by Jeff Sovern More here. We can expect that the senators will attempt to outdo each other in attacking Mr. Smith, but that some will still try to protect Equifax when the cameras are off, by weakening regulators (as some members of Congress are attempting to do in the House-passed Financial Choice Act, by eliminating […]
Author Archives: Jeff Sovern
by Jeff Sovern The latest example is an op-ed by Dean Clancy, a former senior Republican official in Congress and the White House, in the American Banker, CFPB arbitration rule is an undeniable win for consumers. Clancy takes issue, as I did, with a recent American Banker piece by Joseph Cioffi. Clancy explains: [Cioffi assumes] Individual arbitrations […]
by Jeff Sovern That's the question discussed in Ian McKendry's article in the American Banker, GOP undeterred by Wells, Equifax in seeking arbitration rule repeal. Arbitration advocates hope and predict it won't, as this except shows: "I don't necessarily want to conflate" the Equifax breach "with the arbitration rule," said [Senator Thom] Tillis [R-SC]. The financial […]
by Jeff Sovern Evidently some financial institutions see benefits in class actions. As American Banker's Kevin Wack reports here, Wisconsin's Summit Credit Union has filed a class action against Equifax. I guess Summit's contract with Equifax doesn't have an arbitration clause.
Here. The whole column is definitely worth a read, but here's an excerpt: The FCRA Liability Harmonization Act is particularly noxious. Authored by Rep. Barry Loudermilk (R-Ga.), the bill would cap actual and statutory damages for class actions involving credit agencies at $500,000, and completely eliminate punitive damages. Loudermilk said Friday that his bill “is […]
by Jeff Sovern On Saturday, I posted an entry, Kaplinsky & Levin Concede "Consumers rarely pursue individual arbitration" But Miss Mark on Why. Maybe it irritated Alan and Mark, because they then posted Professor Sovern Disagrees with Senator Warren and Concedes that Consumers Do Well in Arbitration But Raises Another Red Herring. I guess I […]
by Jeff Sovern Earlier this week, Senator Elizabeth Warren issued a press release about the responses she had received from Bank CEOs to her questions about the CFPB's arbitration rule, Responses from Bank CEOs Demonstrate Positive Impact of CFPB Arbitration Rule, Undermine Industry Case for Reversal. The press release contains a lot of interesting information, […]
Here, in the LA Times. Excerpt: First, visit the company’s often crashing Web page to check if your information was compromised. Then decide whether to sign up for the one year of free credit monitoring, * * * Next, the personal finance experts said, freeze your credit reports, not just at Equifax, but at its […]
by Jeff Sovern Equifax is, as expected, turning into a huge consumer protection story and as with many such stories, it is generating so much news that not only is it hard to keep up, it seems easier to give up. Still, I wanted to direct our readers to a report in the Times, Equifax […]
by Jeff Sovern Yesterday, the House passed an appropriations bill that incorporates provisions from the Financial Choice Act that would cripple the CFPB. According to Law360: The base bill would make a number of changes to the CFPB, including bringing it under the purview of the normal appropriations process. In addition, the bill would remove […]