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Jeff Sovern
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by Jeff Sovern Here. The article points out that one Republican member of the Senate Banking Committee, John Kennedy of Louisiana, did not agree to cosponsor the Senate CRA resolution to rescind the CFPB rule (he was said to be... Continue reading
Posted yesterday at CL&P Blog
Here. Excerpt: [T]he two main sponsors — Rep. Jeb Hensarling (TX) and Sen. Mike Crapo (ID) — received a total of $6 million in campaign contributions from the financial sector in 2016, with $1.9 million going to Hensarling’s campaign and... Continue reading
Posted yesterday at CL&P Blog
by Jeff Sovern Yesterday, the Senate Banking Committee released a press release that said in part: Today, U.S. Senate Committee on Banking, Housing and Urban Affairs Chairman Mike Crapo (R-Idaho) and Republican colleagues will file a Congressional Review Act (CRA)... Continue reading
Posted yesterday at CL&P Blog
Dean Clancy in US News has written The GOP's Foolish Decision. Excerpt: The U.S. Chamber of Commerce urged Congress to kill not only [the arbitration] regulation, but every CFPB rule, on grounds the agency is unconstitutional and therefore all of... Continue reading
Posted yesterday at CL&P Blog
Here, for example, is a press release from the Senate Banking Committee. And here is one from the House Financial Services Committee Continue reading
Posted 2 days ago at CL&P Blog
Here, in The Intercept. Excerpt: Trump has sent out his lead attack dog to overturn the arbitration rule — a former bank lawyer who has used the very tactic the CFPB wants to prevent. [Dayen describes how Wells Fargo attempted... Continue reading
Posted 2 days ago at CL&P Blog
Here. It will appear in 12 CFR 1040. The rule formally takes effect September 18, 2017, and covered entities have until March 19, 2018 to comply. Continue reading
Posted 3 days ago at CL&P Blog
Posted 4 days ago at CL&P Blog
by Jeff Sovern In keeping with Justice Gorsuch's remark yesterday that "Democracy depends on our ability to learn from & work with those who hold very different convictions than our own," here is a partial report on the activities of... Continue reading
Posted 4 days ago at CL&P Blog
by Jeff Sovern Under the Congressional Review Act, Congress will have 60 legislative days to overturn the rule. The rule can also be blocked by the FSOC, and for that to happen, an FSOC member must file a petition within... Continue reading
Posted 4 days ago at CL&P Blog
In the Daily Kos, Paul has written Settlement Shows Why Congressional Republicans Want to Let Banks Use Forced Arbitration. Excerpt: [R]oughly 1/3 of the customers impacted by US Bank’s illegal actions had signed an arbitration clause when they entered into... Continue reading
Posted 4 days ago at CL&P Blog
Here. Excerpt from their statement: The mission of the CFPB, created in 2010 to shield consumers from shady industry practices, is extremely popular, with 74 percent of voters backing its work. The poll shows majority support from Democrats (85 percent),... Continue reading
Posted 4 days ago at CL&P Blog
by Jeff Sovern The Office of the Comptroller of the Currency has a long history of being captured by the banks it regulates, interrupted briefly during the Obama administration. But now that it is headed by Acting Comptroller and former... Continue reading
Posted 5 days ago at CL&P Blog
Anocha Aribarg and Eric M. Schwartz, both of Michigan's Business School, have written Consumer Responses to Native Advertising. Here's the abstract: Native advertising is a type of online advertising that matches the form and function of the platform on which... Continue reading
Posted 6 days ago at CL&P Blog
by Jeff Sovern On a party line vote of 31-21, the House Appropriations Committee passed the Financial Services Appropriation bill. Section 930 of the bill repeals the CFPB's authority to regulate arbitration. Section 926 would subject the CFPB to the... Continue reading
Posted 7 days ago at CL&P Blog
Here. Seems like there's another one of these kinds of stories every year. Here's an excerpt: 22,000 people have now found themselves legally bound to 1000 hours of community service, including, but not limited to, cleaning toilets at festivals, scraping... Continue reading
Posted Jul 14, 2017 at CL&P Blog
The hearing was held by the House Financial Services Committee Subcommittee on Financial Services and Consumer Credit. The ACA has a report here. Nine bills were under discussion. Excerpt: “Just to give everyone an idea, H.R. 864, the Stop Debt... Continue reading
Posted Jul 14, 2017 at CL&P Blog
by Jeff Sovern Gene DeSantis served 12 years as Counsel to the Assembly Consumer Protection Committee and also taught Consumer Law for 15 years at Syracuse University and 5 years at Albany Law school. During his time as Counsel, he... Continue reading
Posted Jul 14, 2017 at CL&P Blog
by Jeff Sovern My latest, here. Excerpt: The Wells Fargo case shows the difference between arbitration and class actions: the difference between getting nothing and getting something. * * * Critics of the rule claim that class actions are just... Continue reading
Posted Jul 13, 2017 at CL&P Blog
In the SF Chronicle. The indefatigable Ted teaches consumer law at Berkeley. Here is his conclusion: So why did Director Cordray [issue the Arbitration Rule despite opposition from the powerful financial lobby]? Maybe he believes that the American people know... Continue reading
Posted Jul 12, 2017 at CL&P Blog
by Jeff Sovern Yesterday, according to The Hill, Senator Tom Cotton of Arkansas, announced that he would seek to block the CFPB's Arbitration Rule using the Congressional Review Act, saying: “The Bureau’s new rule on arbitration clauses ignores the consumer... Continue reading
Posted Jul 12, 2017 at CL&P Blog
by Jeff Sovern Here's what David Lazurus says in his LA Times column, Banks and credit card companies can't try to stop you from joining a class action lawsuit — for now: Consumer advocates — who for months have been... Continue reading
Posted Jul 11, 2017 at CL&P Blog
by Jeff Sovern Here. Call it a long op-ed or a short magazine article, in The Conversation, a forum for academics writing for the public. I co-authored it with my colleagues Gina Calabrese and Ann Goldweber. It discusses life before... Continue reading
Posted Jul 10, 2017 at CL&P Blog
by Jeff Sovern House Financial Services Chair Jeb Hensarling has already called for Congress to invalidate the CFPB arbitration rule by using the Congressional Review Act while the US Chamber of Commerce calls it a "Prime Example of [an] Agency... Continue reading
Posted Jul 10, 2017 at CL&P Blog