Author Archives: Brian Wolfman

Read the CFPB’s 2013 Consumer Response Annual Report

Read the Consumer Financial Protection Bureau's 2013 Consumer Reponse Annual Report, which is the agency's name for its comprehensive report on consumer complaints to the agency. Among other things, it explains how the CFPB handles complaints and then reviews complaints by type, including, for instance, debt collection, mortgages, credit cards, and payday loans. CFPB director […]

Budget cuts mean tax cheaters get away with their cheating

We've told you before about the mammoth "tax gap"– the difference between what Americans ought to pay in federal taxes and the amount that they actually pay: The IRS even publishes a tax gap map, which identifies the sources of the missing revenue. We've posted about the federal budget sequester and the craziness of cutting the IRS […]

Rhonda Wasserman on cy pres in class actions

Law professor Rhonda Wasserman has written Cy Pres in Class Action Settlements. Here is the abstract: Monies reserved to settle class action lawsuits often go unclaimed because absent class members cannot be identified or notified or because the paperwork required is too onerous. Rather than allow the unclaimed funds to revert to the defendant or escheat […]

CFPB obtains massive credit-card deception consent order from Bank of America

The Consumer Financial Protetion Bureau has obtained this big-dollar consent order from Bank of America (BOA) arising from the bank's unfair and deceptive credit-card practices. About 1.4 million consumers will receive refunds totalling $727 million. BOA will also pay the CFPB a $20 million civil penalty. CFPB Director Richard Cordray talked tough in announcing the […]

The world after McCutcheon v. FEC — and amending the First Amendment

This article by Tony Mauro discusses the reactions of campaign-reform advocates to the Supreme Court's decision last week in McCutcheon v. FEC, which struck down congressional limits on how much money an individual may donate in total to all federal candidates or political committees in a particular election cycle. See 2 U.S.C. § 441a(a)(3) (deceased Apr. […]