The U.S. Department of Education, drawing applause from the Treasury Department, has moved to increase funding for student loan servicers. The goal is to improve customer service for students, according to the administration. The catch? Servicers get the money anyway, whether or not service improves. The Huffington Post explains the concern, and Senator's Warren's position: […]
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The Consumer Financial Protection Bureau today issued a report entitled A snapshot of debt collection complaints submitted by older consumers. Among the report's findings are . . . · Collectors hounding older Americans about medical debt: Older Americans describe being confused and frustrated because collectors attempt to collect medical expenses while the consumer is […]
The Supreme Court held oral argument yesterday in Jesinoski v. Countrywide Home Loan, a case potentially important to consumers and their advocates. The question presented is Does a borrower exercise his right to rescind a transaction in satisfaction of the requirements of Section 1635 [of the Truth in Lending Act] by “notifying the creditor” in […]
Last week, the Federal Trade Commission sued Gerber Products Co. in federal district court in New Jersey, alleging that the company deceptively advertised that feeding infants Good Start Gentle formula would prevent or reduce the risk that the babies would develop allergies. The complaint also alleges that Gerber falsely advertised Good Start Gentle’s health claims […]
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In what might be analogized to Mitt Romeny's infamous 47-percent remark, veteran lobbyist Richard Berman advised oil and gas companies to pursue smear campaigns to discredit environmental activists, according to a recent New York Times story on a secretly-recorded speech Berman made to industry executives in June. This paragraph from the Times story gives a […]
Read the Ditlow-Nader New York Times op-ed.
Attorneys general are now the object of aggressive pursuit by lobbyists and lawyers who use campaign contributions, personal appeals at lavish corporate-sponsored conferences and other means to push them to drop investigations, change policies, negotiate favorable settlements or pressure federal regulators, an investigation by The New York Times has found. For instance, the Times reports: […]
In light of our post earlier today, I'm reminding our readers that Jesinoski v. Countrywide Home Loan is scheduled for oral argument in the Supreme Court next Tuesday, November 4. Here's the question presented: Does a borrower exercise his right to rescind a transaction in satisfaction of the requirements of Section 1635 by “notifying the […]
The Truth in Lending Act gives consumers the right to rescind many (but not all) consumer-credit transactions under specified circumstances. The courts have disagreed over how a consumer must notify the lender that she is exercising her recission right. That's the topic of Avoiding the Nuclear Option: Balancing Borrower and Lender Rights Under the Truth […]