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Jeff Sovern
Recent Activity
Here. Excerpt: Cryptocurrency startup Solidus Labs has hired the former director of the U.S. Consumer Financial Protection Bureau (CFPB) as its top regulatory official, she told Reuters. * * * Founded in 2017 by former Goldman Sachs employees, New York-based... Continue reading
Posted 3 days ago at CL&P Blog
Vijay Raghavan of Brooklyn has written Consumer Law's Equity Gap, Utah Law Review (forthcoming 2022). Here is the abstract: This article is about the views that shape and constrain the development of consumer law. Consider the market for short-term, high-cost... Continue reading
Posted 4 days ago at CL&P Blog
Here (behind paywall but available on Lexis), by Kate Berry. The headline has the summary: "Harsher rules, more enforcement." Excerpt: "The CFPB has been extraordinarily active under acting Director Dave Uejio, who is not acting like a typical acting director,"... Continue reading
Posted 7 days ago at CL&P Blog
by Jeff Sovern Bloomberg Law has the story here (possibly behind pay wall). The first was California, and the second was Virginia. Others are likely to follow. The more states that enact privacy laws, the more businesses are likely to... Continue reading
Posted Jul 9, 2021 at CL&P Blog
by Jeff Sovern I have revised my article, Six Scandals: Why We Need Consumer Protection Laws Instead of Just Markets, to take into account the many helpful comments I received at the Berkeley Consumer Law Scholars Conference. Here is the... Continue reading
Posted Jul 6, 2021 at CL&P Blog
by Jeff Sovern Last week, the House Financial Services Committee held a hearing on credit reporting. I haven't yet watched the recording, but the American Banker's Neil Haggerty has a story here (the story is behind a paywall, but is... Continue reading
Posted Jul 3, 2021 at CL&P Blog
Keith B. Anderson of the Federal Trade Commission - Bureau of Economics has written To Whom Do Victims of Mass-Market Consumer Fraud Complain?. Here is the abstract: Utilizing data from surveys of mass-market consumer fraud sponsored by the Federal Trade... Continue reading
Posted Jun 29, 2021 at CL&P Blog
Shelly Kreiczer-Levy of Ramat Gan College of Law & Business; Global Affiliated Faculty, The Vulnerability and Human Condition Program, Emory Law School has written The Duties of Online Marketplaces 58 San Diego Law Review (2021). Here's the abstract: Is Amazon... Continue reading
Posted Jun 22, 2021 at CL&P Blog
Farshad Ghodoosi of the David Nazarian School of Business & Economics, California State University, Northridge and Monica Sharif of California State University, Los Angeles have written Justice in Arbitration: The Consumer Perspective, International Journal of Conflict Management (2021). Here is... Continue reading
Posted Jun 18, 2021 at CL&P Blog
Here (may be behind paywall). As we reported earlier, the Senate confirmed Professor Khan to be an FTC commissioner earlier today. Now that the FTC will have two democratic commissioners, besides Rohit Chopra, the expectation is that the Senate will... Continue reading
Posted Jun 15, 2021 at CL&P Blog
Noam Kolt of the University of Toronto has written Predicting Consumer Contracts, 37 Berkeley Technology Law Journal (2022 Forthcoming). Here is the abstract: This Article empirically examines whether a computational language model can read and understand consumer contracts. Language models... Continue reading
Posted Jun 13, 2021 at CL&P Blog
We received the following call for submissions: The AALS Section on Financial Institutions and Consumer Financial Services invites submissions of no more than five pages for its session at the 2022 annual meeting of the AALS. Next year’s annual meeting... Continue reading
Posted Jun 11, 2021 at CL&P Blog
by Jeff Sovern The report, by Syed Ejaz, is titled A Broken System: How The Credit Reporting System Fails Consumers And What To Do About It. Here are excerpts from the Executive Summary: Consumers are finding errors on their credit... Continue reading
Posted Jun 10, 2021 at CL&P Blog
Oren Bar-Gill of Harvard and Omri Ben-Shahar of Chicago have written Manipulation by Mislaid Priorities. Here is the abstract: This paper lays a foundation for a new theory of manipulation, based on the misprioritization of (truthful) information. Since consumers review... Continue reading
Posted Jun 9, 2021 at CL&P Blog
by Jeff Sovern The report is titled Where White Men Rule: How the Secretive System of Forced Arbitration Hurts Women and Minorities. CNBC has a story here. Here's an excerpt from the report: Arbitrators in consumer and employment cases are... Continue reading
Posted Jun 7, 2021 at CL&P Blog
Recently, the blog posted two items (here and here) arguing that the Consumer Financial Protection Bureau should issue a rule barring the use of arbitration clauses unless consumers opt in to them. The second item was in reply to Mark... Continue reading
Posted Jun 6, 2021 at CL&P Blog
by Jeff Sovern Last week, I suggested that the CFPB adopt a new arbitration rule. Yesterday, Ballard Spahr's Mark Levin commented on my proposal, in a blog post titled Professor Sovern’s opt-in arbitration proposal is neither new nor supportable. This... Continue reading
Posted Jun 2, 2021 at CL&P Blog
Here. Excerpt: * * With no announcement, the company recently changed its terms of service to allow customers to file lawsuits. Already, it faces at least three proposed class actions, including one brought May 18 alleging the company’s Alexa-powered Echo... Continue reading
Posted Jun 1, 2021 at CL&P Blog
Here, in an article by Kate Berry. The article is behind a paywall but should soon be available on Lexis if it isn't already. Continue reading
Posted Jun 1, 2021 at CL&P Blog
Paolina C. Medina of Texas A&M University and Jose L. Negrin of the Banco de Mexico have written The Hidden Role of Contract Terms: Evidence from Credit Card Minimum Payments in Mexico, Management Science (2021). Here is the abstract: This... Continue reading
Posted May 31, 2021 at CL&P Blog
The American Economic Association has a report on the study here. The actual paper, Is No News (Perceived As) Bad News? An Experimental Investigation of Information Disclosure by Ginger Zhe Jin, Michael Luca, & Daniel Martin, is here. Here's the... Continue reading
Posted May 30, 2021 at CL&P Blog
by Jeff Sovern I have a suggestion for the CFPB relating to arbitration. Many readers will know this background, but for those who don't: in 2010, Congress enacted the Dodd-Frank Act, which in section 1028 directed the Consumer Financial Protection... Continue reading
Posted May 27, 2021 at CL&P Blog
by Jeff Sovern Here. [Disclosure: the website is put up by AAJ, which gave St. John's a grant to fund some of my research back in 2015] Continue reading
Posted May 25, 2021 at CL&P Blog
by Jeff Sovern Blankenstein's essay appears in the National Review. Bureau-watchers may recall that Blankenstein served as an associate director at the Bureau during the Trump administration but left after a rebellion over blog posts he had written a decade... Continue reading
Posted May 24, 2021 at CL&P Blog