by Jeff Sovern It's for an arbitration symposium at Rutgers and is available for download here. I would love to hear comments! Here's the abstract: In September 2016, regulators charged Wells Fargo with opening millions of unauthorized accounts on behalf of its customers. When some of those customers filed class actions against Wells, the bank initially […]
Author Archives: Jeff Sovern
Report here. Excerpt: One of Jiménez’s biggest undertakings to date is the Financial Distress Research Project, an initiative she supervises with James Greiner and Lois Lupica, law professors at Harvard and the University of Maine law schools respectively. The goal of the enterprise – a signature project of the Access to Justice Lab at Harvard […]
The HIll report is here. Excerpt: The CHOICE Act also places major restraints on the Consumer Financial Protection Bureau (CFPB), an agency created by Dodd-Frank that the GOP has long called unaccountable, abusive and redundant. The bill renames the CFPB the Consumer Law Enforcement Agency and reduces its power to enforce pre-existing consumer protection laws. […]
Here. Excerpt from Senator Warren's statement: I am deeply concerned by the Administration's decision to remove an experienced, independent regulator like Comptroller Curry and replace him with a career bank lawyer.
The report about tonight is here while the report about tomorrow is here. In either case, it's soon. Not surprisingly, in light of the makeup of the Committee, CFPB supporters' proposals are being rejected.
by Jeff Sovern Rohit Chopra senior fellow at the Consumer Federation of America and formerly student loan ombudsman at the CFPB, testified last week on the Choice Act and listed a few of student loan cases that could not have been brought under the Choice Act. Here is his list: While many know of Wells Fargo’s […]
by Jeff Sovern During hearings on the CFPB and the Choice Act, I kept hearing critics of the CFPB saying they want to increase its accountability (I haven't started listening to the markups yet, but it's probably a recurring theme there too). In fact, the CFPB is accountable. But assume it isn't for the moment. CFPB […]
. . . as was reported yesterday to be under consideration. The announcement is here.
WSJ has a story here (behind paywall). The OCC famously declared state anti-predatory lending laws preempted as to national banks, which probably worsened some of the subprime lending leading to the Great Recession. It also received 700 whistleblower reports about Wells Fargo employees gaming the incentive plans (that led to the unauthorized accounts scandal) back in […]
The decision is here. SCOTUSblog analysis here. Here's the first paragraph of that analysis: The Supreme Court handed a partial but significant victory to cities today, holding that the Fair Housing Act allows the city of Miami to bring a lawsuit alleging that two banks, Bank of America and Wells Fargo, violated the law when […]