by Jeff Sovern Last week, Gretchen Morgenson at the Times broke the story of how hundreds of thousands of auto loan borrowers at Wells Fargo had been charged for car insurance they didn't need. Now Kate Berry at the American Banker reports on the arbitration connection: it turns out that many of the contracts provide […]
Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern Here. Biden's Briefing is a podcast which plays "[w]hat Joe wants you to know. Every day, Vice President Joe Biden looks to the news across the nation that's sparking conversation, sharing the articles and opinions that he's reading and might be of interest to you." For today's episode, he chose the essay […]
by Jeff Sovern Law360's Evan Weinberger has the story here. The rule still could be blocked by Congress under the Congressional Review Act or in the courts. One down, two to go.
by Jeff Sovern Republican pollster Robert Carpenter has written Republicans beware: Your voters like tough rules on Wall Street in the Washington Examiner. Excerpt: Republicans do the bidding of Wall Street at their own peril. That is the message of a new poll that I helped conduct around financial reform and consumer protection last month […]
Then take a look at this story from the Pulitzer Prize-winning Center for Public Integrity: Who is killing the CFPB’s arbitration rule? Excerpt: The financial industry’s hefty investment in the campaigns of House members appeared to pay off this week when that chamber voted to kill a new rule that allows consumers to file class-action lawsuits […]
Here, by Kate Berry. The sources for that information mostly consist of unnamed "experts," but here's a quote that may shed some light on who one of the experts is: "There is no way that Cordray is going back home to Ohio without" a payday rule, said Isaac Boltansky, a policy analyst at Compass Point Research […]
by Jeff Sovern Regular blog readers will recall consumer law expert Gene DeSantis's travails with TD Bank from his remarks a couple of weeks ago. The post also launched a Twitter debate. Despite his consumer law expertise and three or four calls to TD, including conversations with supervisors, Gene hit a stone wall, after which he complained […]
by Jeff Sovern Then take a look at the Consumer Bureau Action Tracker created by Allied Progress. For example, the CFPB has brought 95 enforcement actions affecting Texas, home state of CFPB critic and House Financial Services Chair Jeb Hensarling. Or if you want to know how many debt collection enforcement actions the Bureau has brought, […]
by Jeff Sovern As expected but still sad.
by Jeff Sovern This is based on Fred O. Williams's story at CreditCards.com. The vote was 229 to 184, though he seems to indicate that this was the final vote. I think it was just on the vote to consider the bill. Williams's article, titled DIY credit card arbitration: You may be able to opt out, […]