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Jeff Sovern
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in The American Prospect, my latest op-ed, with Norm Silber. Excerpt: For the next stimulus package, rather than sending tens of millions of checks to consumers, Congress would do better to strike at the economic crisis by using the existing... Continue reading
Posted 15 hours ago at CL&P Blog
Guest Post by Dee Pridgen: Consumers who have ongoing memberships at gym or fitness centers may wonder what their rights are when these facilities are shut down by government order during the corona virus pandemic. While these clubs have contracts... Continue reading
Posted 3 days ago at CL&P Blog
by Jeff Sovern . . . during the pandemic as long as they act in good faith, according to a Policy Statement. The Policy Statement shouldn't affect private enforcement of the deadlines for investigating errors in consumer reports, however. Continue reading
Posted 4 days ago at CL&P Blog
by Jeff Sovern Earlier this year, the CFPB created a Taskforce to make "recommendations for ways to improve and strengthen consumer financial laws and regulations." The Taskforce is chaired by George Mason professor Todd Zwyicki and its other members are... Continue reading
Posted Mar 27, 2020 at CL&P Blog
by Jeff Sovern Evan Weinberger reports here. The bill's text is not yet available at Govtrack. I wonder if the bill would also apply to consumers who have not lost their jobs or had hours cut back because of the... Continue reading
Posted Mar 19, 2020 at CL&P Blog
The Student Borrower Protection Center (SBPC) and the American Federation of Teachers (AFT) are co-hosting a webinar focusing on student loan repayment during the coronavirus pandemic. More information and registration here. Continue reading
Posted Mar 18, 2020 at CL&P Blog
Hofstra's Norm Silber, who studied gift cards and other merchant cash substitutes for his article, Merchant Authorized Consumer Cash Substitutes, 14 University of Virginia Law & Business Review (2019), urges consumers to spend their gift cards online. He points out... Continue reading
Posted Mar 18, 2020 at CL&P Blog
After Katrina, Norm Silber wrote an article, Debts, Disasters, and Delinquencies: The Case for a Mandatory Force Majeure Provision in Consumer Credit Agreements, and for a Consumer Credit Insurance Fund, 34 New York University Review of Law and Social Change... Continue reading
Posted Mar 16, 2020 at CL&P Blog
by Jeff Sovern Yesterday, as part of his response to the coronavirus, President Trump announced that he was temporarily waiving "interest on all student loans held by federal government agencies." According to the NY Times, monthly payments won't change. Instead,... Continue reading
Posted Mar 14, 2020 at CL&P Blog
by Jeff Sovern The coronavirus is already having an impact on consumers and consumer protection. Some initial observations: The FTC and FDA have sent warning letters to companies reportedly making deceptive or unsupported claims about their products' ability to treat... Continue reading
Posted Mar 13, 2020 at CL&P Blog
by Jeff Sovern The CFPB recently proposed various disclosures to include on validation notices pertaining to time-barred debt. Before doing so, the Bureau retained ICF International to test the notices empirically; this testing found that the notices enabled many respondents... Continue reading
Posted Mar 11, 2020 at CL&P Blog
Yonathan A. Arbel of Alabama has written Payday, forthcoming in 98 Washington University Law Review. Here is the abstract: Legislation lags behind technology all too often. While trillions of dollars are exchanged in online transactions—safely, cheaply, and instantaneously—workers still must... Continue reading
Posted Mar 2, 2020 at CL&P Blog
Daniel J. Solove of George Washington has written The Myth of the Privacy Paradox. Here is the abstract: In this article, Professor Daniel Solove deconstructs and critiques the privacy paradox and the arguments made about it. The “privacy paradox” is... Continue reading
Posted Feb 27, 2020 at CL&P Blog
Jim Hawkins of Houston has written Earned Wage Access and the End of Payday Lending. Here is the abstract: Fintech companies have developed a financial product that allows employees to gain access to wages that they have already earned before... Continue reading
Posted Feb 11, 2020 at CL&P Blog
by Jeff Sovern Twice a year, CFPB Director Kathy Kraninger testifies before the House Financial Services Committee about the Bureau's Semi-Annual Report. A committee member I always look forward to hearing from is Katie Porter, a former law professor at... Continue reading
Posted Feb 9, 2020 at CL&P Blog
by Jeff Sovern A recent NY Times article, Chaos at Chain Pharmacies Is Putting Patients at Risk, reminded me of how the Wells Fargo quotas drove Wells employees to open unauthorized accounts. There's a lot in the article, but here... Continue reading
Posted Feb 5, 2020 at CL&P Blog
Brady Williams has written Unconscionability as a Sword: The Case for an Affirmative Cause of Action, 107 Calif. L. Rev. 2015 (2019). Here's the abstract: Consumers are drowning in a sea of one-sided fine print. To combat contractual overreach, consumers... Continue reading
Posted Jan 29, 2020 at CL&P Blog
Shmuel I. Becher of the Victoria University of Wellington and Uri Benoliel of the College of Law and Business - Ramat Gan Law School have written Sneak in Contracts: An Empirical Perspective. Here's the abstract: Consumer contracts are a pervasive... Continue reading
Posted Jan 28, 2020 at CL&P Blog
by Jeff Sovern On Friday, the CFPB issued a Policy Statement on Abusive Acts or Practices. The Policy Statement is disappointing in several respects. First, it is intended to address a problem that has never been shown to exist. The... Continue reading
Posted Jan 27, 2020 at CL&P Blog
Here. Excerpt: Community groups across the U.S. are mobilizing to oppose a plan by President Donald Trump's bank regulators to radically remake a landmark law designed to combat discriminatory lending, saying the proposal would undercut that goal. * * *... Continue reading
Posted Jan 6, 2020 at CL&P Blog
Here. Free content. In light of the election and the divided Congress, it seems unlikely that anything controversial will pass. Continue reading
Posted Jan 3, 2020 at CL&P Blog
David Dayen has the story in The American Prospect. Here's an excerpt, but the entire story is worth a look: It may seem axiomatic, but it’s rarely stated out loud: Businesses that rely on poor people need the economic system... Continue reading
Posted Dec 31, 2019 at CL&P Blog
Here, in The Conversation, by Anthony Dukes, Professor of Marketing, University of Southern California and Yi Zhu, Associate Professor of Marketing, University of Minnesota. Excerpt: Many complaint processes are actually designed to help companies retain profits by limiting the number... Continue reading
Posted Dec 27, 2019 at CL&P Blog
Here. Excerpt: Jimmy Kennedy earned $13 million during his nine-year career as a player in the National Football League. He was the kind of person most banks would be happy to have as a client. But when Mr. Kennedy tried... Continue reading
Posted Dec 11, 2019 at CL&P Blog