The Washington Post reports on Richard Cordray's apparently imminent resignation from the CFPB, here.
Author Archives: Allison Zieve
The Wall Street Journal reports: "Penalties levied by the Securities and Exchange Commission dropped to a four-year low during the latest fiscal year, showing how a more friendly tone from regulators and the transition of political power can yield relief for Wall Street. Total penalties ordered through SEC enforcement actions fell 15.5% last year to […]
As The Washington Post reports: The Education Department officials opened formal negotiations on Monday to rewrite federal rules meant to protect students from fraud by colleges and universities. The talks with university representative and student advocates are taking place as the department faces criticism for delaying consideration of tens of thousands of loan forgiveness claims […]
A new report by The Century Foundation based on analysis of data from the Department of Education shows that students who attended for-profit colleges filed more than 98 percent of the requests for student loan forgiveness alleging fraud by their schools.The study is based on nearly 100,000 applications for loan forgiveness based on "borrower defense" […]
Consumerist.com posted on Monday that the website has posted its last post: This is our last post on Consumerist.com. We’re deeply proud of all the work we’ve done on behalf of consumers, from exposing shady practices by secretive cable companies to pushing for action against dodgy payday lenders. We’ve had a tremendous run as a standalone […]
The Hill reports: The director of the Consumer Financial Protection Bureau (CFPB) has written an unusual plea to President Trump, asking him to save the agency's rule on forced arbitration. Richard Cordray wrote what he called a “simple, personal appeal” to Trump, asking him not to sign a resolution from Congress that would kill the CFPB rule. “Many […]
The Senate just passed Senate Joint Resolution 47, with Vice President Mike Pence casting the deciding vote, to repeal the Consumer Financial Protection Bureau's rule barring class-action bans in consumer financial contracts. Republican Senators John Kennedy (R-Louisiana) and Lindsey Graham (R-South Carolina) joined all 48 Democratic Senators in voting against the measure. The House already passed the resolution. […]
Guest post by Emily Martin, General Counsel and Vice President for Workplace Justice. National Women's Law Center Fox News. Sterling Jewelers. Wells Fargo. What do they all have in common? For years, they successfully kept corporate wrongdoing secret, through forced arbitration. Buried in the fine print of employment contracts and consumer agreements, forced arbitration clauses prohibit you […]
The New York Times reports that "Wells Fargo engaged in unfair and deceptive practices, failed to properly manage risks and hasn’t set aside enough money to pay back the customers it harmed, according to a confidential report by federal regulators." "The report, prepared by the Office of the Comptroller of the Currency and reviewed by […]
The Washington Post reports that the Federal Trade and 12 state attorneys general have formed a task force to crack down on student debt relief scams. "The federal-state initiative, dubbed Operation Game of Loans, is responsible for five cases against companies, such as Student Debt Doctor and American Student Loan Consolidators, accused of misleading borrowers about their ability to lower […]