The Wall Street Journal reports that the federal Office of the Comptroller of the Currency has floated the idea of not enforcing lending rules for poor people based on the location of a bank’s physical branches. People familiar with the matter said the OCC privately sought other regulators’ input on eliminating the concept of geographic […]
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The Federal Trade Commission has charged the LendingClub Corporation with falsely promising consumers that they would receive a loan with “no hidden fees,” when, in actuality, the company deducted hundreds or even thousands of dollars in hidden up-front fees from the loans. The FTC’s complaint alleges that Lending Club recognized that its hidden fee was a […]
Law profs Kenneth Abraham and Robert Rabin have written Automated Vehicles and Manufacturer Responsibility for Accidents: A New Legal Regime for a New Era. Here is the abstract: The United States is on the verge of a new era in transportation, requiring a new legal regime. Over the coming decades, there will be a revolution in […]
AP reporter Ken Sweet explains that Big Banks Saved $3.6B in Taxes Last Quarter Under New (Tax) Law. An excerpt: The nation's six big Wall Street banks posted record, or near record, profits in the first quarter, and they can thank one person in particular: President Donald Trump. While higher interest rates allowed banks to earn […]
Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency have fined Wells Fargo $1 billion for forcing customers into car insurance and charging mortgage borrowers unfair fees. CNN Money has the story, here.
Register Now for the tenth biennial Teaching Consumer Law Conference "Teaching Consumer Law–Where We've Been–Where We're Going." It will be held in Santa Fe, New Mexico, May 18-19th. The Conference is designed for those teaching consumer law, those interested in teaching consumer law full-time or as an adjunct, and anyone interested in discussing the current […]
Following up on Jeff's post yesterday, read Nikitra Bailey's piece in the American Banker entitled Scrapping CFPR auto lending rule would only lead to more discrimination. Here's an excerpt: A group of senators is working to make it easier for automobile dealers to discriminate against consumers of color, setting them up to pay unfair additional fees on their loans. […]
Some of the people who read this blog — both lawyers and injured patients — must respond to preemption defenses in their medical-product litigation. You may want to read Catherine Sharkey's Field Preemption: Opening the 'Gates of Escape' from Tort Law. Here is the abstract: Richard Epstein remains a (lone) staunch defender of field preemption of […]
by Paul Alan Levy Last year, oral argument was held in the Ninth Circuit on the appeal filed by People for the Ethical Treatment of Animals, purportedly representing a monkey suing to assert its copyright in a photo that it supposedly deliberately took of itself by causing the operation of a camera. The trial court […]
Yesterday, the Consumer Financial Protection Bureau issued a Request for Information (RFI) on its consumer complaint database and handling of consumer complaints submitted to it: The Bureau is seeking comments and information from interested parties to assist the Bureau in assessing its handling of consumer complaints and consumer inquiries and, consistent with law, considering whether […]