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Jeff Sovern
Recent Activity
Nathan Cortez of SMU has written Regulation by Database, University of Colorado Law Review, Vol. 89, 2017. Here is the abstract: The federal government currently publishes 195,245 searchable databases online, a number of which include information about private parties that... Continue reading
Posted 9 hours ago at CL&P Blog
Bloomberg reports in a story headlined How Detroit Deadbeats Taught Tax Collectors That Threats Really Work, on a study by Ben S. Meiselman titled Ghostbusting in Detroit: Evidence on Nonfilers from a Controlled Field Experiment. No wonder some debt collectors... Continue reading
Posted yesterday at CL&P Blog
by Jeff Sovern Here. As previously reported on the blog, it would eliminate the CFPB's power to stop unfair, deceptive, or abusive practices (section 736)--that is, the power the Bureau used to stop Wells Fargo from opening sham accounts--and to... Continue reading
Posted 2 days ago at CL&P Blog
NerdWallet reports here about the leaving of voicemails without ever calling--to evade limits on phone calls--and avatars, among other things. Continue reading
Posted 3 days ago at CL&P Blog
by Jeff Sovern Earlier, Allison posted a link to an op-ed opposing rescission of the CFPB's prepaid card rule. For readers who would like to hear what opponents of the prepaid card rule argue, here is an op-ed in The... Continue reading
Posted 3 days ago at CL&P Blog
Here. Excerpt: The CHOICE Act also rejects the painful lessons about toxic financial products from the financial crisis and Great Recession in which 10 million families lost their homes and Americans collectively lost $19 trillion in wealth. Instead of continuing... Continue reading
Posted 3 days ago at CL&P Blog
Here, in SCOTUSblog. Sounds like the justices are leaning towards finding for the debt buyers, but oral arguments can be a treacherous guide to the final result. Continue reading
Posted 3 days ago at CL&P Blog
by Jeff Sovern I finally finished listening to the House Financial Service's Committee's April 5 hearing: a more than five-hour long interrogation of CFPB Director Richard Cordray. I am torn between thinking every American should listen to some of it--to... Continue reading
Posted 4 days ago at CL&P Blog
Here. It's the "On Money" column by Gary Rivlin. Excerpt: Three days after Donald Trump was sworn in as president, the United States government fined a couple of Citigroup subsidiaries $28.8 million for giving the runaround to tens of thousands... Continue reading
Posted 4 days ago at CL&P Blog
Law360's Evan Weinberger reports here (behind paywall). The case will decide whether debt buyers that don't have debt collection as their principal purpose, because, as in Santander's case, the debt buying unit is part of a multipurpose financial institution, are... Continue reading
Posted 4 days ago at CL&P Blog
Here. Quoting now: “Gary Cohn gave Richard Cordray, the head of the Consumer Financial Protection Bureau, an ultimatum over dinner a few weeks ago: Go the easy way, or go the hard way. “Cohn, President Donald Trump’s top economic adviser,... Continue reading
Posted 5 days ago at CL&P Blog
Brian Melzer of Northwestern's Kellogg School of Management and Aaron Schroeder of the CFPB have written Loan Contracting in the Presence of Usury Limits: Evidence from Automobile Lending. Here is the abstract: We study the effects of interest rate ceilings... Continue reading
Posted 6 days ago at CL&P Blog
by Jeff Sovern During the George W. Bush administration, then-Comptroller of the Currency John Dugan, a former bank lobbyist and lawyer, aggressively protected banks by claiming that state anti-predatory lending laws were preempted as to national banks (remember the predatory... Continue reading
Posted 7 days ago at CL&P Blog
James Gibson of Richmond has written Boilerplate's False Dichotomy, Georgetown Law Journal, Forthcoming. Here is the abstract: The argument against enforcing boilerplate contracts (i.e., contracts that no one reads) seems clear. Indeed, if this were a court case, we would... Continue reading
Posted 7 days ago at CL&P Blog
Here (behind paywall). Excerpt: [T]wo state lawsuits filed by the attorneys general in Illinois and Washington, [allege] that Sallie Mae engaged in predatory lending, extending billions of dollars in private loans to students . . .that never should have been... Continue reading
Posted Apr 10, 2017 at CL&P Blog
Here. Excerpt: [T]his bill doesn’t fix what’s ailing the system. Instead, it seeks to eliminate group litigation altogether. If it becomes law, the bill could prevent consumers from litigating together the next time a company like Volkswagen masks its emissions... Continue reading
Posted Apr 8, 2017 at CL&P Blog
Here. The LA Times reports on the study in this story, headlined, Here's why Wells Fargo forces its customers into arbitration: It wins most of the time. Continue reading
Posted Apr 8, 2017 at CL&P Blog
Here. Excerpt: Debt collectors will be required to comply with the Fair Debt Collection Practices Act, which is designed to curtail abusive or deceptive behavior. * * * Critics say collection agencies have been known to call delinquent debtors six... Continue reading
Posted Apr 8, 2017 at CL&P Blog
Here, from Insidearm.com. The headline is CFPB Director Cordray's Testimony Gets Off to a Heated Start Continue reading
Posted Apr 5, 2017 at CL&P Blog
by Jeff Sovern First, Cordray. Here's what Politico's Morning Money reported: CORDRAY IS ... STILL THERE - Compass Point's Isaac Boltansky and Lukas Davaz: "With a decision in the PHH case review unlikely until next year, and the path for... Continue reading
Posted Apr 4, 2017 at CL&P Blog
Posted Apr 3, 2017 at CL&P Blog
by Jeff Sovern More here. One panel is on the CFPB proposed arbitration rule (I'm on that one) and consumer arbitration; another is on FAA preemption and nursing home arbitration; a third is on ADR in practice. Continue reading
Posted Apr 2, 2017 at CL&P Blog
It's titled The Government Gorsuch Wants to Undo. All of it is worth reading, but here's an excerpt: Judge Gorsuch embraces a judicial philosophy that would do nothing less than undermine the structure of modern government — including the rules... Continue reading
Posted Apr 2, 2017 at CL&P Blog
Verity Winship and Jennifer K. Robbennolt of Illinois have written Admissions of Guilt in Civil Enforcement, Minnesota Law Review, Vol. 101 (Forthcoming). Here is the abstract: Should agencies require admissions of guilt from the targets of civil enforcement? Administrative agencies... Continue reading
Posted Apr 2, 2017 at CL&P Blog
Stephen J. Ware of Kansas has written The Centrist Case Against Current (Conservative) Arbitration Law, 68 Florida Law Review (2016). Here is the abstract: In The Politics of Arbitration Law and Centrist Proposals for Reform, I explained how issues surrounding... Continue reading
Posted Apr 1, 2017 at CL&P Blog