In addition to taking the case that Brian blogged about below, the Supreme Court this morning granted a petition in Lamps Plus Inc. v. Varella, which raises the question presented: Whether the Federal Arbitration Act forecloses a state-law interpretation of an arbitration agreement that would authorize class arbitration based solely on general language commonly used […]
Author Archives: Allison Zieve
The Ars Technica blog reports that "Verizon is forcing users of Yahoo services to waive their class-action rights and agree to resolve disputes through arbitration. Yahoo users who don't agree to the new terms will be cut off from the services, though Verizon hasn't said exactly when the cutoff date is." The blog post is […]
The Wall Street Journal reports that the federal Office of the Comptroller of the Currency has floated the idea of not enforcing lending rules for poor people based on the location of a bank’s physical branches. People familiar with the matter said the OCC privately sought other regulators’ input on eliminating the concept of geographic […]
The Federal Trade Commission has charged the LendingClub Corporation with falsely promising consumers that they would receive a loan with “no hidden fees,” when, in actuality, the company deducted hundreds or even thousands of dollars in hidden up-front fees from the loans. The FTC’s complaint alleges that Lending Club recognized that its hidden fee was a […]
Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency have fined Wells Fargo $1 billion for forcing customers into car insurance and charging mortgage borrowers unfair fees. CNN Money has the story, here.
Yesterday, the Consumer Financial Protection Bureau issued a Request for Information (RFI) on its consumer complaint database and handling of consumer complaints submitted to it: The Bureau is seeking comments and information from interested parties to assist the Bureau in assessing its handling of consumer complaints and consumer inquiries and, consistent with law, considering whether […]
Earlier this week, a payday pending group, the Community Financial Services Association of America, sued the Consumer Financial Protection Bureau to challenge the payday lending rule issued last fall. The complaint also claims that the CFPB's structure is unconstitutional. The suit was filed in federal court in Texas. The complaint is available here. The Washington […]
Mick Mulvaney, the director of Office of Management and Budget whom President Donald Trump’s has running the Consumer Financial Protection Bureau sinxe CFPB director Richard Cordray stepped down, has given big pay raises to the deputies he has hired to help him run the CFPB, according to salary records obtained by The Associated Press. Mulvaney […]
From Kenosha News (WI), "Group rallies against high-interest lending practices in Kenosha, state" (March 27), here. From Akron Beacon Journal / Ohio.com, "Editorial: Real regulation for payday lenders" (March 26), here. From Wall Street Journal, "Florida Gives Payday Lenders a Boost" (March 19), here. From Nonprofit Quarterly, "Florida Senate Backs Changes in Payday Loans that […]
In today's New York Times, two lawyers from the large corporate law firm Paul, Weiss, Rifkind, Wharton & Garrison argue for repeal of the law that immunizes gun manufacturers from liability and explain the importance of law allowing individuals to hold industry accountable for wrongdoing. A nice piece, available here.