State attorneys general have updated their letter opposing the draft Restatement of the Law of Consumer Contracts. The letter has now been signed by twenty-four AGs. Read the letter here. For our earlier post, on the AG letter, go here.
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The Supreme Court issued its decision today in Merck Sharp & Doehm v. Albrecht. Justice Breyer wrote the controlling opinion, representing the views of six Justices. Justice Alito wrote an opinion concurring in the judgment, representing the views of three justices. Justice Breyer described the issues this way: We stated in Wyeth v. Levine that state […]
Yesterday, former Director of the Consumer Financial Protection Bureau Richard Cordray wrote to the Director of the American Law Institute Richard Revesz opposing the controversial draft Restatement of the Law of Consumer Contracts. The Restatement will be voted on tomorrow by the ALI's membership. Here are excerpts from Cordray's letter: I write to express deep […]
Public Citizen, along with the Center for Responsible Lending and several other consumer-advocacy groups, submitted a lengthy comment objecting to the CFPB's proposal to rescind many aspects of the agency's own payday lending rule, issued in 2017 to protect consumers from harmful payday lending practices. The comment is here. If you are not up for […]
An investigation by the Chicago Sun-Times found that "[y]ou could be a great driver, but still have to pay more [for car insurance] because of reasons unrelated to driving," such as sex, where you live, and whether you rent or own your home. Read this Sun-Times article by Stephanie Zimmerman for more details.
Law profs Matthew Bruckner, Brook Gotberg, Dalie Jimenez, and Chrystin Ondersma have written A No-Contest Discharge for Uncollectable Student Loans. Here is the abstract (complete with a list of circumstances in which, the authors say, student-loan debt should be discharged in bankruptcy on a no-contest basis): Over 44 million Americans owe more than 1.4 trillion […]
In a letter responding to an inquiry from Senator Warren, the director of the Consumer Financial Protection Bureau says that the Education Department is hampering the CFPB's efforts to protect borrowers by performing oversight of the student loan industry. The Senators' letter has asked whether the federal regulator had "abandoned its supervision and enforcement activities" […]
by Paul Alan Levy As reflected in an update to my blog post from yesterday, ALI has issued a blustery letter insisting that it did no wrong by trying to enforce its copyright against Adam Levitin's publicly posting of the Tentative Draft its Restatement, while at the same time publicly posting the Tentative Draft.
Yesterday, 23 state attorneys general wrote to all members of the American Law Institute urging them to reject the draft Restatement of the Law of Consumer Contracts, calling it "an abandonment of important principles of consumer protection in exchange for illusory benefits." Read the AGs' letter here. For our other recent coverage of the draft […]
by Paul Alan Levy The Proposed Restatement of the Law of Consumer Contracts has been discussed on this blog many times. It is exceptionally controversial: it has been opposed by a large coalition of consumer and civil rights advocacy groups (including Public Citizen) as well as attorneys general from roughly half the states. The US […]