut its... Continue reading
Posted Jun 6, 2016 at CL&P Blog
Chris Jay Hoofnagle of Berkeley has written Privacy and Security Through the Lens of the Federal Trade Commission's Bureau of Economics. Here's the abstract: At the Federal Trade Commission (FTC), all privacy and security matters are assigned to a consumer... Continue reading
Posted Jun 3, 2016 at CL&P Blog
Kevin M. McDonald of VW Credit, Inc. has written Who's Policing the Financial Cop on the Beat? A Call for Judicial Review of the Consumer Financial Protection Bureau's Non-Legislative Rules, 35 Review of Banking and Financial Law, 224 (2015-2016). Here's... Continue reading
Posted Jun 2, 2016 at CL&P Blog
From the announcement: Key Industry and Policymaker Questions to be Addressed at the Conference:  Is subprime financing fueling a bubble in the market for used cars?  What are the parallels and differences between subprime auto lending today and... Continue reading
Posted Jun 1, 2016 at CL&P Blog
Here. Here's the beginning of the piece: Bill Doak and his wife, Linda, were preparing to buy a new house this spring when a mortgage broker made an ominous declaration after scanning their credit report: “Oh my God, you’re in... Continue reading
Posted May 31, 2016 at CL&P Blog
by Jeff Sovern Here. Excerpt: The draft bill approved by the House Appropriations Financial Services Subcommittee on Wednesday included a provision that would change the CFPB from a director-led agency to a bipartisan commission, as well as language that would... Continue reading
Posted May 31, 2016 at CL&P Blog
by Jeff Sovern From a BBC News report: The average Norwegian has 33 apps, the Norwegian Consumer Council says, whose terms and conditions together run longer than the New Testament. To prove the "absurd" length, the council got Norwegians to... Continue reading
Posted May 26, 2016 at CL&P Blog
A few weeks ago, we posted an item headed Announcement for Students and Others:Antitrust and Consumer Protection State Legislation Monitoring Initiative. The deadline for submissions has been moved to June 10. For convenience, I've reposted the announcement below the fold.... Continue reading
Posted May 25, 2016 at CL&P Blog
by Jeff Sovern The House Committee on Appropriations Subcommittee on Financial Services has released the draft of a bill it is considering that would hamstring the CFPB and at least temporarily preserve pre-dispute arbitration clauses, among other things. Here is... Continue reading
Posted May 25, 2016 at CL&P Blog