The future, they say, is the hardest thing to predict. With that caveat, what can we expect from a second Trump administration for consumer prediction? Some quick thoughts: President-elect Trump will surely ask CFPB Director Rohit Chopra to resign so that he can replace Chopra with someone he prefers. Despite the fact that Vice President-elect […]
Here. The podcast features people from both sides of the debate.
California’s Song-Beverly Consumer Warranty Act provides significant protections to consumers in that case–particularly for those who purchase automobiles. One provision gives certain car buyers a “refund-or-replace remedy,” requiring the manufacture to replace a defective car, or provide restitution, after a “reasonable number of attempts” for repair. Today, the California Supreme Court issued a decision as […]
The Federal Trade Commission took action against Credit Karma in 2022, alleging that the company told consumers they were “pre-approved” and had “90% odds” of approval to entice them to apply for credit card offers that, in many instances, they ultimately did not qualify for. Credit Karma later agreed to to stop making these types […]
Today, the Consumer Financial Protection Bureau and the Centers for Medicare & Medicaid Services issued a joint statement concerning unlawful medical bills charged to people with Medicare living at or below the poverty line — about one in eight Medicare recipients nationwide. Federal law generally prohibits healthcare providers who accept Medicare from billing them for […]
Yesterday, the Ninth Circuit issued an opinion in Heckman v. Live Nation Entertainment, where it affirmed a district order denying a motion to compel mass arbitration of a consumer antitrust class action about online ticket sales practices by Live Nation and Ticketmaster. Finding the arbitration agreement “borderline unintelligible,” the panel majority held that both the […]
The American Banker’s Kate Berry reports in What the election means for the future of the CFPB (behind paywall but available on Lexis). If Trump wins, Berry reports speculation that Keith Noreika, Todd Zywicki, or Brian Johnson could be his pick to lead the CFPB. Something the article doesn’t note: those folks all have experience […]
The Consumer Financial Protection Bureau today announced its final rule on personal financial data rights under section 1033 of the Consumer Financial Protection Act. According to the bureau’s release, the rule will enable consumers to “fire fintechs and banks that provide lousy service” by enabling transfer of bank data to other banks; “shop for better […]
In Guidotti v. Legal Helpers Debt Resolution, L.L.C., 716 F.3d 764 (3d Cir. 2013), the Third Circuit addressed the question of, when considering a motion to compel arbitration, what standards district courts should apply when determining whether an agreement to arbitrate was actually formed between the parties. The court held that the Rule 12(b)(6) standard […]
As reported in Politico’s Morning Money enewsletter, two courts in Texas and Texas Attorney General Ken Paxton, have rejected arguments that the CFPB cannot act because it is funded out of the Federal Reserve’s earnings and the Fed is currently running a deficit. Paxton’s office wrote that the: argument thus rests on the flawed premise […]