The report is titled How Consumer Financial Class Actions Help and Protect Americans. Here is an excerpt from the press release: This report illustrates how anytime, anywhere, an unscrupulous bank or lender could steal money from you, your family, or your small business. … If, say, a bank opens a fraudulent bank account in your […]
Category Archives: Class Actions
by Jeff Sovern Here. The article points out that one Republican member of the Senate Banking Committee, John Kennedy of Louisiana, did not agree to cosponsor the Senate CRA resolution to rescind the CFPB rule (he was said to be reviewing the resolution); that Senator McCain's unfortunate health issues may prevent him from voting on […]
by Jeff Sovern Yesterday, the Senate Banking Committee released a press release that said in part: Today, U.S. Senate Committee on Banking, Housing and Urban Affairs Chairman Mike Crapo (R-Idaho) and Republican colleagues will file a Congressional Review Act (CRA) Joint Resolution of Disapproval in the Senate against the Consumer Financial Protection Bureau’s (CFPB) arbitration […]
Dean Clancy in US News has written The GOP's Foolish Decision. Excerpt: The U.S. Chamber of Commerce urged Congress to kill not only [the arbitration] regulation, but every CFPB rule, on grounds the agency is unconstitutional and therefore all of its actions are invalid. The GOP would be terribly foolish to go down this road, […]
Here, for example, is a press release from the Senate Banking Committee. And here is one from the House Financial Services Committee
Here, in The Intercept. Excerpt: Trump has sent out his lead attack dog to overturn the arbitration rule — a former bank lawyer who has used the very tactic the CFPB wants to prevent. [Dayen describes how Wells Fargo attempted to use arbitration to deflect a class action in Gutierrez v. Wells Fargo.] * * * […]
Here. It will appear in 12 CFR 1040. The rule formally takes effect September 18, 2017, and covered entities have until March 19, 2018 to comply.
By Stephen Gardner On July 17, a panel of the Ninth Circuit issued a revised opinion in Bruton v. Gerber Products. (I’ve attached the withdrawn opinion here and the new opinion here.) In her lawsuit, Natalia Bruton alleged that “labels on certain Gerber baby food products included claims about nutrient and sugar content that were […]
by Jeff Sovern In keeping with Justice Gorsuch's remark yesterday that "Democracy depends on our ability to learn from & work with those who hold very different convictions than our own," here is a partial report on the activities of arbitration supporters: The Chamber of Commerce is holding an event titled CFPB's Anti-Arbitration Rule: Analysis […]
by Jeff Sovern Under the Congressional Review Act, Congress will have 60 legislative days to overturn the rule. The rule can also be blocked by the FSOC, and for that to happen, an FSOC member must file a petition within ten days of publication of the rule. Given the opposition of Acting Comptroller of the […]