The New York Times has published what it calls a debate on how the Consumer Financial Protection Bureau should (or should not) exercise its power. It's actually six essays by . . . New York AG Eric Schneiderman [Reforms in mortgage abuse can become regulations. Action on debt and credit can be expanded. Financial literacy can […]
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As explained in this National Law Journal article by Zoe Tillman, In the latest constitutional challenge against the Consumer Financial Protection Bureau, the agency was accused today of overstepping its authority by attempting to regulate the practice of law and collect personal financial data. A complaint filed in the U.S. District Court for the District […]
by Brian Wolfman Last week, in Mortensen v. Bresnan Communications, the U.S. Court of Appeals for the Ninth Circuit compelled arbitration in a consumer class action.The consumer's take-it-or-leave-it contract with the defendant Internet service provider contained a requirement to arbitrate disputes. (The clause also banned class arbitration. See footnote 4 of the court's opinion.) The […]
Consumer advocates often want government-held information and use the federal Freedom of Information Act (or state open government laws) to get that information. Check out the FOIA machine, a new on-line tool sponsored by the Center for Investigative Reporting. What is it? Here's what the FOIA machine says: What is the FOIA Machine? FOIA Machine […]
In a victory for class action plaintiffs, the Sixth Circuit has affirmed the certifcation of the class in In Re: Whirlpool Corporation Front-Loading Washer Products Liability Litigation, and distinguished the Supreme Court's decision in this Term in Comcast v. Behrend. The Sixth Circuit joins the Ninth in rejecting the argument that Comcast requires a classwide […]
by Jeff Sovern The federal Magnuson-Moss Warranty Act obliges sellers of most warranted consumer products to label the warranty either "full" or "limited." 15 U.S.C. § 2303(a). But that distinction serves little purpose if manufacturers never provide full warranties. I wondered how common full warranties are, and so I asked a research assistant, Eric Levine, […]
Federal agencies recently published their agendas of regulatory matters on which they expect to work from May 2013 through May 2014. (The July 3 publication is actually a delayed "spring" regulatory agenda.) The agenda of the Consumer Financial Protection Bureau is available here. It lists 8 regulations that the agency expects to finalize during the […]
From today's FTC press release: The Federal Trade Commission told a U.S. Senate subcommittee that it continues to crack down on unlawful debt collection practices through an active program of vigorous law enforcement, education and public outreach, and research and policy initiatives. Testifying on behalf of the FTC before the Senate Committee on Banking, Housing, […]
As explained in this article by Roni Rabin and Reed Abelson, New York [s]tate insurance regulators say they have approved rates for 2014 that are at least 50 percent lower on average than those currently available in New York. Beginning in October, individuals in New York City who now pay $1,000 a month or more […]
A nice overwiew by Danielle Douglas. Among other things, the article makes the point that, with the the CFPB's basic authority to act unquestionably in place, the agency can operate from a position of strength, both in taking unaliteral action and in negotiations with regulated parties. Of course, individual actions and regs will be subject […]