Here. As we have noted before, the OCC plays a role in consumer protection, such as joining with the CFPB and LA City Attorney in the investigation into the Wells Fargo phony accounts. The whole article is worth a read, but here is an excerpt: In the early 2000s, banks successfully sued to stop Iowa […]
Author Archives: Jeff Sovern
Here. Excerpt: [LA City Attorney Mike] Feuer said one of the key lessons of the Wells Fargo (WFC) scandal is the need to have a "very viable and muscular CFPB." * * * "It's true we brought the case in the first place, but our collaboration with the CFPB enabled there to be nationwide relief […]
by Jeff Sovern That's the decision in Midland Funding, LLC v. Johnson. But the decision about asserting time-barred claims seems to be limited to bankruptcy matters. As for whether the claim was deceptive or misleading, the Court noted that the proof of claim indicated on its face that it was time-barred. The Court also wrote: [T]o […]
Here. Depressing excerpt: As director of the National Consumer Law Center’s Student Loan Borrower Assistance Project, Persis Yu spends her days doing pretty much exactly what her title implies — working on behalf of low-income student loan borrowers both helping them with their individual cases and advocating for laws and policies that would benefit them. […]
Here. Excerpt: [L]ast week’s appointment of the lawyer, Keith A. Noreika, to run the Office of the Comptroller of the Currency is unusual because it does not require him to sign the ethics pledge that President Trump is forcing on other appointees. * * * [T]he White House used an administrative quirk to appoint Mr. […]
Congress could have blocked the rule using the Congressional Review Act, but the deadline for the Senate vote appears to be tomorrow and it looks like the Senate won't get to it, and that even if it did, it might not pass. Bloomberg and American Banker have reports. Here's an excerpt from the American Banker story: […]
The HIll has the story here. Chopra has a strong record of protecting consumers, having been the student loan ombudsman at the CFPB, and is currently at the Consumer Federation of America (we quoted him just last week). The FTC currently has two commissioners in place out of five, one from each major party, and cannot […]
Here, in the Times's Economic View column. Excerpt: [T]he Trump administration is taking us in the wrong direction, making student loans riskier, more expensive and more burdensome for borrowers. First, the Education Department has weakened accountability for the companies that administer student loans. Second, it has made it more difficult for borrowers to apply for, […]
Florencia Marotta-Wurgler of NYU has written Self-Regulation and Competition in Privacy Policies, 45 Journal of Legal Studies (2016). Here's the abstract I investigate alternative explanations for the content of privacy policies. Under one model of self-regulation, firms signal their privacy protections to consumers by highlighting compliance with third-party guidelines. However, in a sample of 249 […]