The Consumer Financial Protection Bureau yesterday issued a proposal to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The proposed changes would help financial institutions comply with the 2015 HMDA Final Rule by clarifying the information they are required to collect and report about their mortgage lending. HMDA, which […]
Category Archives: Uncategorized
From a New York Times op-ed today: When you bite into a piece of fruit, it should be a mindless pleasure. Sure, that steroidal-looking strawberry with a toothpaste-white interior doesn’t seem right to begin with. But you shouldn’t have to think about childhood brain development when layering it over your cereal. The Trump administration, in […]
The Washington Post reports that Education Secretary Betsy DeVos on Tuesday withdrew a series of policy memos issued by the Obama administration to strengthen consumer protections for student loan borrowers. The Education Department is in the middle of issuing new contracts to student loan servicing companies that collect payments on behalf of the agency. These […]
An op-ed on the Washington Post's website today uses the United Airlines incident as a starting point to discuss lack of consumer choice in today's world. We are told that this is the era of the empowered consumer: The savvy shopper has oodles of time to browse around, comparing prices among various retailers, perhaps consulting […]
A New York Times editorial today argues that revoking bonuses from two former Wells Fargo executives "is not enough to punish their misconduct, deter wrongdoing by others and restore trust in the bank — or in the rule of law when it comes to investigating and prosecuting bank executives." The editorial is here.
by Paul Alan Levy Last year I discussed an attorney fee application that I prepared on behalf of a small company making canvas totes that poke fun of such high-fashion royalty as Louis Vuitton by scrawling the words “My Other Bag” on one side of the totes and placing parody versions of various luxury brands […]
The New York Times reports: Wells Fargo’s board said on Monday that it would claw back an additional $75 million in compensation from the two executives on whom it pinned most of the blame for the company’s sales scandal: the bank’s former chief executive, John G. Stumpf, and its former head of community banking, Carrie […]
March 23, 2017 – New York Salesman Sentenced to Prison for Fraudulently Selling Vending Machine Businesses March 22, 2017 – South Florida Man Pleads Guilty To Mail Fraud In Connection With Jamaican-Based Fraudulent Lottery Scheme March 22, 2017 – Owner of New England Compounding Center Convicted of Racketeering Leading to Nationwide Fungal Meningitis Outbreak March […]
In its decision issued today in McGill v. Citibank, the California Supreme Court has unanimously held that arbitration agreements can't block consumers from seeking injunctive relief that benefits the general public under California's Consumers Legal Remedies Act (CLRA) and Unfair Competition Law (UCL). The decision strikes a blow against corporate efforts to use arbitration not just to […]
Last Friday, the Consumer Financial Protection Bureau published its 2016 Consumer Response Annual Report, available here. The CFPB offered a few key takeaways: The CFPB handled 291,400 consumer complaints in 2016, a 7 percent increase over complaints handled in 2015. Debt collection, credit reporting and mortgages were the top three most-complained-about consumer financial products and […]