For awhile now, the Consumer Financial Protection Bureau has been scrutinizing the role and responsibilities of data brokers in collecting and selling consumers’ personal data. In a message at the White House Office of Science and Technology Policy this week, CFPB Director Rohit Chopra said that a proposed rule to provide greater oversight of third-party […]
Category Archives: Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau has issued a report examining the growth of financial transactions in online video games and virtual worlds. “These platforms increasingly resemble traditional banking and payment systems that facilitate the storage and exchange of billions of dollars in assets, including virtual currencies. However, consumers report being harmed by scams or theft […]
March 31 was this weekend, and, as is customary in the D.C. federal district court, that meant a huge number of decisions over the last two weeks so judges could avoid appearing on the dreaded CJRA “six-month” list. In one such long-awaited decision, Judge Leon granted PayPal summary judgment in its challenge to a 2016 […]
Texas federal courts (and the Fifth Circuit) have become the go-to venues for industry groups to file legal challenges against recently released federal regulations. But yesterday, the District Court for the Northern District of Texas transferred Chamber of Commerce v. Consumer Fin. Prot. Bureau – a case where the Chamber and others are contesting the […]
Consumer Financial Protection Bureau, Consumer Law Scholarship, Unfair & Deceptive Acts & Practices (UDAP), including Discrimination
Consumer Finance Monitor Podcast: The Consumer Financial Protection Bureau’s Use of Unfairness to Regulate Discriminatory Conduct: A Discussion of the Consumer and Industry Perspectives
Here. I spoke about my recent article, Is Discrimination Unfair?, on the podcast.
Policy battles over consumer protection often hinge on what’s better for consumers. That’s because consumer advocates often call for reforms that will aid consumers while the industry, which presumably doesn’t want to oppose proposals based simply on the position that they will cut into industry profits, instead attacks the claim that the reforms will actually […]
Nearly a year after oral argument, the Third Circuit this morning released its opinion in CFPB v. National Collegiate Master Student Loan Trust. The case is a long-running enforcement action brought by the CFPB against investment trusts that were created for the purposes of acquiring and servicing student loans, seeking to enforce civil investigative demands. […]
Today, the CFPB released a final rule to ban excessive credit card late fees, closing what it refers to as a loophole in a 2010 Rule. The agency predicts typical fees will be reduced from $32 to $8. Update: The Chamber of Commerce has already committed to filing a challenge to the Rule.
. . . at the Consumer Finance Monitor Podcast. The episode also discusses the CFPB and discrimination.
A Consumer Financial Protection Bureau report on the first set of results from its newly updated Terms of Credit Card Plans survey reveals that large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk. In fact, the 25 largest credit card issuers charged customers […]