by Jeff Sovern . . . during the pandemic as long as they act in good faith, according to a Policy Statement. The Policy Statement shouldn't affect private enforcement of the deadlines for investigating errors in consumer reports, however.
Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern Earlier this year, the CFPB created a Taskforce to make "recommendations for ways to improve and strengthen consumer financial laws and regulations." The Taskforce is chaired by George Mason professor Todd Zwyicki and its other members are J. Howard Beales III, Thomas A. Durkin, William C. MacLeod, and Jean Noonan. As far […]
by Jeff Sovern The coronavirus is already having an impact on consumers and consumer protection. Some initial observations: The FTC and FDA have sent warning letters to companies reportedly making deceptive or unsupported claims about their products' ability to treat the coronanvirus. It's good that they're on the job. There have been reports of discrimination against Asians […]
by Jeff Sovern The CFPB recently proposed various disclosures to include on validation notices pertaining to time-barred debt. Before doing so, the Bureau retained ICF International to test the notices empirically; this testing found that the notices enabled many respondents to better understand certain rights as to time-barred debt. So far, so good. But the […]
Yonathan A. Arbel of Alabama has written Payday, forthcoming in 98 Washington University Law Review. Here is the abstract: Legislation lags behind technology all too often. While trillions of dollars are exchanged in online transactions—safely, cheaply, and instantaneously—workers still must wait two weeks to a month to receive payments from their employers. In the modern […]
The American Banker has the answer (free content).
by Jeff Sovern Twice a year, CFPB Director Kathy Kraninger testifies before the House Financial Services Committee about the Bureau's Semi-Annual Report. A committee member I always look forward to hearing from is Katie Porter, a former law professor at UC-Irvine, among other schools, with an impressive record of consumer law scholarship and accomplishment. Representative […]
by Jeff Sovern On Friday, the CFPB issued a Policy Statement on Abusive Acts or Practices. The Policy Statement is disappointing in several respects. First, it is intended to address a problem that has never been shown to exist. The Bureau explained that the Policy Statement is designed to ensure that “uncertainty does not impede or […]
Here. Free content. In light of the election and the divided Congress, it seems unlikely that anything controversial will pass.
by Jeff Sovern From Politico's Morning Money Newsletter: KRANINGER PROMISES CLARITY — Our Victoria Guida: “Consumer Financial Protection Bureau Director Kathy Kraninger said … her agency will soon provide more clarity on what constitutes an ‘abusive practice’ by sellers of financial products, tackling an issue that has dogged policymakers since the financial crisis. … More broadly, […]