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Jeff Sovern
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Gerrit De Geest of Washington University in St. Louis has written Rents: How Marketing Causes Inequality. Chapter One is available here. Here is the abstract: This working paper contains the introduction and first chapter of a forthcoming book on the... Continue reading
Posted 8 hours ago at CL&P Blog
by Jeff Sovern This isn't consumer law, strictly speaking, but I thought readers of the blog might be interested to know that the Trump administration's Treasury Department thinks banking is not a financial service. That interpretation has the effect of... Continue reading
Posted 3 days ago at CL&P Blog
Tamara R. Piety of Tulsa has written Advertising as Experimentation on Human Subjects. Here's the abstract: Within the industry, it is an article of faith that consumers distrust advertising. One reason for that distrust may be that they fear being... Continue reading
Posted Aug 5, 2018 at CL&P Blog
by Jeff Sovern That's the question David Dayen raises in an important essay in InTheseTimes, Trump Appointees Are Pushing a Deregulation Plan That Could Dramatically Erode Consumer Protections. As Dayen points out, in the run-up to the Great Recession, the... Continue reading
Posted Aug 4, 2018 at CL&P Blog
Rory Van Loo of BU has written Technology Regulation by Default: Platforms, Privacy, and the CFPB. Here's the abstract: In the absence of a technology-focused regulator, diverse administrative agencies have been forced to develop regulatory models for governing their sphere... Continue reading
Posted Aug 2, 2018 at CL&P Blog
by Jeff Sovern Here is a report by Kate Berry in the American Banker (behind paywall). A vote for her would be a vote for someone without experience in or any demonstrated knowledge of consumer law and for someone who... Continue reading
Posted Aug 1, 2018 at CL&P Blog
by Jeff Sovern David Dayen has coined the phrase, the "Mulvaney Discount," to describe the tendency of CFPB Acting Director Mick Mulvaney to settle cases for less than the original amount. As Dayen and others have pointed out, Mulvaney's CFPB... Continue reading
Posted Jul 28, 2018 at CL&P Blog
by Jeff Sovern We just posted to SSRN the draft of our article, Validation and Verification Vignettes: More Results from an Empirical Study of Consumer Understanding of Debt Collection Validation Notices, Forthcoming in the Rutgers U. L. Rev. (with Kate... Continue reading
Posted Jul 26, 2018 at CL&P Blog
So Bloomberg reports (no link available). Kraninger has until July 31 to answer any questions senators submitted after the hearing, so if any such questions were submitted, and she takes the full time allotted, that won't leave much time to... Continue reading
Posted Jul 26, 2018 at CL&P Blog
by Jeff Sovern So reports Nancy Cook, in Politico. The adviser is not identified. Excerpt: Mulvaney also has received accolades for his slow dismantling of the former CFPB, a brainchild of Elizabeth Warren’s that was created by Democrats in the... Continue reading
Posted Jul 25, 2018 at CL&P Blog
Jonathan Weinberg of Wayne State has written 'Know Everything that Can Be Known About Everybody': The Birth of the Credit Report, Villanova Law Review, Forthcoming. Here is the abstract: A remarkable amount of our personal information is in the hands... Continue reading
Posted Jul 21, 2018 at CL&P Blog
by Jeff Sovern In her written testimony, and again in her oral testimony, Kathy Kraninger, the president's nominee to head the CFPB, promised to be transparent and accountable. But her testimony yesterday, in which she said giving her personal opinion... Continue reading
Posted Jul 20, 2018 at CL&P Blog
by Jeff Sovern For years, Republicans have complained that they felt frustrated by the CFPB. During her confirmation hearing today, Kraninger got revenge on their behalf on Democrats by refusing to answer their questions. Here is an excerpt from Renae... Continue reading
Posted Jul 19, 2018 at CL&P Blog
Here, by Victoria Finkle (free content). Excerpt: Perhaps the biggest hurdle Kraninger will encounter is demonstrating a familiarity with the consumer protection laws she would be tasked with overseeing, given her lack of industry experience. Some in banking continue to... Continue reading
Posted Jul 18, 2018 at CL&P Blog
by Jeff Sovern Allied Progress has posted a list of ten questions for Kathy Kraninger at her confirmation hearing Thursday. The list includes many excellent questions, but I would love to see her also asked specific questions about consumer law... Continue reading
Posted Jul 17, 2018 at CL&P Blog
William McGeveran of Minnesota has written The Duty of Data Security, 102 Minnesota Law Review (2018, Forthcoming). Here is the abstract: As data breaches become larger and more frequent, the question naturally arises: what precautions does the law require of... Continue reading
Posted Jul 16, 2018 at CL&P Blog
by Jeff Sovern The president today issued an executive order creating a Task Force on Market Integrity and Consumer Fraud within the Department of Justice. It has a large number of members, including the CFPB director and chair of the... Continue reading
Posted Jul 11, 2018 at CL&P Blog
Leandra English has announced that she is leaving the CFPB next week in light of the nomination of a new director. Her attorney, CL&P blogger Deepak Gupta, has said that he will intends to file papers next week "to bring... Continue reading
Posted Jul 6, 2018 at CL&P Blog
Susan Block-Lieb of Fordham has written Cities as a Source of Consumers’ Financial Empowerment, 34 Emory Bankruptcy Developments J. 388 (2018). Here's the abstract: Although cities are a poor place to situate consumer protection regulation, especially “top down” efforts to... Continue reading
Posted Jul 5, 2018 at CL&P Blog
by Jeff Sovern Here. Kavanaugh, of course, took the position in PHH that the CFPB is unconstitutional as currently structured. Whether other potential nominees would have felt differently if they had decided PHH is unknown. Continue reading
Posted Jul 3, 2018 at CL&P Blog
by Jeff Sovern I don't often agree with J.W. Verret of George Mason, who formerly served as chief economist and counsel to Jeb Hensarling's House Financial Services Committee. But his warnings on CFPB director-nominee Kathy Kraninger deserve attention. Now he... Continue reading
Posted Jul 3, 2018 at CL&P Blog
Yan Zhang of the Office of the Comptroller of the Currency (OCC) has written Assessing Fair Lending Risks Using Race/Ethnicity Proxies, 64 Management Science (January 2018). Here is the abstract: Fair lending analysis of non-mortgage credit products often involves proxying... Continue reading
Posted Jul 2, 2018 at CL&P Blog
The issue is whether the FDCPA applies to non-judicial foreclosure proceedings. The case is Obduskey v. McCarthy & Holthus LLP. More from SCOTUSBlog here. Continue reading
Posted Jul 1, 2018 at CL&P Blog
by Jeff Sovern When I surveyed consumer law professors about the content of their courses, I also asked them whether they read consumer contracts and mandated disclosures in their personal lives. Here is an excerpt, but the article has more:... Continue reading
Posted Jun 30, 2018 at CL&P Blog