by Jeff Sovern Three House Republicans have accused CFPB director Rohit Chopra of “colluding with states” and “conspiring with state agencies.” And yet, the Trump-nominated CFPB director Kathy Kraninger collaborated with state attorneys general, as for example, in the Bureau’s settlement with Nationstar Mortgage. I wonder if the legislators complained about Kraninger colluding with states.
Author Archives: Jeff Sovern
Here but paywalled. Excerpt: * * * The scores were sometimes off by 20 points or more in either direction, the people said, enough to alter the interest rates consumers were offered or to result in their applications being rejected altogether. * * * “We have determined that there was no shift in the vast […]
by Jeff Sovern As we wrote about in May, the CFPB takes the position that it can use its unfairness power when consumer financial service companies discriminate. One issue that has arisen is whether when it does so, the Bureau will use the disparate effects test, sometimes called the disparate impact test, to determine if […]
From the CFP: The Office of the Comptroller of the Currency (OCC) is soliciting academic-and policy-focused research on the impact of financial technology (fintech) entities and nonbanks on banking and the markets for lending, deposit-taking, and payment services through August 21, 2022. The OCC will invite authors of selected papers to present to OCC staff […]
Here. Excerpt: One possible compromise: The ADPPA could contain a preemption provision that would sunset after 5 or 10 years unless Congress would amend the law to renew the preemption term for another 5-10 years. This would force Congress to revisit the law in order to renew the preemption for another period.
Last year, we published a link to Daniel Wilf-Townsend's Harvard Law Review article Assembly-Line Plaintiffs. Now Jessica Steinberg of George Washington, Colleen F. Shanahan of Columbia, Anna E. Carpenter of Utah, and Alyx Mark of Wesleyan's Dept. of Government and the American Bar Foundation have written a response to it, The Democratic (Il)legitimacy of Assembly-Line […]
by Jeff Sovern Abstracts are due September 16. The conference will be at Berkeley on March 2-3, 2023. More information here. This is always one of the best consumer law conferences of the year so if you have a paper that will be ready to be workshopped next spring, I urge you to submit it.
by Jeff Sovern Here, behind a pay wall. Excerpt: At present, banks generally are only required to repay consumers for payments they didn’t authorize. The coming regulatory guidance could change that threshold by maintaining that fraudulently induced transactions, even those approved by the consumer, are considered unauthorized. That could require a bank to conduct more […]
by Jeff Sovern The House Energy and Commerce Subcommittee on Consumer Protection and Commerce has forwarded to the full committee a bipartisan bill (draft here, though perhaps not the version the subcommittee approved; section-by-section commentary here). The last I heard, Senator Cantwell, the Senate Commerce Committee chair, had not signed on, putting the bill's future […]
Bernard Chao of Denver has written Unjust Enrichment: Standing Up for Privacy Rights. Here is the abstract: In TransUnion LLC v. Ramirez, one of the country’s largest credit reporting agencies violated the Federal Credit Report Act (“FCRA”) by failing to “follow reasonable procedures to assure maximum possible accuracy . . ..” As a result, thousands of […]