The late great Jean Braucher and Barak Orbach, both of Arizona, have written Scamming: The Misunderstood Confidence Man, 27 Yale Journal of Law and the Humanities, (2015, Forthcoming). Here's the abstract: Samuel Thompson, the swindler who gave name to confidence men (“con men”) was “a man of genteel appearance,” “ladies’ man,” and gifted with “persuasive powers.” […]
Author Archives: Jeff Sovern
Here, in the Daily Kos. An excerpt: If Spotify does something illegal, no one can ever know that a consumer is challenging it. And then, if an arbitrator did find that Spotify acted illegally (which is asking a lot, since Spotify will pick the private arbitration company that will, in turn, select the arbitrator to hear the […]
Here. Excerpt: We believe that consumers should not be forced into arbitration. The Consumer Financial Protection Bureau should use its authority to stop forced arbitration in financial services; it recently announced it's holding a hearing on October 7 in Denver to discuss the topic, and may make an announcement then. Congress should enact legislation to make arbitration voluntary in […]
The story, based on a Fed study, is here. Excerpt: New rules designed to make sure borrowers can repay their mortgages haven’t curtailed the ability to buy a home, a Federal Reserve study says. * * * The Fed study didn’t find any evidence of credit restriction as a result of the rules. For instance, […]
October 7, in Denver. More here. Will the Bureau announce proposed arbitration rules? (HT: Gregory Gauthier)
Thomas A. Durkin, Gregory Elliehausen, both of the Fed, and Todd J. Zywicki of George Mason have written Consumer Credit and the American Economy: An Overview, Forthcoming in the Journal of Law, Economics and Policy, Here is the abstract: This article provides an introduction to a law review symposium by the Journal of Law, Economics, and […]
by Jeff Sovern Here. Some excerpts: First, the attacks: Ben Carson, second only to Donald Trump in Republican presidential polling, has called the Consumer Financial Protection Bureau the "ultimate example of regulatory overreach." Candidate Carly Fiorina, former chief executive of Hewlett-Packard, says the watchdog agency's investigative powers worry her "a whole lot more" than the […]
The Journal of Legal Studies is holding a conference at the University of Chicago titled "Contracting Over Privacy" on October 16 & 17. The conference features an all-star lineup. Here's the conference blurb: Information privacy is rapidly emerging as one of the key areas of consumer protection in our era. This conference will examine the […]
Here. Excerpt: Under Grassley's legislation, all students who are going to take out a federal loan to help pay for college would have to undergo counseling that would include an estimate of how much the student will likely make upon graduating versus their loan debt. Students would also look at potential options for scholarships or […]
by Jeff Sovern The following is the body of an email I sent to the editor of the Consumer Financial Services Law Report (a very useful newsletter on developments in consumer finance): The August 9, 2015 issue of the Consumer Financial Services Law Report includes an advocacy piece by financial industry lawyers Alan S. Kaplinsky and […]