In a settlement with the Department of Justice, JP Morgan Chase has agreed to pay more than $50 million to more than 25,000 homeowners through cash payments, mortgage loan credits, and loan forgiveness. The payment will resolve DOJ accusations that JP Morgan Chase filed robo-signed mortgage documents in bankruptcy courts. The DOJ press release explains: […]
Author Archives: Allison Zieve
"Following a review of 22 private collection agencies, the U.S. Department of Education announced today that it will wind down contracts with five private collection agencies that were providing inaccurate information to borrowers. The five companies are: Coast Professional, Enterprise Recovery Systems, National Recoveries, Pioneer Credit Recovery, and West Asset Management. …. "In its review, […]
"Why it's nearly impossible to sue your credit card company" is the title of an article in today's Washington Post about the mandatory arbitration provisions that are now standard in credit card agreements and the Consumer Financial Protection Board's report, expected to be released next week, about mandatory arbitration in consumer financial agreements. The full […]
The Washington Post has a lengthy article today on payday lending by American Indian tribes. With some two-dozen tribes now offering installment and payday loans, Native Americans have found themselves wrestling with the merits of this lifeline. Following the formula used in casino gambling, tribes capitalize on their right to govern themselves in an otherwise […]
From the website Main St.: A newly released Harvard study indicates that the Dodd-Frank Wall Street Reform and Consumer Protection Act has given Wall Street an advantage over Main Street – the opposite of what was intended. Two researchers at the Mossavar-Rahmani Center for Business and Government of the John F. Kennedy School of Government […]
The Wall Street Journal's "Pharmalot" reporter Ed Silverman reports on a bill introduced in the California legislature that is aimed at elucidating the mysteries of prescription drug pricing: As the prices of prescription medicines strain budgets, one California lawmaker wants to force drug makers to reveal their costs in a bid to provide some transparency […]
From the Bangor Daily News: A federal judge has overturned Maine’s first-in-the-nation law allowing residents to purchase medication by mail from other countries. U.S. Chief District Judge Nancy Torresen’s ruling Monday comes more than a year after several Maine pharmacy groups filed suit against the state over the 2013 law, arguing it jeopardizes the safety […]
From the New York Times: After two years of imposing increasingly stiff penalties on automakers that overstate their fuel economy ratings, federal regulators on Monday said they would tighten guidelines used in determining the mileage advertised to consumers. Next year, automakers will face stricter rules for conducting a crucial test or face an audit by […]
Consumer Financial Protection Bureau Chairman Richard Cordray spoke yesterday at a meeting of the National Association of Attorneys General. His remarks are posted here. Chairman Cordray discussed CFPB's efforts to address deceptive marketing, debt traps, "dead ends" (a discussion of credit scores and debt collection), and discrimination.
Read Warren: Wall Street using small banks to weaken rules in today's The Hill.