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Jeff Sovern
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by Jeff Sovern We've blogged several times about the House Financial Service Subcommittee hearing on the constitutionality of the CFPB, at which PHH's lawyer Ted Olson, among others, testified. Now that I have listened to the hearing, I have a... Continue reading
Posted 2 days ago at CL&P Blog
David Horton of California, Davis has written Arbitration About Arbitration Stanford Law Review, Vol. 70, (2017 Forthcoming). Here is the abstract: Recently, the U.S. Supreme Court’s interpretation of the Federal Arbitration Act (“FAA”) has nearly eliminated consumer and employment class... Continue reading
Posted 2 days ago at CL&P Blog
Ray Brescia of Albany, along with Albany alum Ralph Scunziano, the Empire Justice Center, and the Association for Neighborhood & Housing Development (ANHD) have created a New York Bank Ratings Index. The web site is here; a report on the... Continue reading
Posted 4 days ago at CL&P Blog
Brian posted yesterday about the House hearing. For those who don't want to listen to the recording, you can find reports in the St. Louis Post-Dispatch (Rep. Ann Wagner takes aim at consumer protection chief), Housing Wire (Tensions escalate at... Continue reading
Posted 5 days ago at CL&P Blog
The book is Meltdown: The Financial Crisis, Consumer Protection, and the Road Forward (Praeger 2017), by research economist Larry Kirsch and sociologist Greg Squires (George Washington University Sociology Department). Here's an abstract: Meltdown is the first book length account of... Continue reading
Posted 7 days ago at CL&P Blog
by Jeff Sovern I originally had a different title for this post in mind, but I didn't have the discipline to resist the one above. Not that anyone should have any doubts, but the CFPB director is not the executive... Continue reading
Posted Mar 19, 2017 at CL&P Blog
by Jeff Sovern The Department of Justice has now filed its brief in PHH, arguing that the CFPB as created by the Dodd-Frank Act was unconstitutional because the statute did not give the president the power to fire the Bureau's... Continue reading
Posted Mar 18, 2017 at CL&P Blog
Here. Excerpt: The American Bar Association is “outraged” that the Trump administration is calling to eliminate funding for the LSC and is calling upon members of Congress to restore it, ABA President Linda Klein said in a statement Thursday. Klein... Continue reading
Posted Mar 16, 2017 at CL&P Blog
Here. The essay reviews Judge Gorsuch's arbitration decisions. Here's an excerpt: Senators must press Judge Gorsuch on arbitration during his hearing next week. If he does believe that limits on the FAA’s “heavy hand” exist [as Judge Gorsuch indicated in... Continue reading
Posted Mar 16, 2017 at CL&P Blog
Here. Excerpt: A government brief in opposition to the CFPB [in the PHH case] likely would have significant weight at the D.C. Circuit, and would boost the odds that the Justice Department might block CFPB efforts to push the case... Continue reading
Posted Mar 16, 2017 at CL&P Blog
So says Lisa Servon in her op-ed, Save the federal consumer watchdog: The CFPB protects us all. Continue reading
Posted Mar 15, 2017 at CL&P Blog
Brad Wolverton's article, Your Wallet Will Suffer If This Agency Is Gutted, is an excellent roundup of the Bureau's accomplishments that cuts across a variety of areas, including student loans, credit cards, debt collection, mortgages, payday loans, credit reporting agencies,... Continue reading
Posted Mar 15, 2017 at CL&P Blog
by Jeff Sovern The American Banker article is headlined Trump discussed Cordray's future in community bank meeting (free content). Excerpt: At one point, Trump expressed to the group that many had urged him to oust Cordray, but the president was... Continue reading
Posted Mar 9, 2017 at CL&P Blog
James P. Nehf of Indiana has written The Impact of Mandatory Arbitration on the Common Law Regulation of Standard Terms in Consumer Contracts, 85 Geo. Wash. Law Review (2017). Here is the abstract: The focus of this paper is the... Continue reading
Posted Mar 9, 2017 at CL&P Blog
Here. Excerpt: Any move by the CFPB to adopt a final version of its rule would almost certainly prompt Republican lawmakers to overturn it, with a long-term chilling effect on future regulation of the clauses used by banks and other... Continue reading
Posted Mar 8, 2017 at CL&P Blog
Here. Previous posts on the bills appear here and here. Excerpt: The fast-track approach is deemed essential to give the bills time to advance in the more-deliberative Senate, where 60 votes are needed to overcome an almost certain filibuster. *... Continue reading
Posted Mar 8, 2017 at CL&P Blog
Here. Excerpt: Drywall from China was . . . highly toxic. * * * Approximately 60,000 homes built with drywall from China were affected, according to one source. In fact, the problems caused by this imported drywall are so massive... Continue reading
Posted Mar 7, 2017 at CL&P Blog
It's titled Will Congress Remove Consumer Credit “Seat Belts”? and is in Democracy. The whole piece is worth reading if you care about the CFPB, but here's an excerpt to whet your appetite: [I]f the CFPB really were a “runaway... Continue reading
Posted Mar 7, 2017 at CL&P Blog
From the press release: On Tuesday, March 7, Senator Al Franken (D-Minn.) and top Senate and House Democrats will hold a press conference to push legislation to stop the use of unfair forced arbitration clauses, which are widely used by... Continue reading
Posted Mar 7, 2017 at CL&P Blog
by Jeff Sovern As an independent agency, the CFPB can issue regulations without approval from the Office of Management and Budget. But the House has now passed a bill that would require OMB to review major regulations promulgated by independent... Continue reading
Posted Mar 6, 2017 at CL&P Blog
Eric Goldman of Santa Clara has written Understanding the Consumer Review Fairness Act of 2016, Michigan Telecommunications and Technology Law Review, Forthcoming. Here's the abstract Consumer reviews are vitally important to our modern economy. Markets become stronger and more efficient... Continue reading
Posted Mar 5, 2017 at CL&P Blog
Colin P. Marks of St. Mary's has written Online and As Is. Here is the abstract: Online retail is a multi-billion-dollar industry in the United States. Consumers enjoy the ease with which they can browse, click, and order goods from... Continue reading
Posted Mar 4, 2017 at CL&P Blog
Here. Excerpt: Hensarling does already have a bill in the House, the Financial Choice Act, that’s being given long odds. “We think the chances that the bill becomes law are less than 20 percent—maybe as low as 10 percent,” Brian... Continue reading
Posted Mar 3, 2017 at CL&P Blog