Christopher Lewis Peterson of Utah has written Choosing Corporations Over Consumers: The Financial Choice Act of 2017 and the CFPB Consumer Finance Law Quarterly Report (forthcoming). Here is the abstract: The Consumer Financial Protection Bureau (CFPB) is the U.S. Government’s primary regulator and civil law enforcement agency governing consumer lending, payment systems, debt collection, and other […]
The Hill has a story here. Excerpt: Otting was the president and CEO of OneWest Bank, where he worked with Treasury Secretary Steven Mnuchin, and a vice chairman at U.S. Bancorp before that. He presided over hundreds of thousands of foreclosures at OneWest Bank, which has been investigated for multiple federal and state housing violations. * […]
Bloomberg reports: Mick Mulvaney once called the Consumer Financial Protection Bureau “a sad, sick joke.” Now, he may get to oversee Elizabeth Warren’s favorite regulator. Mulvaney, President Donald Trump’s Office of Management and Budget director, is being considered for a temporary role as interim director of the consumer watchdog after Richard Cordray steps down later […]
The Seventh Circuit today decided Collins v. Village of Palatine about when class-action tolling under the American Pipe doctrine stops. Here's the court's answer: When a plaintiff files a complaint on behalf of a proposed class, the statute of limitations for the claim is tolled for each member of the class. Am. Pipe & Constr. Co. v. […]
by Jeff Sovern Several names have surfaced. Both the NY Times and the Wall Street Journal have mentioned the possibility of George Mason Law professor Todd Zywicki. The American Banker has a slide show of potential directors here (free content). I fear the nominee will be someone who believes that consumer protection largely consists of […]
The Washington Post reports on Richard Cordray's apparently imminent resignation from the CFPB, here.
So reports Evan Weinberger at Law360.com.
The complaint makes class claims under California's consumer protection laws and for assault and battery. The beginning of the complaint provides an overview: I. Uber will stop at no lengths to make a profit. 2. Since Uber launched in 2010, thousands of female passengers have endured unlawful conduct by their Uber drivers including rape, sexual assault, physical […]
Senators Elizabeth Warren and Dick Durbin today issued a report giving Betsy DeVos and the Department of Education a failing grade on their handling of claims for loan forgiveness from students defrauded by for-profit colleges and trade schools. Fourteen other Democratic Senators joined Warren and Durbin in a letter calling on the Department to take […]
The Wall Street Journal reports: "Penalties levied by the Securities and Exchange Commission dropped to a four-year low during the latest fiscal year, showing how a more friendly tone from regulators and the transition of political power can yield relief for Wall Street. Total penalties ordered through SEC enforcement actions fell 15.5% last year to […]