by Brian Wolfman Remember JP Morgan Chase's agreement with the federal government to pay $13 billion to settle claims that it knowingly sold faulty mortgage securities that contributed to the financial crisis? For a refresher, go here and here. Now, the non-profit group Better Markets — whose tagline says it is a "nonprofit, nonpartisan organization that […]
Category Archives: Uncategorized
On this blog and elsewhere, some posters have questioned the effectiveness of disclosure as a form of consumer protection. But disclosure remains an important feature of consumer financial protection statutes (RESPA and TILA are good examples), and many regulators think it is an important, if not the only, part of an overall regulatory strategy. With […]
More than one third of the states have removed criminal penalties for the use of medical marijuana, which be can a uniquely effective treatment for a number of serious medical conditions. (For one powerful example, see this story about a cancer patient who is a former client of mine.) Of course, because of the federal […]
by Ed Mierzwinski (guest post) I testified Monday at a Senate Banking hearing on the Target breach. The chair of the subcommittee, Mark Warner, indicated support for the longtime consumer-group position that consumer debit-card liability should be made equal to the far more more consumer-friendly credit-card liability. My own blog post has more. My testimony […]
That's the name of this article by law professor Jonathan Marcantel. Here's the abstract: In 2009, the Secretary of the Treasury (“the Secretary”) implemented the Home Affordable Modification Program (“HAMP”), a program designed to minimize foreclosures by providing incentives to loan servicers who modify eligible mortgages. Notwithstanding both its design and goal, HAMP has largely […]
Back in the Supreme Court's 2011 Term, a case that got a fair bit of attention was First American v. Edwards, which raised the question whether a plaintiff whose only injury was the violation of a congressionally-created right had standing to sue in federal court. The Court dismissed the case as improvidently granted (i.e., without […]
CVS stops selling tobacco (on October 1, 2014) because it's "the right thing to do." Wow.
As this National Consumer Law Center press release explains, seven major banks last month left the payday loan business in response to regulatory pressure and outcry from advocacy organizations. What effects that has on the payday loan market and consumers who particiapte in it remains to be seen. Here's a brief excerpt from NCLC's release: […]
John J. Mulligan, the Chief Financial Officer of Target, has published Time for smart cards in The Hill. He says that the risks from credit- and debit-card theft can be significantly reduced if the U.S. imbeds "smart card" technology in credit and debit cards. Here's an excerpt (omitting stuff about how swell Target is): The […]