Here, authored by Seth Frotman and Lorelei Salas. Here is a particularly intriguing excerpt: Now that companies are being held accountable for charging [certain] unlawful fees, they have switched to new, underhanded tactics to try to continue to extract junk fee revenue from people. For example, we have seen some debt collectors unlawfully amend consumers’ […]
Author Archives: Jeff Sovern
Adam Feibelman of Tulane University has written Relocating the Community Reinvestment Act. Here’s the abstract: The Community Reinvestment Act was enacted in 1977 to address the failure of financial institutions to provide credit and financial services in low-income communities, especially Black neighborhoods. The Act is part of a family of legal regimes, including the Home […]
The complaint is here. and concerns the finding announced shortly before the election that the poll had Harris leading Trump among Iowans. The suit is against the Des Moines Register, the pollster and Gannett; the UDAP statute in question is Iowa Code § 714H.3(1). That statute provides: A person shall not engage in a practice […]
The Consumer Bankers Association explains in a letter. They want to scuttle the CFPB’s overdraft rule, credit card late fees rule, open banking rule, and the BNPL and EWA interpretive rules. They also want to convert the Bureau to a commission, subject it to the annual congressional appropriations process, and “reform” its UDAAP authority.
House Republicans have voted to make French Hill chair of the House Financial Services Committee. According to the NY Times, Hill’s first choice would be to abolish the C.F.P.B. But he believed there would be wider support for a milder change to how it was run, like restructuring its leadership to make it a bipartisan […]
Here, on Ballard Spahr’s Consumer Finance Monitor podcast.
Donald E. Bowen III of Lehigh University, S. McKay Price of Lehigh University – Perella Department of Finance, Luke C.D. Stein of Babson College, and Ke Yang of Lehigh University have written Measuring and Mitigating Racial Disparities in Large Language Model Mortgage Underwriting. Here’s the abstract: We conduct the first study exploring the application of large […]
Cathy Lesser Mansfield of Case Western Reserve has written It Takes a Thief….and a Bank: Protecting Consumers from Fraud and Scams on P2P Payment Platforms. Here’s the abstract: This Article proposes statutory and regulatory changes to the Electronic Fund Transfer Act; Regulation E; and the Bank Secrecy Act/Anti-Money Laundering regulations to protect consumers who use instant […]
So reports Bryan Koenig at Law360. Meador is a partner at Kressin Meador Powers and according to his bio has served at the FTC, DOJ and as a staffer for the Senate Judiciary Committee. He has considerable antitrust experience but I’m not sure what experience, if any, he has in consumer protection. Ferguson has been […]
Recently we blogged about Elon Musk’s call to delete the CFPB. Musk was responding to an interview by Marc Andreesen on Joe Rogan’s podcast in which Andreesen attacked the CFPB as “sort of Elizabeth Warren’s personal agency that she gets to control … it’s an independent agency that just gets to . . . do what […]