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Jeff Sovern
Recent Activity
by Jeff Sovern Several names have surfaced. Both the NY Times and the Wall Street Journal have mentioned the possibility of George Mason Law professor Todd Zywicki. The American Banker has a slide show of potential directors here (free content).... Continue reading
Posted yesterday at CL&P Blog
by Jeff Sovern Some arbitration clauses permit consumers to opt out of arbitration and class action waivers provided the consumer acts within a stated period. For example, Asana provides in § 13.8 of its Terms of Service for a 30-day... Continue reading
Posted 4 days ago at CL&P Blog
The story is in the American Banker. The theory is that by refusing to rule out a run for the governorship of Ohio, Cordray led Trump to believe that he could avoid the political heat he would take by firing... Continue reading
Posted 5 days ago at CL&P Blog
by Jeff Sovern Bloomberg is reporting in a story headlined Senate Clears Way for Ex-Mnuchin Deputy to Lead Bank Regulator, that: Senate Majority Leader Mitch McConnell has filed a motion to kick off debate and an eventual vote to appoint... Continue reading
Posted 5 days ago at CL&P Blog
The ABA Antitrust Consumer Protection Committee is seeking law professors to judge a law student writing competition on he Tension Between Truth in Advertising Restrictions and First Amendment Free Speech Rights. Submissions are to be due by April 1, 2018... Continue reading
Posted 6 days ago at CL&P Blog
by Jeff Sovern Here (the content appears to be free). Excerpt: After the GOP captured the U.S. House majority in 2010, Republicans quickly went to work trying to * * * undercut the Dodd-Frank Act and the Consumer Financial Protection... Continue reading
Posted Nov 9, 2017 at CL&P Blog
by Jeff Sovern Phishing emails purporting to come for financial institutions and others have long been an unfortunate fact of life for consumers (for a reports of phishing emails supposed to be from the Office of the Comptroller of the... Continue reading
Posted Nov 8, 2017 at CL&P Blog
by Jeff Sovern The banking industry opposed the Credit Card Act of 2009 on the ground that it would reduce the availability of credit. We heard the same objection to 2010's Dodd-Frank Act. So you might think that it would... Continue reading
Posted Nov 4, 2017 at CL&P Blog
by Jeff Sovern So reports MarketWatch. If the bill is enacted, students will effectively have to pay more for student loans and some schools will have a harder time helping with scholarships because their endowments will be smaller than they... Continue reading
Posted Nov 3, 2017 at CL&P Blog
by Jeff Sovern According to a CNBC story, Trump wants to sack consumer protection chief but is afraid of turning him into hero for the left, during the signing of the resolution to rescind the CFPB arbitration rule, a session... Continue reading
Posted Nov 3, 2017 at CL&P Blog
by Jeff Sovern The American Banker ran a story, Will Hensarling's next job be in Trump administration? on a variety of matters. As for Hensarling, the story reported speculation that he might be appointed to run the Federal Housing Finance... Continue reading
Posted Nov 1, 2017 at CL&P Blog
Here. The report is based on a statement by an unidentified White House aide. The signing is to take place tomorrow. Continue reading
Posted Oct 31, 2017 at CL&P Blog
by Jeff Sovern So reports the Dallas Morning News. Representative Hensarling is a strong believer in the free market, despite the evidence that it doesn't always work. I hope that this does not mean Hensarling would be the president's nominee... Continue reading
Posted Oct 31, 2017 at CL&P Blog
by Jeff Sovern Allison blogged earlier about CFPB Director Cordray's letter to the president urging him to allow the CFPB arbitration rule to go into effect. While it would be wonderful if the president did so, there are many reasons... Continue reading
Posted Oct 30, 2017 at CL&P Blog
by Jeff Sovern The landing page is here. Here is an excerpt from one story, Kicking in Doors and Crushing Credit: How Rent-A-Center Torments Customers, though other stories on the web site merit attention, and there is more to this... Continue reading
Posted Oct 30, 2017 at CL&P Blog
Here, in The Conversation. Excerpt: The House of Representatives has passed a bill that would cripple the CFPB by, for example, taking away the power it used to fine Wells Fargo for opening illegal accounts and concealing its complaint database... Continue reading
Posted Oct 26, 2017 at CL&P Blog
by Jeff Sovern . . . or it could come later in the week. Or not. My speculation is that the Senate leadership will call the vote if they think they have the votes to pass the resolution but otherwise... Continue reading
Posted Oct 24, 2017 at CL&P Blog
by Jeff Sovern The article, by Kate Berry and Ian McKendry, is headlined Fight to kill CFPB arbitration rule could rest on whose data is right. Here's some of what the article says about the OCC claims, though the article... Continue reading
Posted Oct 24, 2017 at CL&P Blog
by Jeff Sovern The story is headlined 'Plague on both your houses': Cordray, Noreika get scolding from statisticians. Excerpt: " * * * There isn’t strong evidence either way,” said Bruce Meyer, a professor at the University of Chicago. “There... Continue reading
Posted Oct 22, 2017 at CL&P Blog
by Jeff Sovern The piece is by Richard Coniff and is titled Why We Don’t Vote With Our Wallets. Excerpt: [W]e get bored and look away from the dull crimes companies commit every day, like Wells Fargo foisting phony accounts... Continue reading
Posted Oct 22, 2017 at CL&P Blog
by Jeff Sovern Much has been made of the fact that the day the Equifax breach became public, Congress held a hearing on bills that would have limited damages credit bureaus would have to pay for misconduct. This past Tuesday,... Continue reading
Posted Oct 20, 2017 at CL&P Blog
or click here. If you don't have time for the whole segment, here is a 34-second excerpt about the arbitration snafu. Continue reading
Posted Oct 19, 2017 at CL&P Blog
by Jeff Sovern Rohit Chopra, of the Consumer Federation of America, recently served at the CFPB and obviously has experience with consumer protection issues. Simons, who formerly served as director of the FTC's competition bureau, is currently at Paul Weiss.... Continue reading
Posted Oct 18, 2017 at CL&P Blog
by Jeff Sovern Yesterday the Senate Banking Committee held a hearing on consumer data security. The Hill covered it, in a report headlined Senators bear down on credit reporting industry over data security. Here is an excerpt: “If they lose... Continue reading
Posted Oct 18, 2017 at CL&P Blog