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Jeff Sovern
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Here. This is for offline credit card purchases. Surveillance capitalism indeed. Excerpt: Google’s new ability to match people’s offline credit card purchases to their online lives is a stunning display of surveillance capitalism in action. The capability, which Google unveiled... Continue reading
Posted 4 days ago at CL&P Blog
Here. Excerpt: Wells Fargo’s opening of millions of phony accounts using the names of its customers was perhaps the most significant bank scandal to come to light since the financial crisis. But Hensarling’s Financial Choice Act, which passed the House... Continue reading
Posted 5 days ago at CL&P Blog
Posted 6 days ago at CL&P Blog
Here. The whole article is worth reading, but here's an excerpt: Buried deep in President Donald Trump’s 2018 budget request to Congress—specifically, on page 158 out of 159 pages in the supplemental "Major Savings and Reforms" document—is a section headed... Continue reading
Posted 7 days ago at CL&P Blog
by Jeff Sovern We posted the first part of California-Irvine professor Leah Litman's take on the PHH case last week. Here is part two. Professor Litman offers a perspective on Humphrey's Exec, the Supreme Court case that held an independent... Continue reading
Posted 7 days ago at CL&P Blog
Consumer protection litigator Joel Winston wrote the article that prompted the fact check, and here is the fact check. Continue reading
Posted 7 days ago at CL&P Blog
Here, in a report by Ted Frank (who is objecting to the settlement) and Will Chamberlain about Kumar v. Salov North America Corp., . Excerpt: The class will probably recover about $320,000 in cash; roughly 65,000 class members jumped through... Continue reading
Posted May 22, 2017 at CL&P Blog
by Jeff Sovern Sometimes when credit card issuers send out mail solicitations, they experiment with different forms of notice to see which one generates a higher response rate. For example, they may send out one mailing to 10,000 people with... Continue reading
Posted May 21, 2017 at CL&P Blog
Here. Excerpt: Financial firms, spurred by the Trump administration’s promises to deregulate, hope to return to offering short-term, high-interest loans after being pushed out of the sector by Obama-era rules. Two leading trade groups, the American Bankers Association and Consumer... Continue reading
Posted May 20, 2017 at CL&P Blog
The House passed the bill in January. The bill provides that regulations imposing more than $100 million in costs would not take effect unless Congress affirmatively voted to approve them. The bill passed the Senate Homeland Security and Governmental Affairs... Continue reading
Posted May 19, 2017 at CL&P Blog
Here is a Reuters story to bring you up to date. And here is California-Irvine professor Leah Litman's take on the case. Continue reading
Posted May 19, 2017 at CL&P Blog
Here. According to Experian, in "2016, over 15 million Americans were victims of identity theft, up 16 percent from the previous year." Some upsetting findings: • Only half (49 percent) of respondents feel they are likely to become a victim... Continue reading
Posted May 18, 2017 at CL&P Blog
Here. The story reports that AT&T has nearly 150 million customers and that the eighteen claims were filed in the last two years. UPDATE: See comment by Gregory Gauthier below. Continue reading
Posted May 17, 2017 at CL&P Blog
One is by my co-author, Chris Peterson, in the Salt Lake Tribune. Here's an excerpt: [The Financial Choice Act] imposes the absurd requirement of an exhaustive economic study every time the agency opens a law enforcement case. The bill even... Continue reading
Posted May 17, 2017 at CL&P Blog
Here. As we have noted before, the OCC plays a role in consumer protection, such as joining with the CFPB and LA City Attorney in the investigation into the Wells Fargo phony accounts. The whole article is worth a read,... Continue reading
Posted May 15, 2017 at CL&P Blog
Here. Excerpt: [LA City Attorney Mike] Feuer said one of the key lessons of the Wells Fargo (WFC) scandal is the need to have a "very viable and muscular CFPB." * * * "It's true we brought the case in... Continue reading
Posted May 15, 2017 at CL&P Blog
by Jeff Sovern That's the decision in Midland Funding, LLC v. Johnson. But the decision about asserting time-barred claims seems to be limited to bankruptcy matters. As for whether the claim was deceptive or misleading, the Court noted that the... Continue reading
Posted May 15, 2017 at CL&P Blog
Here. Depressing excerpt: As director of the National Consumer Law Center’s Student Loan Borrower Assistance Project, Persis Yu spends her days doing pretty much exactly what her title implies — working on behalf of low-income student loan borrowers both helping... Continue reading
Posted May 12, 2017 at CL&P Blog
Here. Excerpt: [L]ast week’s appointment of the lawyer, Keith A. Noreika, to run the Office of the Comptroller of the Currency is unusual because it does not require him to sign the ethics pledge that President Trump is forcing on... Continue reading
Posted May 12, 2017 at CL&P Blog
Congress could have blocked the rule using the Congressional Review Act, but the deadline for the Senate vote appears to be tomorrow and it looks like the Senate won't get to it, and that even if it did, it might... Continue reading
Posted May 10, 2017 at CL&P Blog
The HIll has the story here. Chopra has a strong record of protecting consumers, having been the student loan ombudsman at the CFPB, and is currently at the Consumer Federation of America (we quoted him just last week). The FTC... Continue reading
Posted May 9, 2017 at CL&P Blog
Here, in the Times's Economic View column. Excerpt: [T]he Trump administration is taking us in the wrong direction, making student loans riskier, more expensive and more burdensome for borrowers. First, the Education Department has weakened accountability for the companies that... Continue reading
Posted May 8, 2017 at CL&P Blog