Category Archives: Credit Reporting

CFP on Racial Capitalism

We've received the following Call for Papers, which overlaps with consumer law issues: Racial Capitalism: An Elaboration in Legal Scholarship As a journal dedicated to social, racial, and economic justice, the Journal of Civil Rights & Economic Development (JCRED) is soliciting articles for Racial Capitalism, an Elaboration in Legal Scholarship, our forthcoming symposium issue. This issue will explore the […]

Online Program: The Racial Wealth Gap: Lending, Credit, and Other Disparities

Cheryl Wade, author of Predatory Lending and The Destruction of the African American Dream, Sarah Ludwig, Executive Director, New Economy Project, and Cathi Kim, Director, Inclusiv/Capital will speak on Thursday, August 13 at 7 pm EDT. Attendance is free but registration is required. The registration link is at https://docs.google.com/forms/d/e/1FAIpQLScxTjViodwGaNG03Q1kEqD85DvhpkNxYbpp968QVzMD9mkrTQ/viewform.

Online Event Open to All: Racism, Renting, and Redlining: A Conversation on Housing Discrimination & Its Impact on Economic Injustice

In solidarity with the protests that have initiated a national conversation on institutional racism, the St. John’s Law School Student Chapter of the National Association of Consumer Advocates is hosting a two-part online discussion on discrimination in the context of economic justice. Our first conversation will focus on the housing discrimination that continues to harm […]

How often do states enforce a federal law when the feds won’t? Well, that’s what’s happening now with the FCRA investigation deadlines

by Jeff Sovern Earlier this month, the CFPB issued a statement saying that during the pandemic, it would not enforce the 30-day deadlines for credit reporting agencies and furnishers to investigate reports of errors in credit reports, as long as they acted in good faith. I noted at the time that that would not appear […]

A better way to protect the credit records of those who have pandemic-caused defaults

by Jeff Sovern How should Congress handle the problem of damage to the credit of consumers who default because of the coronavirus pandemic? Congress has already taken its first stab at the problem in Section 4021 of the CARES Act. That provision states that if lenders work out an "accommodation" with consumers under which the […]

CFPB announces it won’t hold credit bureaus and furnishers of information to the FCRA 30 day investigation deadlines . . .

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.

What implications does the coronavirus have for consumers and consumer protection ?

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 […]

Politico report on consumer groups’ opposition to proposed Community Reinvestment Act regs

Here.  Excerpt: Community groups across the U.S. are mobilizing to oppose a plan by President Donald Trump's bank regulators to radically remake a landmark law designed to combat discriminatory lending, saying the proposal would undercut that goal. * * * The groups say the proposed regulation, which Otting released jointly with the FDIC on Dec. […]

Paper: Racial Disparities in Debt Collection

Jessica LaVoice and Domonkos F. Vamossy, both of the University of Pittsburgh's Department of Economics, have written Racial Disparities in Debt Collection. Here is the abstract: A distinct set of disadvantages experienced by black Americans increases their likelihood of experiencing negative financial shocks, decreases their ability to mitigate the impact of such shocks, and ultimately […]

Will NY’s Governor Cuomo sign pending consumer protection bills?

by Jeff Sovern Norm Silber of Hosfstra has pointed out to me that the New York legislature has passed two consumer protection bills that await Governor Cuomo's signature. One, S03704, would amend New York's existing Plain Language Law to require that consumer contracts involving up to $250,000 be written "in a clear and coherent manner […]