by Jeff Sovern Earlier this week, Senator Elizabeth Warren issued a press release about the responses she had received from Bank CEOs to her questions about the CFPB's arbitration rule, Responses from Bank CEOs Demonstrate Positive Impact of CFPB Arbitration Rule, Undermine Industry Case for Reversal. The press release contains a lot of interesting information, […]
Author Archives: Jeff Sovern
Here, in the LA Times. Excerpt: First, visit the company’s often crashing Web page to check if your information was compromised. Then decide whether to sign up for the one year of free credit monitoring, * * * Next, the personal finance experts said, freeze your credit reports, not just at Equifax, but at its […]
by Jeff Sovern Equifax is, as expected, turning into a huge consumer protection story and as with many such stories, it is generating so much news that not only is it hard to keep up, it seems easier to give up. Still, I wanted to direct our readers to a report in the Times, Equifax […]
by Jeff Sovern Yesterday, the House passed an appropriations bill that incorporates provisions from the Financial Choice Act that would cripple the CFPB. According to Law360: The base bill would make a number of changes to the CFPB, including bringing it under the purview of the normal appropriations process. In addition, the bill would remove […]
by Jeff Sovern Here. The customers in question had purchased Equifax's credit monitoring service. You know, the service it's now offering for free. Oh, and in addition to the CFPB investigation, the NY AG's investigation, and the class actions, the FTC is now investigating the security breach.
by Jeff Sovern Brian posted earlier about a letter from senators on the Equifax breach. Not to be outdone, the two dozen Democrats on the House Energy and Commerce Committee have written their own letter to Equifax, raising numerous questions about the breach. Among them are queries about the Equifax's arbitration clause, security freeze, credit monitoring services, […]
by Jeff Sovern I wanted to comment on a couple of op-eds opposing the CFPB arbitration rule. One is Joseph Cioffi's piece in the American Banker, headlined CFPB arbitration rule will still pose costs to consumers. Though Cioffi (Chair of the Insolvency, Creditors’ Rights & Financial Products Practice Group at Davis & Gilbert) sees the arbitration rule as […]
by Jeff Sovern I'm still trying to make sense of the arbitration situation in connection with the Equifax breach. Here is how I see it at the moment. Comments welcome. Our story so far: after hackers invaded the Equifax database, Equifax set up a web site (that is the current version of the web site; […]
Here . Excerpt: The Equifax revelations come at exactly the wrong time for Republicans, who had been hoping as late as Thursday to rapidly push ahead next week on a vote to overturn the rule. * * * * * * The Equifax breach—and its controversial mandatory arbitration clause—could push some . . . Republicans […]
by Jeff Sovern Scott posted yesterday about the Equifax data breach, which may end up being as significant a consumer scandal as the Wells Fargo unauthorized account fiasco. As has been pointed out elsewhere, the disclosure of the Equifax announcement is extraordinary, coming on the same day Congress considered a bill to limit damages against […]