by Jeff Sovern AP is running a story, Under Trump, a Voice for the American Consumer Goes Silent, making a point that this blog has frequently noted. Excerpt: A review of a CFPB database obtained by the AP through a Freedom of Information request shows that the bureau issued an average of two to four […]
Author Archives: Jeff Sovern
by Jeff Sovern So Reuters reports here. This report is consistent with the view that businesses that behave properly suffer when competitors cut corners and so enforcement of consumer protection laws benefits not only consumers but companies with consciences.
by Jeff Sovern Lately, I've been thinking to myself about how so little has leaked out on what's going on at the Bureau, especially compared to the White House. But that didn't stop Acting Director Mulvaney today from attacking CFPB staff for leaking, according to Sylvan Lane in The Hill. Here's an excerpt: Mulvaney . […]
Shahar Dillbary of Alabama and Griffin Sims Edwards of the University of Alabama at Birmingham – Department of Marketing, Industrial Distribution & Economics have written An Empirical Analysis of Sexual Orientation Discrimination, University of Chicago Law Review, 2018 Forthcoming. Here's the abstract: This study is the first to empirically demonstrate widespread discrimination across the United States based on […]
by Jeff Sovern On Wednesday, the House Financial Services Committee will hear from CFPB Interim Chief Mick Mulvaney about the CFPB. Here are some questions I hope get asked of Mulvaney, in no particular order: Wells Fargo. You have said that complaints to the CFPB should guide your actions. It appears from the public database […]
Here. Listen to it while driving. It explores people involved in the CFPB's dismissal of the Golden Valley payday lending case and quotes Chris Peterson.
by Jeff Sovern The report is here. Here's an excerpt from Mulvaney's statement at the beginning of the report: As has been evident since the enactment of the Dodd-Frank Act, the Bureau is far too powerful, and with precious little oversight of its activities. Per the statute, in the normal course the Bureau’s Director simultaneously […]
Here, in Forbes. Another consumer protection that probably doesn't protect consumers
by Jeff Sovern Apparently the Lucchese Organized Crime Family charges less than a quarter of what payday lenders charge. Last week, New York State Attorney General Eric T. Schneiderman announced indictments of ten members of the group in the largest loansharking investigation in the office's history. Schneiderman's press release reports: [U]surious interest payouts exceed[ed] a million […]
The report, at CreditCards.com, is titled "Store-card issuers top list of complaints with the CFPB" and the subheading is" Purchase issues, unexpected fees or interest are most common card-related gripes." The report lists the most-complained-about issuers per $100M in card balances and also reports on which issuers give the most refunds. Here's an excerpt: It […]