This afternoon, Justice Amy Coney Barrett denied, without comment, a request from a taxpayers’ association in Wisconsin to enjoin the Biden Administration's plan for student debt relief. The lower court had held that the plaintiff lacked standing. The New York Times has the story, here.
Read the opinion. The court summarized its ruling this way: Community Financial Services Association of America and Consumer Service Alliance of Texas challenge the validity of the Consumer Financial Protection Bureau’s 2017 Payday Lending Rule. The Plaintiffs contend … that the Bureau is unconstitutionally structured. [We agree with the Pplaintiffs that] Congress’s decision to abdicate […]
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Mark A. Lemley of Stanford has written The Benefit of the Bargain. Here's the abstract: Contract law has lost its way. Designed as a way to allow people to agree, it has over time become a means for large businesses to unilaterally impose terms and conditions on others. In large part that is a function of […]
We received the following Call for Papers: The AALS Section of Financial Institutions & Consumer Financial Services will host the first AALS FinReg Conference on November 4, 2022, in person, at the Antonin Scalia Law School, in Arlington, Virginia. This annual workshop brings together scholars focused on financial regulation to present their scholarly works. We […]
The National Consumer Law Center is holding its annual Consumer Rights Litigation Conference in person for the first time since 2019. Details about the conference, to be held November 10-13 in Seattle, are here.
Today, the Consumer Financial Protection Bureau released a special edition of Supervisory Highlights on recent examination findings covering the practices of student loan servicers, and schools that lend to students directly. The exams found that these schools had improper blanket policies of withholding transcripts to force students to make payments. The CFPB also found that […]
by Jeff Sovern As we have previously discussed, the CFPB takes the position when supervising banks that discrimination is unfair within the meaning of the Consumer Financial Protection Act. As reported by Bloomberg's Evan Weinberger, the Chamber of Commerce, the American Bankers Association, the Consumer Bankers Association, and others have now sued the CFPB in […]
Nikita Aggarwal of UCLA, D. Bondy Valdovinos Kaye of the University of Leeds, and Christopher K. Odinet of Iowa have written #Fintok and Financial Regulation, forthcoming in the Arizona State Law Journal. Here's the abstract: Social media platforms are becoming an increasingly important site for consumer finance. This phenomenon is referred to as “FinTok,” a reference […]
Aniket Kesari of NYU’s Information Law Institute has written Do Data Breach Notification Laws Work? Here’s the abstract: Over 2.8 million Americans have reported being victims identify theft in recent years, costing the U.S. economy at least $13 billion in 2020. In response to this growing problem, all 50 states have enacted some form of data […]