Harvard SJD candidate Aluma Zernik has written When Markets, Consumers and Regulators Collide: Overdrafts in the US, UK and Israel. Here's the abstract: There is a fierce debate in the US about whether to regulate overdrafts and, specifically, about whether overdraft should be limited or prices should be capped. Proponents of regulation claim overdrafts are not […]
Author Archives: Jeff Sovern
by Jeff Sovern So reports the American Banker. Mulvaney can't simply rescind the payday lending rule without going through the time-consuming notice and comment process. But if the rule takes effect, and the industry challenges it, what happens if Mulvaney orders the CFPB lawyers not to defend the rule? Does the CFPB have an obligation […]
The architects of the Dodd-Frank Act, including former Senator Dodd, former Representative Frank, and former Treasury official Michael Barr, held a press conference on Thursday to make the point that Congress did not want the Vacancies Act to apply to the CFPB. The American Banker has a report here. Excerpt: They said a federal judge […]
Robin Bradley Kar of Illinois and Margaret Jane Radin of Toronto and Michigan have written Pseudo-Contract & Shared Meaning Analysis. Here is the abstract: Over the last several decades, courts have struggled with when to enforce boilerplate text as contract. An example is the copious digital text that consumers receive links to before clicking “I agree” […]
So says Politico, here. According to the report, the nominee could be announced in January.
The Wall Street Journal reports here. Excerpt: Asked by the judge if he could provide assurance that the administration wouldn’t take any adverse action against Ms. English that could immediately affect the case, [Brett Shumate, deputy assistant attorney general for federal programs] replied, “Loss of a position is not irreparable harm.”
by Jeff Sovern A couple of people have suggested to me that it doesn't really matter who wins as between English and Mulvaney because Trump will still get to nominate a new director for a five-year term. I think that's wrong for several reasons. First, the obvious: the process of nomination and confirmation is not […]
The complaint is here. She is seeking an emergecy TRO. English is represented by CL&P co-coordinator Deepak Gupta. Meanwhile, Reuters reports that the CFPB General Counsel's Office takes the position that the president can appoint Mulvaney.
by Jeff Sovern Kate Berry has the story in the American Banker. She reports that the case will be filed in federal court in Washington, D.C., possibly as early as this evening. The report states that one of English's anticipated theories is that Trump is attempting to assert control of an independent agency by naming […]
by Jeff Sovern The Department of Justice's Office of Legal Counsel has now issued an opinion which, not surprisingly, expresses the view that the president can name the acting director of the CFPB. It argues that even though the VRA specifies that it is the "exclusive" way to fill vacancies "unless another statute 'expressly' provides […]