Brooklyn's David Reiss has written an op-ed for The Hill, Americans are better off with consumer protection in place. Excerpt: [T]he [Treasury] report argues that the bureau’s jurisdiction overlaps with that of other regulators. That is a red herring. The fact is that abusive lending practices were rampant in the years leading up to the […]
Author Archives: Jeff Sovern
Here. It might even happen by the end of this year. Excerpt: "Creditors should be responsible since they are our customers," said Dong Hong, vice president and senior counsel at the Consumer Bankers Association. "For the most part, we're fine with the disclosure regime the CFPB is creating.
Here. She discusses the CFPB, among other things.
Another important story from Jessica Silver-Greenberg & Michael Corkery here. I can't do justice to it with a brief excerpt, but see if this makes you want to read the whole piece (which you should): More than a decade after Yvette Harris’s 1997 Mitsubishi was repossessed, she is still paying off her car loan. She […]
Mariateresa Maggiolino of Bocconi University has written Personalized Prices in European Competition Law. Here is the abstract: The advent of big data analysis techniques make personalized prices possible. This paper sketches a preliminary picture of this new phenomenon, first explaining how personalized prices flow from big data analysis, how personalized prices fit into the economic […]
Here. Excerpt: [T]he CRA only covers banks, not nonbank financial firms. That leads to an uneven playing field, said Jeffrey Naimon, a BuckleySandler LLP partner. "Banks are asking why should a national nonbank mortgage lender have no CRA but a bank have a CRA requirement?" he said. The National Community Reinvestment Coalition said it is […]
Reuters covers it here, and housing Wire here. Both stories refer to a five-page letter from the Director. According to the Reuters' story: The [Committee staff] report said the CFPB had been an ineffective watchdog against Wells Fargo & Co, missing extensive improper sales practices and taking action only after work on the bank's unauthorized […]
by Jeff Sovern I recently listened to the audio versions of these two books, Al Franken, Giant of the Senate and Warren's This Fight is Our Fight: The Battle to Save America's Middle Class. Each is read by the author. I enjoyed both thoroughly: they are inspiring, interesting, and Franken's is, as might be expected […]
Here in The American Prospect. Excerpt: [The case] gave some of the worst bottom-feeders in the economy a free pass to break the law. * * * “It's almost a road map to me on how you can avoid the FDCPA,” says noted consumer bankruptcy attorney Max Gardner, who runs a boot camp for lawyers […]
Here. It's another excellent column. Excerpt: Let’s say your elderly parent was neglected or abused in a nursing home. In the past, your only recourse might have been arbitration, rather than going to court. But thanks to a rule put in place last fall by the Centers for Medicare and Medicaid Services, nursing homes that receive federal funding — […]