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Jeff Sovern
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by Jeff Sovern Brian posted this morning on the CFPB's debt collection proposal. I wanted to focus just on the validation requirements. Appendix F to the Bureau's proposal speaks to the validation notice. The Proposal indicates that the Bureau has... Continue reading
Posted 51 minutes ago at CL&P Blog
More information here. Here's a quote from the announcement (some may disagree with the first nine words but the rest is exciting): Best place to live and teach in the U.S.: The Alexander Blewett III School of Law at the... Continue reading
Posted 6 hours ago at CL&P Blog
by Jeff Sovern Here. It has more information than the article abstract, but is a lot shorter than the article. The article itself is here. In other debt collection news, Law360.com has its preview of the debt collection rules here... Continue reading
Posted yesterday at CL&P Blog
The American Banker (behind paywall) and Bloomberg report speculations. Continue reading
Posted 2 days ago at CL&P Blog
by Jeff Sovern We now have reason to believe that validation notices fail to convey to consumers the information Congress wants consumers to have. If the CFPB addresses validation notices in its regulation, courts can simply follow the Bureau's lead.... Continue reading
Posted 3 days ago at CL&P Blog
Christopher T. Robertson of Arizona and Harvard's Petrie-Flom Center for Health Law Policy, Biotechnology, and Bioethics has written A Trojan Horse? How Expansion of the First Amendment Threatens Much More than the Regulation of Off-Label Drugs, forthcoming in the Ohio... Continue reading
Posted 6 days ago at CL&P Blog
by Jeff Sovern We need to make some revisions to our validation article discussion draft, in Part V A.1., beginning on page 27, and captioned "Did Respondents Understand that The Letter Said They Could Dispute the Validity of the Debt?"... Continue reading
Posted 6 days ago at CL&P Blog
Here. Here's the beginning of the Executive Summary: Lenders normally want borrowers who will pay back their loans in full. This seems obvious—otherwise, won’t the lender lose money? Yet in the high-rate installment loan market, the normal incentive to make... Continue reading
Posted 7 days ago at CL&P Blog
Daria Roithmayr of USC, Justin Chin, a USC law student, and Bruce Levin, an Emory biology professor, have written Cat and Mouse: A Dynamic Analysis of Predatory Payday Lending. Here's the abstract: Legal actors and the regulators who pursue them... Continue reading
Posted 7 days ago at CL&P Blog
Here (behind paywall). The article consists mostly of quotes and statistics. Some excerpts (for some reason, I couldn't get the paragraph breaks to work correctly): * * * Republican lawmakers continue to gun for the CFPB. More than 50 bills... Continue reading
Posted 7 days ago at CL&P Blog
Mary Spector of SMU and Ann Baddour of Texas Appleseed, Fair Financial Services Project, have written Collection Texas-Style: An Analysis of Consumer Collection Practices in and Out of the Courts, 67 Hastings Law Journal (2016). Here's the abstract: As many... Continue reading
Posted Jul 20, 2016 at CL&P Blog
Here. From the Executive Summary: NCRC has found an extensive mortgage lending imbalance in St. Louis, with mortgage credit distribution heavily swayed by income levels and the racial makeup of neighborhoods. These trends are noteworthy, especially within the City of... Continue reading
Posted Jul 19, 2016 at CL&P Blog
The full platform is here. Here are excerpts on consumer protection issues: The Republican vision for American banking calls for establishing transparent, efficient markets where consumers can obtain loans they need at reasonable rates based on market conditions. Unfortunately, in... Continue reading
Posted Jul 19, 2016 at CL&P Blog
by Jeff Sovern As we have previously noted, the CFPB has scheduled a July 28 debt collection field hearing, and could announce the beginning of the SBREFA process, leading to a rule-making, that day. NCLC's April Kuehnhoff speculates that the... Continue reading
Posted Jul 18, 2016 at CL&P Blog
by Jeff Sovern Last week, I posted the abstract for our article, Are Validation Notices Valid? An Empirical Evaluation of Consumer Understanding of Debt Collection Validation Notices. In this post, I wanted to write about something that didn’t appear in... Continue reading
Posted Jul 17, 2016 at CL&P Blog
by Jeff Sovern I have now finished the audio version of David Dayen's book, Chain of Title. With two caveats, I think it's an excellent book. The caveats: first, I don't know enough about the events it describes to know... Continue reading
Posted Jul 16, 2016 at CL&P Blog
Here. The Bureau is likely to announce the Small Business Regulatory Fairness Enforcement Act (SBREFA) proceeding that day, which will entail giving some information about what its proposed debt collection rules are likely to look like. Continue reading
Posted Jul 15, 2016 at CL&P Blog
The story is headlined Pence VP Pick Could Shape Trump's Banking Policy (free content). Here is what the article says about Pence's view of the CFPB: When the Consumer Financial Protection Bureau was just a legislative proposal, Pence objected to... Continue reading
Posted Jul 15, 2016 at CL&P Blog
by Jeff Sovern Allison posted yesterday about the National Financial Capability Study. GW Business School professor Annamarie Lusardi has a Wall Street Journal essay titled So Much Student Debt, So Much Ignorance, about what the Study, which she co-authored, shows... Continue reading
Posted Jul 14, 2016 at CL&P Blog
Joseph M Hnylka of Nova Southeastern has written Continuing to Litigate after You Have Won: Courts Defy Article III to Avoid Mooting TCPA Class Actions, Despite Defendants’ Rule 68 Offers of Complete Relief, 64 Drake Law Review (2016). Here's the... Continue reading
Posted Jul 13, 2016 at CL&P Blog
by Jeff Sovern My co-author, Kate Walton, and I have posted a draft of our new article, Are Validation Notices Valid? An Empirical Evaluation of Consumer Understanding of Debt Collection Validation Notices to SSRN. We would love comments on this... Continue reading
Posted Jul 12, 2016 at CL&P Blog
by Jeff Sovern If I had known about this study a few days ago, I would have added it to my list for John Oliver. The study is Jonathan A. Obar & Anne Oeldorf-Hirsch, The Biggest Lie on the Internet:... Continue reading
Posted Jul 11, 2016 at CL&P Blog
David S. Schwartz of Wisconsin has written Justice Scalia's Jiggery-Pokery in Federal Arbitration Law, Minnesota Law Review, Vol. 101, Headnotes 75 (2016). Here's the abstract: "Jiggery-pokery," a phrase introduced into the U.S. Reports by the late Justice Scalia, is emblematic... Continue reading
Posted Jul 11, 2016 at CL&P Blog
This weekend, the Times ran a pair of pieces that laid out other ways to handle student loans. In America Can Fix Its Student Loan Crisis. Just Ask Australia, Susan Dynarski wrote about how other countries deal with student loans.... Continue reading
Posted Jul 10, 2016 at CL&P Blog