by Jeff Sovern On Wednesday, the House Financial Services Committee will hear from CFPB Interim Chief Mick Mulvaney about the CFPB. Here are some questions I hope get asked of Mulvaney, in no particular order: Wells Fargo. You have said that complaints to the CFPB should guide your actions. It appears from the public database […]
Author Archives: Jeff Sovern
Here. Listen to it while driving. It explores people involved in the CFPB's dismissal of the Golden Valley payday lending case and quotes Chris Peterson.
by Jeff Sovern The report is here. Here's an excerpt from Mulvaney's statement at the beginning of the report: As has been evident since the enactment of the Dodd-Frank Act, the Bureau is far too powerful, and with precious little oversight of its activities. Per the statute, in the normal course the Bureau’s Director simultaneously […]
Here, in Forbes. Another consumer protection that probably doesn't protect consumers
by Jeff Sovern Apparently the Lucchese Organized Crime Family charges less than a quarter of what payday lenders charge. Last week, New York State Attorney General Eric T. Schneiderman announced indictments of ten members of the group in the largest loansharking investigation in the office's history. Schneiderman's press release reports: [U]surious interest payouts exceed[ed] a million […]
The report, at CreditCards.com, is titled "Store-card issuers top list of complaints with the CFPB" and the subheading is" Purchase issues, unexpected fees or interest are most common card-related gripes." The report lists the most-complained-about issuers per $100M in card balances and also reports on which issuers give the most refunds. Here's an excerpt: It […]
Here is the tweet. It's always great to see a consumer law professor at a school ranked in the top twenty-five. Congratulations to UCI on its good judgment and to Dalié on the move.
Justin Sevier and Kelli Alces Williams, both of Florida State, have written Consumers, Seller-Advisors, and the Psychology of Trust, Boston College Law Review, Forthcoming. Here is the abstract: Every day, consumers ask sellers for advice. Because they do not or cannot know better, consumers rely on that advice in making financial decisions of varying significance. Sellers, motivated […]
by Jeff Sovern H.R. 5802 passed the House Financial Services Committee today, on a 35-25 vote. The bill would exempt from the FDCPA any lawyer to the extent that the lawyer "is engaged in litigation activities in connection with a legal action in a court of law to collect a debt . . ." If […]
by Jeff Sovern Kate Berry has a report at the American Banker, A CFPB commission will never fly, chock full of interesting quotes. The gist of it is that the Senate Democrats who voted for the bank bill oppose changes in the CFPB and so say they will not support a revised bill if the House […]