Here. Excerpt on the CFPB's proposed arbitration reg: [Ballard Spahr's] Alan S. Kaplinsky told Bloomberg BNA that “it would be bordering on reckless” for CFPB Director Richard Cordray to finalize the rule because of the risk it will be overturned under the [Congressional Review Act].* * * Congressional Republicans will be in lock step against […]
Author Archives: Jeff Sovern
The Consumer Bankers Association has been touting a poll it commissioned from Morning Consult finding, as the CBA headline put it: Most Votes in Key Battleground States Support Structural Reforms to CFPB. Or, to put it another way, most voters when asked if they prefer a single director or a bipartisan commission, prefer the bipartisan […]
Here. Excerpt: It’s unlikely that anyone actually believes that consumers understand arbitration clauses and take them into account when making buying choices. These arguments aren’t meant to be taken seriously. They are air cover for banking executives who like taking advantage of customers and politicians who want to do favors for the financial lobby. That’s the […]
Here. This is for offline credit card purchases. Surveillance capitalism indeed. Excerpt: Google’s new ability to match people’s offline credit card purchases to their online lives is a stunning display of surveillance capitalism in action. The capability, which Google unveiled this week, allows the company to connect the dots between the ads that it […]
Here. Excerpt: Wells Fargo’s opening of millions of phony accounts using the names of its customers was perhaps the most significant bank scandal to come to light since the financial crisis. But Hensarling’s Financial Choice Act, which passed the House Financial Services Committee, would have weakened federal regulators’ ability to publicize the scandal and punish […]
Over at PropertyProf Blog.
Here. The whole article is worth reading, but here's an excerpt: Buried deep in President Donald Trump’s 2018 budget request to Congress—specifically, on page 158 out of 159 pages in the supplemental "Major Savings and Reforms" document—is a section headed “Restructure the Consumer Financial Protection Bureau.” It appears to be yet another Republican shot across […]
by Jeff Sovern We posted the first part of California-Irvine professor Leah Litman's take on the PHH case last week. Here is part two. Professor Litman offers a perspective on Humphrey's Exec, the Supreme Court case that held an independent agency–there, it was the Federal Trade Commission–was constitutional. I have wondered for some time how the […]
Consumer protection litigator Joel Winston wrote the article that prompted the fact check, and here is the fact check.