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Jeff Sovern
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by Jeff Sovern The country faces many issues which merit attention during the debates. Among them is consumer protection. Failures of consumer law contributed to 2008's Great Recession. Consumer protection is regularly in the headlines (just ask Wells Fargo or... Continue reading
Posted yesterday at CL&P Blog
by Jeff Sovern As we noted yesterday, on Tuesday, Wells Fargo CEO John G. Stumpf testified before the Senate Banking Committee about the Wells Fargo Customer Fraud Fiasco. Video is available here and Senator Elizabeth Warren's two rounds of questioning,... Continue reading
Posted 4 days ago at CL&P Blog
Here. Excerpt: Republicans don’t like the Consumer Financial Protection Bureau. They opposed the very idea of the watchdog when Elizabeth Warren first proposed its creation, and they have been trying to defang and defund it ever since Congress made her... Continue reading
Posted 5 days ago at CL&P Blog
A continuing issue in consumer protection is that disclosures may convey the required information, but consumers may ignore them, so they have no impact. The FTC held a workshop last week to look at how to test disclosures to make... Continue reading
Posted 5 days ago at CL&P Blog
That's a point made in an op-ed in The Hill, Why Wells Fargo Got Away with It So Long by Public Citizen's Robert Weissman and AFR's Lisa Donner. The whole piece is worth reading, but here's an excerpt: [M]ore than... Continue reading
Posted 6 days ago at CL&P Blog
by Jeff Sovern Tomorrow, the Senate Banking Committee will hold a hearing on the Wells Fargo unauthorized accounts fiasco. The first witness will be Wells' Chairman and CEO, John G. Stumpf. I hope some Senator asks Mr. Stumpf about the... Continue reading
Posted 7 days ago at CL&P Blog
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The story is here. After stating the name of the customer and the balance, the sign states: Balance Overdue Not Cool Continue reading
Posted Sep 16, 2016 at CL&P Blog
by Jeff Sovern As has been widely reported, last week the CFPB fined Wells Fargo $100 million for setting up phony accounts in consumers' names. But that didn't stop the House Financial Services Committee from voting yesterday on a largely... Continue reading
Posted Sep 14, 2016 at CL&P Blog
From Morning Consult's How Would Democrats Run the Senate Banking Committee?: Remarks over the last year from Sen. Sherrod Brown of Ohio, the committee’s top Democrat, make it clear that Democrats think they stand a chance at facilitating bipartisan legislation... Continue reading
Posted Sep 12, 2016 at CL&P Blog
by Jeff Sovern Here (behind paywall). Excerpt: The sugar industry paid scientists in the 1960s to downplay the link between sugar and heart disease and promote saturated fat as the culprit instead, newly released historical documents show. The internal sugar... Continue reading
Posted Sep 12, 2016 at CL&P Blog
Here. Excerpt: An analysis of more than 2,000 current card agreements shows they’re written, on average, at the 11th grade reading level – better than five years ago, but still too hard for at least half the population to readily... Continue reading
Posted Sep 12, 2016 at CL&P Blog
David A. Hyman of Illinois, David J. Franklyn of San Francisco, Calla E. Yee, and Mohammad Hossein Rahmati of Sharif University of Technology have written Going Native: Can Consumers Recognize Native Advertising? Does it Matter? Here's the abstract: Native advertising,... Continue reading
Posted Sep 10, 2016 at CL&P Blog
by Jeff Sovern So says a study from the Glassgow Centre for Population Health, Public Health Implications of Payday Lending. The study's "key messages:" • Payday lending is a contemporary public health concern: the vulnerability of the populations involved, the... Continue reading
Posted Sep 9, 2016 at CL&P Blog
Here. The staffer, Ronald L. Rubin, has also served as senior counsel to the House Financial Services Committee and as a partner at a big law firm. Excerpts: Nobody should be charged, harassed, or sued for a debt they've already... Continue reading
Posted Sep 5, 2016 at CL&P Blog
John M. Newman of Memphis has written The Myth of Free. Here's the abstract: Myths matter. This Article is the first to squarely confront a powerful myth that pervades modern economic, technological, and legal discourse: the Myth of Free. The... Continue reading
Posted Sep 5, 2016 at CL&P Blog
Irvine lawyer Greg Labate is quoted in the Orange County Register: Labate advises clients to get their employees to sign arbitration agreements, waiving their right to sue in court, and sending disputes to privately hired arbitrators. * * * “People... Continue reading
Posted Sep 4, 2016 at CL&P Blog
Adam J. Levitin of Georgetown has written Pandora's Digital Box: Digital Wallets and the Honor All Wallets Rules. Here's the abstract: Digital wallets are poised to transform the world of retailing. These digital wallets, such as ApplePay and Android Pay,... Continue reading
Posted Aug 23, 2016 at CL&P Blog
David L. Noll of Rutgers has written Regulating Arbitration, California Law Review, Forthcoming. Here's the abstract: Arbitration is everywhere, as are calls to regulate its use in consumer and employment contracts. But when should Congress and federal administrative agencies do... Continue reading
Posted Aug 21, 2016 at CL&P Blog
Here. Op-ed by Faith Boninger, Research Associate in Education Policy, University of Colorado, and Alex Molnar, Research Professor, University of Colorado. Excerpt: In the U.S. and around the world, millions of digital data points are collected daily from children by... Continue reading
Posted Aug 18, 2016 at CL&P Blog
by Jeff Sovern Here (behind paywall). Excerpt: In 2013, a loan officer at BancorpSouth Bank's Madison, Ala., branch received visits from two people with similar profiles within 10 days of each other, both saying they were first-time home buyers --... Continue reading
Posted Aug 18, 2016 at CL&P Blog
Here. Excerpt: Thousands of angry consumers and business representatives have flooded the Consumer Financial Protection Bureau with comments on its May proposal to block companies from forcing customers to take disputes to arbitration instead of joining group lawsuits. Sentiment in... Continue reading
Posted Aug 17, 2016 at CL&P Blog
by Jeff Sovern Here, titled The Risks of Unfettered Capitalism. The first and last paragraphs read: Capitalism may be the best economic system ever devised, but one of its drawbacks is that it provides financial incentives to harm and even... Continue reading
Posted Aug 15, 2016 at CL&P Blog
by Jeff Sovern As reported by the Times last week, patients who are held at a hospital for "observation," even if that observation lasts days, but not formally admitted, and later released to a nursing home, won't have their stay... Continue reading
Posted Aug 14, 2016 at CL&P Blog