From the announcement: The University of Maryland Francis King Carey School of Law invites applications for a newly endowed tenured or tenure-track faculty position in consumer law to begin July 1, 2023. For this position, we will consider junior- and senior-lateral candidates and experienced practitioners with demonstrated potential for outstanding teaching and original scholarship. Qualifications […]
Two announcements today from the CFPB: CFPB Warns that Digital Marketing Providers Must Comply with Federal Consumer Finance Protections Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule laying out when digital marketing providers for financial firms must comply with federal consumer financial protection law. CFPB Takes Action Against Hello Digit for Lying […]
The LA Times has the story here (might be behind a paywall). More on the scandal here.
by Jeff Sovern As you may know, the US Chamber of Commerce has been running commercials attacking the CFPB and its director, Rohit Chopra. If you are going to read further, I suggest you first click on the link to watch the commercial. And now, some comments: The title of the commercial is "The CFPB […]
Matthew A. Bruckner of Howard and CJ Ryan of Louisville and the American Bar Foundation have written The Magic of Fintech? Insights for a Regulatory Agenda from Analyzing Student Loan Complaints Filed with the CFPB, Dickinson Law Review, Forthcoming 2022. Here’s the abstract: This paper looks at consumer complaints about student loan lenders and servicers […]
by Jeff Sovern Three House Republicans have accused CFPB director Rohit Chopra of “colluding with states” and “conspiring with state agencies.” And yet, the Trump-nominated CFPB director Kathy Kraninger collaborated with state attorneys general, as for example, in the Bureau’s settlement with Nationstar Mortgage. I wonder if the legislators complained about Kraninger colluding with states.
Here but paywalled. Excerpt: * * * The scores were sometimes off by 20 points or more in either direction, the people said, enough to alter the interest rates consumers were offered or to result in their applications being rejected altogether. * * * “We have determined that there was no shift in the vast […]
by Jeff Sovern As we wrote about in May, the CFPB takes the position that it can use its unfairness power when consumer financial service companies discriminate. One issue that has arisen is whether when it does so, the Bureau will use the disparate effects test, sometimes called the disparate impact test, to determine if […]
This week, the Consumer Financial Protection Bureau published an analysis of how actions announced by the three largest national consumer reporting companies – Experian, Equifax, and TransUnion – will affect people who have allegedly unpaid medical debt on their credit reports. “Nearly half of those with medical collections appearing on their credit reports will continue […]