The Hill has a story here. Excerpt: Otting was the president and CEO of OneWest Bank, where he worked with Treasury Secretary Steven Mnuchin, and a vice chairman at U.S. Bancorp before that. He presided over hundreds of thousands of foreclosures at OneWest Bank, which has been investigated for multiple federal and state housing violations. * […]
Author Archives: Jeff Sovern
by Jeff Sovern Several names have surfaced. Both the NY Times and the Wall Street Journal have mentioned the possibility of George Mason Law professor Todd Zywicki. The American Banker has a slide show of potential directors here (free content). I fear the nominee will be someone who believes that consumer protection largely consists of […]
So reports Evan Weinberger at Law360.com.
by Jeff Sovern Some arbitration clauses permit consumers to opt out of arbitration and class action waivers provided the consumer acts within a stated period. For example, Asana provides in § 13.8 of its Terms of Service for a 30-day opt-out. Those wishing to opt out are instructed to send "written notice of your decision to opt […]
The story is in the American Banker. The theory is that by refusing to rule out a run for the governorship of Ohio, Cordray led Trump to believe that he could avoid the political heat he would take by firing Cordray because Cordray would quit anyway. Indeed, firing Cordray might even make him a political […]
by Jeff Sovern Bloomberg is reporting in a story headlined Senate Clears Way for Ex-Mnuchin Deputy to Lead Bank Regulator, that: Senate Majority Leader Mitch McConnell has filed a motion to kick off debate and an eventual vote to appoint Otting as head of the Office of the Comptroller of the Currency. It will likely take […]
The ABA Antitrust Consumer Protection Committee is seeking law professors to judge a law student writing competition on he Tension Between Truth in Advertising Restrictions and First Amendment Free Speech Rights. Submissions are to be due by April 1, 2018 and the award is to be decided by July, 2018. If you are interested, please email […]
by Jeff Sovern Here (the content appears to be free). Excerpt: After the GOP captured the U.S. House majority in 2010, Republicans quickly went to work trying to * * * undercut the Dodd-Frank Act and the Consumer Financial Protection Bureau, among other things. A Democratic victory in 2018 would likely have a reverse effect, […]
by Jeff Sovern Phishing emails purporting to come for financial institutions and others have long been an unfortunate fact of life for consumers (for a reports of phishing emails supposed to be from the Office of the Comptroller of the Currency, go here, and the concept of phishing has even shown up in the title […]
by Jeff Sovern The banking industry opposed the Credit Card Act of 2009 on the ground that it would reduce the availability of credit. We heard the same objection to 2010's Dodd-Frank Act. So you might think that it would be hard to get a credit card or to use one to borrow these days. […]