by Jeff Sovern One of my students told me about Tinder's new retroactive arbitration clause which, of course, includes a class action waiver. As with many such contracts, consumers accept it by using the service, regardless of whether they have read it or not–and we know few consumers actually read such things. The arbitration clause, […]
Author Archives: Jeff Sovern
by Jeff Sovern Alan Kaplinsky and Chris Willis, on the one hand, and Adam Levitin, on the other, have been dueling over the impact of Congress’s use of the Congressional Review Act to disapprove of the CFPB’s Indirect Auto Lending Guidance. Those of us interested in consumer financial law are lucky to have these titans […]
by Jeff Sovern Glen Thrush has an article in the Times headlined Mulvaney Demotes Unit That Polices Student Loans in Consumer Bureau Reshuffle. Excerpt: The change comes at a critical moment in the agency’s effort to rein in abuses in the student loan industry. The program, started under the Obama administration, has clawed back about $750 […]
by Jeff Sovern It sounds like the House will vote on, and presumably pass, the Senate bill as is. In return, the Senate will take up certain as-yet-unidentified House bills that passed by a margin of at least two-thirds, meaning that at least some Democrats voted for them. It's not clear, but it looks like […]
Joseph Lawler reports in the Washington Examiner. Excerpt: [T]he resolution passed Tuesday raises a tricky legal question regarding what it means for Congress to disapprove of informal guidance that an agency sends to businesses. When Congress disapproves of a rule enforced by an agency, the meaning is clear: The agency is not allowed to enforce […]
Adam Levitin has written about what this means–or doesn't mean–at Credit Slips.
Here, in the LA Times. The headline reads White House-backed bill purports to strengthen consumer protection. It does the opposite. Excerpt: California's credit-freeze law, for example, says no one can access your credit file if a freeze is in place, including a potential employer performing a background check or an insurance company. The new federal bill, […]
by Jeff Sovern During the House Financial Services Committee hearing in which the Committee heard from CFPB Acting Director Mick Mulvaney, there was some discussion about how the number of CFPB staffers had barely gone down under Mr. Mulvaney's leadership–it was said that the number of CFPB employees had declined by something like ten–and that […]
by Jeff Sovern It remains unclear whether the House would simply pass the Senate bill (which seems more likely after recent remarks by House Financial Services Chair Hensarling) or whether the two chambers will negotiate changes, but Reuters reports here that House majority leader McCarthy has said the House vote could come this month. The […]
by Jeff Sovern On April 18, the Senate Commerce Committee held a hearing on Robocalls. Among the witnesses was Adrian Abramovich, against whom the FCC has filed a forfeiture proceeding in which it seeks a penalty of $120 million. Abramavich, who testified under subpoena, commented that when he receives robocalls, he declines them or doesn't […]