by Jeff Sovern Here in the LA Times. Excerpt: [T]he current occupant of the Oval Office, President Trump, a wealthy businessman, is aggressively pursuing policies that undermine each of Kennedy's declared rights. * * * Kennedy proposed four basic consumer rights: The right to safety: "To be protected against the marketing of goods which are hazardous […]
Author Archives: Jeff Sovern
Matthew A. Bruckner of Howard has written The Promise and Perils of Algorithmic Lenders' Use of Big Data, 93 Chicago-Kent Law Review (2018). Here's the abstract: Like many new technologies, algorithmic lenders’ use of Big Data holds great promise but may also be perilous. At the most basic level, Big Data is simply a toolkit for “creating, […]
Ronen Avraham of Tel Aviv University – Tel Aviv University, Buchmann Faculty of Law and Texas and Anthony J. Sebok of Cardozo have written An Empirical Investigation of Third Party Consumer Litigation Funding, 104 Cornell Law Review __ (2018). Here is the abstract: This is the first large-scale empirical study of consumer third-party litigation funding in the […]
by Jeff Sovern So Banking Exchange reports. Excerpt: Otting believes a flaw of how CRA has evolved is its strong emphasis on low-to-moderate income mortgage lending and lending for low-to-moderate income multifamily housing. He thinks more types of activities should count toward meeting CRA’s intention. For example, he says, small business lending in low-to-moderate income […]
The HIll is reporting that the House insists on going to conference to resolve differences between the House-passed Financial Choice Act and the Senate bill, while the Senate Democrats who supported the bill say they would oppose major changes in it. The House bill makes major changes in the CFPB.
Here. Excerpt: President Donald Trump and other supporters of the major banking bill that cleared the Senate on Wednesday say they want to rescue the nation’s lenders from a crush of regulations. But far from being crushed, the industry looks more like it's booming. Banks have hauled in record profits for the last three years […]
The WSJ report is here. As for the impact on discriminatory lending, see Adam Levitin writing at Credit Slips. It remains unclear how the House will respond to the bill.
by Jeff Sovern Mick Mulvaney has now led the CFPB for three and a half months and during that period, has been subject to attacks, including on our blog. Naturally, his defenders are stepping up. For example, Congressman Blaine Luetkemeyer, who chairs the House Financial Services Subcommittee on Financial Institutions and Consumer Credit and served on […]
by Jeff Sovern Politico's Morning Money newsletter reports: BANKERS NOT AS WORRIED BY REGS — At the Consumer Bankers Assoc. annual conference, CBA Live, attendees were asked about their top worries. The regulatory environment was tops from 2012-2016. On Monday it barely cracked four percent. Which of course raises a question about why Congress is working on […]
by Jeff Sovern Kevin Wack in The American Banker has a report headlined Wells was tipped off to government probe by OCC, watchdog says. And yet, Mick Mulvaney wants the CFPB to take a backseat to the OCC when it comes to supervision.