by Jeff Sovern A recent NY Times article, Chaos at Chain Pharmacies Is Putting Patients at Risk, reminded me of how the Wells Fargo quotas drove Wells employees to open unauthorized accounts. There's a lot in the article, but here are two excerpts: [CVS] Staff members were supposed to persuade 65 percent of patients picking […]
Author Archives: Jeff Sovern
Brady Williams has written Unconscionability as a Sword: The Case for an Affirmative Cause of Action, 107 Calif. L. Rev. 2015 (2019). Here's the abstract: Consumers are drowning in a sea of one-sided fine print. To combat contractual overreach, consumers need an arsenal of effective remedies. To that end, the doctrine of unconscionability provides a […]
Shmuel I. Becher of the Victoria University of Wellington and Uri Benoliel of the College of Law and Business – Ramat Gan Law School have written Sneak in Contracts: An Empirical Perspective. Here's the abstract: Consumer contracts are a pervasive legal tool that governs much of our daily activities. In spite of – or perhaps due […]
by Jeff Sovern On Friday, the CFPB issued a Policy Statement on Abusive Acts or Practices. The Policy Statement is disappointing in several respects. First, it is intended to address a problem that has never been shown to exist. The Bureau explained that the Policy Statement is designed to ensure that “uncertainty does not impede or […]
Here. Excerpt: Community groups across the U.S. are mobilizing to oppose a plan by President Donald Trump's bank regulators to radically remake a landmark law designed to combat discriminatory lending, saying the proposal would undercut that goal. * * * The groups say the proposed regulation, which Otting released jointly with the FDIC on Dec. […]
Here. Free content. In light of the election and the divided Congress, it seems unlikely that anything controversial will pass.
David Dayen has the story in The American Prospect. Here's an excerpt, but the entire story is worth a look: It may seem axiomatic, but it’s rarely stated out loud: Businesses that rely on poor people need the economic system to keep churning out poor people to survive. You almost have to applaud the payday […]
Here, in The Conversation, by Anthony Dukes, Professor of Marketing, University of Southern California and Yi Zhu, Associate Professor of Marketing, University of Minnesota. Excerpt: Many complaint processes are actually designed to help companies retain profits by limiting the number of customers who can successfully resolve their complaints. Only by insisting to talk to a manager or […]
Here. Excerpt: Jimmy Kennedy earned $13 million during his nine-year career as a player in the National Football League. He was the kind of person most banks would be happy to have as a client. But when Mr. Kennedy tried to become a “private client” at JPMorgan Chase, an elite designation that would earn him […]
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