The Consumer Financial Protection Bureau today issued what it's calling a "white paper on intial data findings" on Payday Loans and Deposit Advance Products. The report is chock full of statistics and charts based on what the agency found is actually happening in the payday loan industry. Who is taking out the loans? How often […]
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Jeff just told us that House Republicans won't let CFPB head Richard Corday testify before them because, they say, he's not the lawful head of the agency. He did testify today before the Banking Committee of the Democratic-controlled Senate. But there, Republicans went after him for gathering supposedly private data, which Corday says (reasonably, it […]
That's the name of this brief article by law professor Linda Mullinex. Here's the abstract: Commentary and analysis on case law developments in the lower federal courts, approximately one year after the Supreme Court’s landmark decision in Wal-Mart Stores, Inc. v. Dukes, 131 S. Ct. 2541 (June 20, 2011). In the wake of the Court’s […]
That's today's ruling in Radcliffe v. Experian, No. 11-56376. Here's the court's synopsis of its unanmious opinion: Several named plaintiffs and objectors appeal the district court’s approval of a class-action settlement. The settlement agreement, like others we have approved in the past, granted incentive awards to the class representatives for their service to the class. […]
That's the topic of this article by Michael Fletcher explaining that large Wall Street investors are spending billions on housing and bidding up prices. Will that lead to another collapse in the market down the road? In some parts of the country this investment may be the cause of alleged recovery in the housing market. […]
Interesting new piece in the Yale Law Journal Online reporting on eye-fixation experiments. Here’s the abstract: This Essay examines three experiments that tracked eye fixations as participants reviewed home-loan disclosure forms. The experiments revealed confirmation biases in which participants read to confirm what they were told (e.g., “Your loan is at 4%”) and then failed […]
A recent post from Brian Leiter's blong, "Law School Reports": So which areas of law deserve more attention in the legal academy? The results of our earlier poll, with over 200 votes cast: 1. Consumer Law (Condorcet winner: wins contests with all other choices) 2. Energy Law/Natural Resources Law/Water Law loses to Consumer Law by 109–73 3. Employment Law […]
The Consumer Financial Protection Bureau has already issued a rule governing international money transfers. Apparently, it is looking into doing more, and it wants to hear from consumers about any problems they have had with electronic money transfers. Consumers can go here to submit a money transfer complaint. The agency has identified these potential problem topics: […]
by Jeff Sovern As is well known, opponents of consumer financial protection regulation often argue that the regulation will reduce the availability of credit and raise its price. Despite such claims and the increased consumer credit regulation in 2009''s Crerdit CARD Act and 2010's Dodd-Frank Act, today's NY Times reports Rising Bank Profits Tempt a […]