Here. Quoting from the Bureau's release: Consumer Financial Protection Bureau (CFPB) report released today found that over one-in-four consumers contacted by debt collectors felt threatened. The report was drawn from the first-ever national survey of consumer experiences with debt collectors. Over 40 percent of consumers who said they were approached about a debt in collection […]
Author Archives: Jeff Sovern
by Jeff Sovern My co-author, Dee Pridgen, has co-authored with Gene A. Marsh a new version of Consumer Protection Law in a Nutshell (disclosure: I read and commented on some chapters in draft). One of the problems with teaching the course in recent years has been the lack of an updated companion volume that students could use […]
Here (behind paywall). The article lists various possible industry strategies for blocking the rule: fire CFPB Director Cordray before he can adopt the new rule or after it is adopted and appoint a new director who will rescind it; Congress could preempt the rule from taking effect through the Congressional Review Act or the Financial […]
Stanford Law Professor Janet Cooper Alexander believes that it does. The basic idea is that states and localities would empower private attorneys general to bring actions on behalf of the governmental entity (which would not be subject to arbitration clauses) for injured consumers, etc. Here's an excerpt from the web page at the link above: […]
by Jeff Sovern Announcement here. January 17 at 1, Eastern Time. Speakers: David S. Evans, David S. Evans, Chairman, Global Economics GroupNorman I. Silber, Senior Research ScholarYale University, Professor of Law, Maurice A. Deane School of Law at Hofstra University Deborah Goldstein, Center for Responsible LendingDaniel D. Sokol, Professor of Law, University of Florida Levin […]
by Jeff Sovern Senator Sasse joined with Senator Lee in a letter to President-Elect Trump; The Hill has the story here. The letter doesn't mention that the Bureau has secured nearly $12 billion in relief for more than 27 million consumers, among other significant accomplishments.
Todd J. Zywicki of George Mason, and Geoffrey A. Manne and Kristian Stout, both of the International Center for Law and Economics, have written Behavioral Law & Economics Goes to Court: The Fundamental Flaws in the Behavioral Law & Economics Arguments Against No-Surcharge Laws. Here is the abstract: During the past decade, academics — predominantly […]
by Jeff Sovern As earlier reported by the CFPB Monitor and elsewhere, President-Elect Trump has named three new members to the CFPB "Landing Team." One of the members, Kyle Hauptman, is a Senior Development Manager at the American Enterprise Institute. The AEI has on its website some articles that may give clues as to Mr. […]
by Jeff Sovern In a characteristically terrific post at Credit Slips, Georgetown's Adam Levitin explains the real reasons for calls to fire CFPB Director Cordray. A worthy companion to Adam's recent op-ed at American Banker (free content), What the CFPB 'Commission' Debate Is Really About. Both worth a read.
Here (behind paywall). Excerpt: In mid-November, a Twitter group called Sleeping Giants became the hub of the new movement. The Giants and their followers have communicated with more than 1,000 companies and nonprofit groups whose ads appeared on Breitbart, and about 400 of those organizations have promised to remove the site from future ad buys. […]