by Jeff Sovern The column is titled The future isn't bright for highly successful consumer watchdog. Excerpt: A stopgap government funding bill passed in September will expire Dec. 9. It’s widely expected that conservative members of Congress will include language in follow-up funding legislation that would change how the bureau operates and the scope of its […]
Author Archives: Jeff Sovern
From an op-ed in today's Times, Climate Change in Trump’s Age of Ignorance, by Robert N. Proctor (behind paywall): [S]science was one of the instruments used by Big Tobacco to carry out its denial (and distraction) campaign. Cigarette makers had met at the Plaza Hotel in New York City on Dec. 14, 1953, to plan […]
PHH was the case that held that the CFPB's structure is unconstitutional and that the remedy was to provide that the CFPB director could be fired without cause. The petition is here. It describes that case as "what may be the most important separation-of-powers case in a generation." National Law Journal coverage (behind paywall) here. […]
Here. And here is the abstract: Though few realize it, forced arbitration clauses are endemic in today’s marketplace — hidden in credit card agreements, bank accounts, corporate social media pages, even Starbucks gift cards. More than half a billion arbitration provisions infiltrate our everyday lives. Despite their prevalence, few consumers are aware of the forced […]
The statement is here. Excerpt: * * * Federal policy should focus on free enterprise, while protecting consumers by policing markets for force and fraud. Both Wall Street and Washington should be held accountable. Following the financial crisis, Congress enacted the Dodd-Frank Act, a sprawling and complex piece of legislation that has unleashed hundreds of […]
Here. The whole piece is worth reading, but here's an excerpt: Donald Trump’s Presidential campaign was filled with a lot of bold talk about “draining the swamp” and fighting against lobbyists. He attacked Hillary Clinton for her supposed cozy relationship with banks, and talked about how he’d stand up to Wall Street on behalf of the […]
Here (costs $48), form the Journal of Financial Counseling and Planning. Here's the abstract: This study used data from online focus groups collected from November 2014 to April 2015 to understand college students' decision-making processes when borrowing money to finance their education. Data were collected using an online course management system. Results suggest that (a) students […]
Here. The entire article is worth reading, but I've pasted in an excerpt below. (HT: Gregory Gauthier) “Trump and his businesses seem to have been big proponents of arbitration, using it as a way of getting disputes out of courts and therefore out of the public eye,” defense attorney Liz Kramer told Bloomberg BNA. Kramer, of Stinson […]
Sad news. Times obituary here.