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Jeff Sovern
Recent Activity
Ten leading consumer protection organizations have one here, with blog co-coordinator Deepak Gupta as lead counsel, while current and former members of Congress, including Senator Elizabeth Warren and former Congressman Barney Frank, have another one here. Continue reading
Posted 6 days ago at CL&P Blog
by Jeff Sovern More from The Hill here. Excerpt: Trump has tapped tech experts Jeff Eisenach and Mark Jamison, two critics of net neutrality, to head his transition team for the Federal Communications Commission. So far, Trump's appointments in consumer... Continue reading
Posted 7 days ago at CL&P Blog
by Jeff Sovern President-Elect Trump has named former SEC Commissioner Paul Atkins his "landing team" member for the CFPB, among other federal agencies. Atkins has a history of opposing regulation and supporting business. Politico has a piece about him titled... Continue reading
Posted Nov 28, 2016 at CL&P Blog
Former FTC Commissioner Joshua D. Wright of George Mason has written Federalism and the Rise of State Consumer Protection Law in the United States, in The Law and Economics of Federalism, Jonathan Klick, ed., Edward Elgar Publishing, Forthcoming. Here's the... Continue reading
Posted Nov 28, 2016 at CL&P Blog
by Jeff Sovern The Journal's editorial, behind a paywall, is here. Excerpt: By all rights the [Consumer Financial Protection] bureau should be killed, and we’re told the Trump transition team is considering this and other options. The political problem is... Continue reading
Posted Nov 28, 2016 at CL&P Blog
So reports my fellow blogger Deepak Gupta on Twitter. This is in the PHH case in which the panel ruled that the CFPB was unconstitutional unless the President could fire the Bureau's director without cause. The response is due in... Continue reading
Posted Nov 27, 2016 at CL&P Blog
Here (behind paywall). Excerpt: Brandon Wilson is a former armed robber who, after serving roughly a decade in prison, reinvented himself as a successful debt broker. * * * * * * [Wilson] explained it: “Part of the package you... Continue reading
Posted Nov 27, 2016 at CL&P Blog
by Jeff Sovern Here is the report in the NY Times (behind a paywall). Wells filed its arbitration motion on Wednesday, the day before Thanksgiving. So Wells is using a secret system for adjudicating claims, agreed to by consumers who... Continue reading
Posted Nov 26, 2016 at CL&P Blog
by Jeff Sovern John Dugan, a former bank lobbyist, was the Comptroller of the Currency during the George W. Bush Administration. The Office of the Comptroller of the Currency was then seen by some as an aggressive protector of banks.... Continue reading
Posted Nov 26, 2016 at CL&P Blog
Aditya Bamzai of Virginia argues that he could here. Excerpt: [The] premise [that the president has to let the litigation runs its course] appears to rest on two mistaken assumptions: (1) that the President cannot exercise his removal authority absent... Continue reading
Posted Nov 23, 2016 at CL&P Blog
That's one of the questions addressed by the Wall Street Journal in an article headlined Financial Regulators Scramble to Complete Postcrisis Rules. (behind paywall). Excerpt: “This type of ’midnight rulemaking’ is neither conducive to sound policy nor consistent with principles... Continue reading
Posted Nov 22, 2016 at CL&P Blog
by Jeff Sovern The column is titled The future isn't bright for highly successful consumer watchdog. Excerpt: A stopgap government funding bill passed in September will expire Dec. 9. It’s widely expected that conservative members of Congress will include language... Continue reading
Posted Nov 22, 2016 at CL&P Blog
From an op-ed in today's Times, Climate Change in Trump’s Age of Ignorance, by Robert N. Proctor (behind paywall): [S]science was one of the instruments used by Big Tobacco to carry out its denial (and distraction) campaign. Cigarette makers had... Continue reading
Posted Nov 20, 2016 at CL&P Blog
Posted Nov 19, 2016 at CL&P Blog
PHH was the case that held that the CFPB's structure is unconstitutional and that the remedy was to provide that the CFPB director could be fired without cause. The petition is here. It describes that case as "what may be... Continue reading
Posted Nov 18, 2016 at CL&P Blog
Here. And here is the abstract: Though few realize it, forced arbitration clauses are endemic in today’s marketplace — hidden in credit card agreements, bank accounts, corporate social media pages, even Starbucks gift cards. More than half a billion arbitration... Continue reading
Posted Nov 17, 2016 at CL&P Blog
The statement is here. Excerpt: * * * Federal policy should focus on free enterprise, while protecting consumers by policing markets for force and fraud. Both Wall Street and Washington should be held accountable. Following the financial crisis, Congress enacted... Continue reading
Posted Nov 14, 2016 at CL&P Blog
Here. The whole piece is worth reading, but here's an excerpt: Donald Trump’s Presidential campaign was filled with a lot of bold talk about “draining the swamp” and fighting against lobbyists. He attacked Hillary Clinton for her supposed cozy relationship... Continue reading
Posted Nov 14, 2016 at CL&P Blog
Here (costs $48), form the Journal of Financial Counseling and Planning. Here's the abstract: This study used data from online focus groups collected from November 2014 to April 2015 to understand college students' decision-making processes when borrowing money to finance... Continue reading
Posted Nov 12, 2016 at CL&P Blog
Here. The entire article is worth reading, but I've pasted in an excerpt below. (HT: Gregory Gauthier) “Trump and his businesses seem to have been big proponents of arbitration, using it as a way of getting disputes out of courts... Continue reading
Posted Nov 11, 2016 at CL&P Blog
Here (free content, I think). Excerpt: While Republican lawmakers are likely to focus on efforts to replace the agency's single director with a bipartisan five-member commission, as well as subject it to the Congressional appropriations process, Trump may seek to... Continue reading
Posted Nov 10, 2016 at CL&P Blog
Here (behind paywall). Excerpt: While his lack of clarity has left many in the financial services industry wondering what Trump’s win will mean, the presence of Pence in the No. 2 spot is likely to provide a good clue. *... Continue reading
Posted Nov 9, 2016 at CL&P Blog
Here (behind paywall). Excerpt: The CFPB is expected to appeal the three-judge panel’s decision [in PHH] to the full D.C. Circuit, where Democrat-appointed judges have a majority. But a question hanging over the transition is whether Trump will still try... Continue reading
Posted Nov 9, 2016 at CL&P Blog
Here. Excerpt: It will be interesting to see what Cordray attempts to accomplish between now and January 21, 2017. One thought is that he might try to focus on finalizing those rules that have already been out for public comment... Continue reading
Posted Nov 9, 2016 at CL&P Blog