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Jeff Sovern
Recent Activity
Here. Here's the beginning and the end: President-elect Donald J. Trump will soon face a stark choice: whether to protect consumers, the ordinary Americans he pledged to defend against a system he criticized as rigged — or to side with... Continue reading
Posted yesterday at CL&P Blog
At SCOTUS blog. The headline: Justices appear divided over treatment of stale claims in consumer bankruptcies Continue reading
Posted yesterday at CL&P Blog
Here. Excerpt: Schumer said Trump’s decision to “govern as a hard-right Republican” and possibly replace Cordray breaks his campaign promise to “drain the swamp” by fighting corporate interests on behalf of middle-class Americans. * * * The CFPB is currently... Continue reading
Posted 2 days ago at CL&P Blog
Earlier today, in an American Bar Association Antitrust Section webinar chaired by Harvey Saferstein, and with panelists Deborah Goldstein, Center for Responsible Lending, and Daniel D. Sokol, Professor of Law, University of Florida Levin College of Law, Hofstra's Norman I.... Continue reading
Posted 2 days ago at CL&P Blog
by Jeff Sovern Here (behind paywall). Excerpt: Exactly how President-elect Donald Trump intends to get rid of Cordray is unclear. Under the Dodd-Frank Act, Cordray can only be fired "for cause," and some speculate that the Trump administration is already... Continue reading
Posted 4 days ago at CL&P Blog
Here. Excerpt: Any effort to discharge Cordray would be illegal -- and it might even precipitate something close to a constitutional crisis. * * * Both Republican and Democratic presidents have not loved the idea of independent agencies, operating outside... Continue reading
Posted 4 days ago at CL&P Blog
More here. Chapters that look as if they may be of particular interest to CL&P blog readers include The Enduring Dilemmas of Antifraud Regulation, The Shape-Shifting, Never-Changing World of Fraud, The Call for Investor and Consumer Protection (1930s to 1970s),... Continue reading
Posted 4 days ago at CL&P Blog
Here. Excerpt: Trump is expected to almost immediately dismiss Richard Cordray, who has been the head of the Consumer Financial Protection Bureau (CFPB) since its creation in 2011. * * * "Consumer protection is important to a well-functioning financial marketplace,"... Continue reading
Posted 5 days ago at CL&P Blog
SCOTUSblog has more here. The case is Henson v. Santander Consumer USA, Inc. Continue reading
Posted 5 days ago at CL&P Blog
Here. Excerpt: It’s also possible that Trump and Cordray may yet find common ground. * * * The Trump-Pence transition team, while generally tagging the Dodd-Frank Act as a brake on economic growth, has said nothing specific about the CFPB... Continue reading
Posted 5 days ago at CL&P Blog
by Jeff Sovern Trump Supporter: [attacks Elizabeth Warren] Me: Have you read any of her writings? Trump Supporter: I don't want to be educated. Not that anyone should put much stock in a sample of one, but I found it... Continue reading
Posted 6 days ago at CL&P Blog
Politico interviewed him here. Excerpt: There will be some areas that will be improved but fundamentally you are going to look at a very similar piece of legislation that is going to replace bailouts with bankruptcy, that's going to give... Continue reading
Posted 6 days ago at CL&P Blog
From HuffPo. Excerpt: Trump met with former Rep. Randy Neugebauer (R-Texas) on Wednesday and is considering Neugebauer to run the CFPB, Trump spokesman Sean Spicer confirmed on a Thursday call with reporters. A source close to the transition team told... Continue reading
Posted 6 days ago at CL&P Blog
WaPo has the story here. excerpt: Ramirez's impending departure from the FTC is likely to leave the agency shorthanded with three vacancies on the five-member panel. With one Republican and one Democrat remaining, the FTC will likely be deadlocked in... Continue reading
Posted 6 days ago at CL&P Blog
Here. Excerpt: House Financial Services Committee Chairman Jeb Hensarling, a Dallas Republican, has griped that the agency is “the single most powerful and least accountable federal agency in all of Washington.” He has pushed for the agency to be led... Continue reading
Posted 7 days ago at CL&P Blog
In November, we linked to Aditya Bamzai's blog post at Notice and Comment arguing that President-Elect Trump could fire CFPB Director Cordray on the first day of his presidency. Brianne Gorod, Chief Counsel at the Constitutional Accountability Center, has replied... Continue reading
Posted 7 days ago at CL&P Blog
Here. Quoting from the Bureau's release: Consumer Financial Protection Bureau (CFPB) report released today found that over one-in-four consumers contacted by debt collectors felt threatened. The report was drawn from the first-ever national survey of consumer experiences with debt collectors.... Continue reading
Posted 7 days ago at CL&P Blog
by Jeff Sovern My co-author, Dee Pridgen, has co-authored with Gene A. Marsh a new version of Consumer Protection Law in a Nutshell (disclosure: I read and commented on some chapters in draft). One of the problems with teaching the... Continue reading
Posted Jan 11, 2017 at CL&P Blog
Here (behind paywall). The article lists various possible industry strategies for blocking the rule: fire CFPB Director Cordray before he can adopt the new rule or after it is adopted and appoint a new director who will rescind it; Congress... Continue reading
Posted Jan 10, 2017 at CL&P Blog
Stanford Law Professor Janet Cooper Alexander believes that it does. The basic idea is that states and localities would empower private attorneys general to bring actions on behalf of the governmental entity (which would not be subject to arbitration clauses)... Continue reading
Posted Jan 10, 2017 at CL&P Blog
by Jeff Sovern Announcement here. January 17 at 1, Eastern Time. Speakers: David S. Evans, David S. Evans, Chairman, Global Economics Group Norman I. Silber, Senior Research Scholar Yale University, Professor of Law, Maurice A. Deane School of Law at... Continue reading
Posted Jan 10, 2017 at CL&P Blog
by Jeff Sovern Senator Sasse joined with Senator Lee in a letter to President-Elect Trump; The Hill has the story here. The letter doesn't mention that the Bureau has secured nearly $12 billion in relief for more than 27 million... Continue reading
Posted Jan 9, 2017 at CL&P Blog
Todd J. Zywicki of George Mason, and Geoffrey A. Manne and Kristian Stout, both of the International Center for Law and Economics, have written Behavioral Law & Economics Goes to Court: The Fundamental Flaws in the Behavioral Law & Economics... Continue reading
Posted Jan 9, 2017 at CL&P Blog
by Jeff Sovern As earlier reported by the CFPB Monitor and elsewhere, President-Elect Trump has named three new members to the CFPB "Landing Team." One of the members, Kyle Hauptman, is a Senior Development Manager at the American Enterprise Institute.... Continue reading
Posted Jan 9, 2017 at CL&P Blog