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Jeff Sovern
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by Jeff Sovern H.R. 5802 passed the House Financial Services Committee today, on a 35-25 vote. The bill would exempt from the FDCPA any lawyer to the extent that the lawyer "is engaged in litigation activities in connection with a... Continue reading
Posted 2 days ago at CL&P Blog
by Jeff Sovern Kate Berry has a report at the American Banker, A CFPB commission will never fly, chock full of interesting quotes. The gist of it is that the Senate Democrats who voted for the bank bill oppose changes... Continue reading
Posted 2 days ago at CL&P Blog
Colin P. Marks of St. Mary's has written Online Terms as In Terrorem Devices. Here's the abstract: Online shopping has quickly replaced the brick-and-mortar experience for a large portion of the consuming public. The online transaction itself is rote: browse... Continue reading
Posted 4 days ago at CL&P Blog
by Jeff Sovern CFPB Acting Director Mick Mulvaney famously said that the Bureau should not push the envelope. He also said at the same time: There will absolutely be times when circumstances require us to take dramatic action to protect... Continue reading
Posted 4 days ago at CL&P Blog
by Jeff Sovern Here in the LA Times. Excerpt: [T]he current occupant of the Oval Office, President Trump, a wealthy businessman, is aggressively pursuing policies that undermine each of Kennedy's declared rights. * * * Kennedy proposed four basic consumer... Continue reading
Posted 4 days ago at CL&P Blog
Matthew A. Bruckner of Howard has written The Promise and Perils of Algorithmic Lenders' Use of Big Data, 93 Chicago-Kent Law Review (2018). Here's the abstract: Like many new technologies, algorithmic lenders’ use of Big Data holds great promise but... Continue reading
Posted 5 days ago at CL&P Blog
Ronen Avraham of Tel Aviv University - Tel Aviv University, Buchmann Faculty of Law and Texas and Anthony J. Sebok of Cardozo have written An Empirical Investigation of Third Party Consumer Litigation Funding, 104 Cornell Law Review __ (2018). Here... Continue reading
Posted 6 days ago at CL&P Blog
by Jeff Sovern So Banking Exchange reports. Excerpt: Otting believes a flaw of how CRA has evolved is its strong emphasis on low-to-moderate income mortgage lending and lending for low-to-moderate income multifamily housing. He thinks more types of activities should... Continue reading
Posted 7 days ago at CL&P Blog
The HIll is reporting that the House insists on going to conference to resolve differences between the House-passed Financial Choice Act and the Senate bill, while the Senate Democrats who supported the bill say they would oppose major changes in... Continue reading
Posted Mar 15, 2018 at CL&P Blog
Here. Excerpt: President Donald Trump and other supporters of the major banking bill that cleared the Senate on Wednesday say they want to rescue the nation’s lenders from a crush of regulations. But far from being crushed, the industry looks... Continue reading
Posted Mar 15, 2018 at CL&P Blog
The WSJ report is here. As for the impact on discriminatory lending, see Adam Levitin writing at Credit Slips. It remains unclear how the House will respond to the bill. Continue reading
Posted Mar 14, 2018 at CL&P Blog
by Jeff Sovern Mick Mulvaney has now led the CFPB for three and a half months and during that period, has been subject to attacks, including on our blog. Naturally, his defenders are stepping up. For example, Congressman Blaine Luetkemeyer,... Continue reading
Posted Mar 14, 2018 at CL&P Blog
by Jeff Sovern Politico's Morning Money newsletter reports: BANKERS NOT AS WORRIED BY REGS — At the Consumer Bankers Assoc. annual conference, CBA Live, attendees were asked about their top worries. The regulatory environment was tops from 2012-2016. On Monday... Continue reading
Posted Mar 13, 2018 at CL&P Blog
by Jeff Sovern Kevin Wack in The American Banker has a report headlined Wells was tipped off to government probe by OCC, watchdog says. And yet, Mick Mulvaney wants the CFPB to take a backseat to the OCC when it... Continue reading
Posted Mar 10, 2018 at CL&P Blog
Giuseppe Dari‐Mattiacci of Amsterdam Law School; Amsterdam Business School; and the Tinbergen Institute and Florencia Marotta-Wurgler of NYU have written Learning in Standard Form Contracts: Theory and Evidence. Here is the abstract: We explore learning and change in standard form... Continue reading
Posted Mar 10, 2018 at CL&P Blog
by Jeff Sovern Level Playing Field is reporting that companies include in their arbitration clauses provisions that AAA, their arbitration service, has informed them have to be waived, meaning AAA won't enforce them. The clauses in question may deter consumers,... Continue reading
Posted Mar 8, 2018 at CL&P Blog
Taylor A. Begley of Olin Business School, Washington University in St. Louis and Amiyatosh Purnanandam of Ross School of Business, University of Michigan have written Color and Credit: Race, Regulation, and the Quality of Financial Services. Here is the abstract:... Continue reading
Posted Mar 8, 2018 at CL&P Blog
Here. Excerpt: “There hasn’t been a lot that has been methodical about this presidency, but I do think Trump is systematically dismantling consumer protections,” said Mark Totten, a Michigan State University law professor who studies the enforcement of consumer protection... Continue reading
Posted Mar 6, 2018 at CL&P Blog
David Horton of California, Davis has written Clause Construction: A Glimpse into Judicial and Arbitral Decision-Making, Duke Law Journal, Vol. 68, Forthcoming. Here is the abstract: For decades, the U.S. Supreme Court has insisted that forcing a plaintiff to arbitrate... Continue reading
Posted Mar 3, 2018 at CL&P Blog
by Jeff Sovern The CFPB protects consumers in a number of ways. Perhaps the three most important things it does are enforce the law, supervise some financial institutions, and create rules. A less important mechanism, but still important, is maintaining... Continue reading
Posted Mar 2, 2018 at CL&P Blog
David A. Hyman of Georgetown and William E. Kovacic of GW and , King's College London – The Dickson Poon School of Law have written Implementing Privacy Policy: Who Should Do What?. Here's the abstract: Academic scholarship on privacy has... Continue reading
Posted Mar 2, 2018 at CL&P Blog
Belinda Reeveand Roger Magnusson, both of The University of Sydney Law School have written Regulation of Food Advertising to Children in Six Jurisdictions: A Framework for Analyzing and Improving the Performance of Regulatory Instruments, 35 Arizona Journal of International and... Continue reading
Posted Mar 1, 2018 at CL&P Blog
by Jeff Sovern Many localities require restaurants to post their health department grades at their entrance so diners can decide whether the restaurant is safe to patronize. One of my students, Vasilios D. Lolis, saw the picture below on Instagram.... Continue reading
Posted Feb 28, 2018 at CL&P Blog
by Jeff Sovern Mr. Mulvaney has served as interim CFPB director since November 25, or three months and two days. The CFPB has yet to announce commencement of an enforcement action during that period, though it has dismissed an enforcement... Continue reading
Posted Feb 27, 2018 at CL&P Blog
by Jeff Sovern The White House issued its 2017 Draft Report to Congress on the Benefits and Costs of Federal Regulations and Agency Compliance with the Unfunded Mandates Reform Act today. According to Table 1-3 in the report, at page... Continue reading
Posted Feb 26, 2018 at CL&P Blog