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Jeff Sovern
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by Jeff Sovern Last Friday, I posted a comment on Alan Kaplinsky’s remarks, quoted in the Bloomberg Business story, Bank Customers May Get Their Day in Court, about the CFPB arbitration report. Alan replied in a post captioned “Sovern v.... Continue reading
Posted yesterday at CL&P Blog
by Jeff Sovern Not that I need one, but my question is prompted by my expectation that during the Consumer Financial Protection Bureaus's field hearing today on payday lending, the Bureau will propose new restrictions on payday lending. Critics may... Continue reading
Posted yesterday at CL&P Blog
by Jeff Sovern According to ThinkAdvisor, Georgia Senator David Perdue has introduced an amendment that would subject the CFPB to the congressional appropriations process. Calling the Bureau "reckless," Perdue added "the CFPB is a rogue agency that dishes out malicious... Continue reading
Posted 4 days ago at CL&P Blog
The CFPB arbitration report found that class actions can return significant sums to consumers. Adding to the literature on that topic, Brian T. Fitzpatrick of Vanderbilt and Robert C. Gilbert have written An Empirical Look at Compensation in Consumer Class... Continue reading
Posted 5 days ago at CL&P Blog
by Jeff Sovern Here we go again. The Republicans have repeatedly tried to convert the Consumer Financial Protection Bureau to a commission structure. The latest effort, H.R. 1266, is sponsored by Representative Randy Neugebauer of Texas. The bill would replace... Continue reading
Posted 6 days ago at CL&P Blog
by Jeff Sovern BloombergBusiness columnist Carter Dougherty has a story, Bank Customers May Get Their Day in Court, about the CFPB arbitration report. Dougherty writes: In its report, the CFPB noted that there were just 52 arbitration claims under $1,000... Continue reading
Posted 7 days ago at CL&P Blog
Nancy S. Kim of California Western and D. A. Jeremy Telman of Valparaiso have written Internet Giants as Quasi-Governmental Actors and the Limits of Contractual Consent, Forthcoming in the Missouri Law Review. Here is the abstract: Although the government’s data-mining... Continue reading
Posted Mar 18, 2015 at CL&P Blog
Here. An excerpt: The reality is that credit-reporting firms have been required for decades to ensure the accuracy of consumers' files. They're not doing us a favor. They're just finally saying that they'll follow the law. "For years, the credit-reporting... Continue reading
Posted Mar 17, 2015 at CL&P Blog
Here. An excerpt: In the Big Business narrative, arbitration is a far better place for consumers than a nasty-wasty court. Lack of choice is a better choice! Well, this week, a big, fat government report blew that fiction away. *... Continue reading
Posted Mar 15, 2015 at CL&P Blog
Here. My favorite part: I've written a lot over the years about the need for government to step in when markets fail to protect consumers.* * * Nearly every time, I get angry push-back from tea-party types and libertarians who... Continue reading
Posted Mar 10, 2015 at CL&P Blog
by Jeff Sovern New York's Attorney General, Eric Schneiderman, announced a settlement with the big three credit bureaus, Experian, Equifax, and Transunion, which is intended to improve credit report accuracy. According to Scheiderman's release: The agreement requires that the CRAs... Continue reading
Posted Mar 9, 2015 at CL&P Blog
by Jeff Sovern The American Banker had an article this week, Could the Fight Over Cost-Benefit Analysis Kill Reg Relief? that made some interesting points. After noting that Senate Banking Committee Chair Richard Shelby advocates more cost-benefit analysis, the author,... Continue reading
Posted Mar 6, 2015 at CL&P Blog
Georgene M. Vairo of Loyola Los Angeles haw written Is the Class Action Really Dead? Is that Good or Bad for Class Members? 64 Emory Law Journal 477 (2014). Here's the abstract: Recent Supreme Court decisions have tightened up the... Continue reading
Posted Mar 5, 2015 at CL&P Blog
By guest blogger Peter A. Holland I have covered the NCLC's excellent proposal to ban the sale of time-barred debt here. The NCLC recommendations point to the larger problem that some banks sell off their worst, most unreliable, least collectible,... Continue reading
Posted Mar 1, 2015 at CL&P Blog
by Jeff Sovern Brian posted earlier that the CFPB has announced a field hearing on arbitration for March 10. Because the CFPB often schedules such hearings when it announces something, it is probably going to release the next installment in... Continue reading
Posted Feb 24, 2015 at CL&P Blog
By guest blogger Peter A. Holland In a time of limited resources, perhaps a new model is emerging of joint CFPB/State Attorney General enforcement actions. The recent joint action by the Bureau and Maryland Attorney General Brian Frosh provides a... Continue reading
Posted Feb 22, 2015 at CL&P Blog
Cynthia R. Farina, Mary Newhart, and Cheryl L. Blake, all of Cornell, have written The Problem with Words: Plain Language and Public Participation in Rulemaking, George Washington Law Review (2015 Forthcoming). Here's the abstract: The connection between more understandable rulemaking... Continue reading
Posted Feb 21, 2015 at CL&P Blog
by Jeff Sovern As law students, law professors, and lawyers know, most law reviews are edited by law students, which means that law students select the articles that appear in their journals. The prime submission season is just underway, and... Continue reading
Posted Feb 19, 2015 at CL&P Blog
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By Dee Pridgen The ABA Consumer Protection Conference held February 12 on the campus of the George Washington University in Washington, D.C., focused on the work of the Federal Trade Commission (FTC), as well as the work of advertising self-regulatory... Continue reading
Posted Feb 18, 2015 at CL&P Blog
by Jeff Sovern I'm looking into survey evidence to establish or defend against a claimed violation of the Fair Debt Collection Practices Act for a possible article. If you have conducted such a survey in one of your cases or... Continue reading
Posted Feb 15, 2015 at CL&P Blog
by Jeff Sovern Congress enacted the Dodd-Frank Act in 2010. Since then, law school applications have plummeted by more than 40,000. Therefore, the Dodd-Frank Act must have killed law school applications. At least, that's the conclusion I came to after... Continue reading
Posted Feb 10, 2015 at CL&P Blog
Here. An excerpt: At the center of the regulations being considered, the people familiar with the matter said, is a requirement that lenders assess whether borrowers can repay loans — interest and principal — at the end of a two-week... Continue reading
Posted Feb 9, 2015 at CL&P Blog