by Jeff Sovern Here. The idea is that a company can apply to the Bureau for permission to try different disclosures and the disclosures can then be evaluated, and perhaps adopted. In its statement announcing the proposal, the Bureau says: When deciding whether or not to grant a company a waiver from current disclosure requirements, the […]
Author Archives: Jeff Sovern
by Jeff Sovern Here. Two points from the Executive Summary, though there's quite a bit more than this: The NCRAs have created an automated system for handling consumer disputes and forwarding them to data furnishers. Through this automated system – called e-OSCAR – the NCRAs provide furnishers with one or two numeric codes indicating the […]
Kathleen C. Engel of Suffolk Patricia A. McCoy of Connecticut have written Federal Preemption and Consumer Financial Protection: Past and Future, 3 Banking & Financial Services Policy Report 25 (2012). Here is the abstract: Many states and cities filled the void by passing anti-predatory lending laws of their own. Lenders, worried about potential liability, quickly organized a […]
The Senate unanimously passed bills, previously passed by the House, pertaining to the confidentiality of information banks provide to the Consumer Financial Protection Bureau and the stickers on ATM terminals about fees. Bloomberg has the story here. The president is expected to sign the bills.
Here (login required). An excerpt: Likewise, there was initially deep skepticism inside the banking industry about the CFPB's arbitration study, and there is still a belief among industry insiders that the agency's research is likely to lead to new regulations. * * * But over the last few months, industry observers have been relatively pleasedwith they […]
Here. They call it an inforgraphic, but it's really a comic, though not comical. From DirectLendingSolutions.com.
by Jeff Sovern Last week I had a very interesting conversation with a Ph.D candidate from the University of Amsterdam, Frederik J. Zuiderveen Borgesius, who is researching privacy regulation and behavioral targeting. He asked me if I could refer him to a book that explores when disclosure is an appropriate response to consumer protection problems […]
Dee Pridgen of Wyoming has written Sea Changes in Consumer Financial Protection: Stronger Agency and Stronger Laws. I read this one before it was posted and found it particularly useful in pulling together some recent themes in consumer law and explaining how the Dodd-Frank Act's anti-predatory lending rules are based on behavioral economics, as opposed to […]
Robert C. Hockett of Cornell has written Paying Paul and Robbing No One: An Eminent Domain Solution for Underwater Mortgage Debt that Can Benefit Literally Everyone. Here's the abstract: This essay provides updated argumentation for and abbreviated specification of the municipal eminent domain plan for underwater mortgage loans that the author lays out in his […]
by Jeff Sovern I've been pulling together some materials for a section in the next edition of our casebook on debt collection litigation. Here is some of what I've found: 1. From FTC, Reparing a Broken System: Protecting Consumers in Debt Collection Litigation and Arbitration i (2010): “The system for resolving disputes about consumer debts […]