Yan Zhang of the Office of the Comptroller of the Currency (OCC) has written Assessing Fair Lending Risks Using Race/Ethnicity Proxies, 64 Management Science (January 2018). Here is the abstract: Fair lending analysis of non-mortgage credit products often involves proxying for race/ethnicity since such information is not required to be reported. Using mortgage data, this paper […]
The issue is whether the FDCPA applies to non-judicial foreclosure proceedings. The case is Obduskey v. McCarthy & Holthus LLP. More from SCOTUSBlog here.
by Jeff Sovern When I surveyed consumer law professors about the content of their courses, I also asked them whether they read consumer contracts and mandated disclosures in their personal lives. Here is an excerpt, but the article has more: Not one professor reported always reading contracts or disclosures. In contrast, 57% said they rarely or […]
Here. Excerpt: Kraininger’s supporters have noted that she acquired considerable managerial experience as an associate director at the Office of Management and Budget and deputy assistant secretary at the Department of Homeland Security. That may help her with management issues, but it’s hard to see how it will help her make decisions about which cases to bring […]
Mick Mulvaney, at the Consumer Financial Protection Bureau, cut in half a fine that his Obama-era predecessor sought against a payday lender and dropped some of the agency’s earlier claims in the case, three people familiar the matter told Reuters. Reuter's article is here.
The New York Times reports that Equifax has agreed to a consent order with eight state financial regulators in response to the breach that allowed hackers to steal sensitive personal information on more than 147 million people last year. The order describes specific steps that Equifax must take, including conducting security audits at least once […]
by Jeff Sovern I posted on SSRN the results of the survey I previously blogged about, The Content of Consumer Law Classes III. This follows similar surveys in 2008 and 2010 (I bet you can guess what their titles are). The abstract for the new version reads as follows: This paper reports on a 2018 survey of law […]
by Jeff Sovern According to HousingWire, the CFPB has informed Zillow that it is dropping its investigation into Zillow for RESPA violations. We know about this because of a Zillow SEC filing. We will never know how many CFPB investigations have been dropped into companies that are not subject to SEC filing requirements. Nor can […]
by Jeff Sovern AccountsRecovery.Net has a story, Mulvaney Lobbying Hard For Kraninger, Despite Saying He Wants To Stay Out of Process, which reports: Mulvaney has spoken out publicly in favor of Kraninger’s nomination and the report [in The Hill] said that Mulvaney has reached out to several Republican members of the Senate Banking Committee, which will […]
Joseph Sanders and Vijay Raghavan, both of the Office of the Illinois Attorney General have written Improvident Student Lending, Utah Law Review (2018). Here is the abstract: The idea that lending without regard to ability to repay should be illegal is not particularly new, but it gained purchase in recent years with the rapid growth of high-cost […]