Here. It will appear in 12 CFR 1040. The rule formally takes effect September 18, 2017, and covered entities have until March 19, 2018 to comply.
by Paul Alan Levy The United States Court of Appeals for the Ninth Circuit has issued an order signed only by the Clerk declaring that a significant free speech issue bearing on the rights of anonymous Internet users will be decided in a totally secret proceeding, involving sealed briefs, a sealed record, and without any […]
By Stephen Gardner On July 17, a panel of the Ninth Circuit issued a revised opinion in Bruton v. Gerber Products. (I’ve attached the withdrawn opinion here and the new opinion here.) In her lawsuit, Natalia Bruton alleged that “labels on certain Gerber baby food products included claims about nutrient and sugar content that were […]
The New York Times reports: Tens of thousands of people who took out private loans to pay for college but have not been able to keep up payments may get their debts wiped away because critical paperwork is missing. The troubled loans, which total at least $5 billion, are at the center of a protracted […]
by Jeff Sovern In keeping with Justice Gorsuch's remark yesterday that "Democracy depends on our ability to learn from & work with those who hold very different convictions than our own," here is a partial report on the activities of arbitration supporters: The Chamber of Commerce is holding an event titled CFPB's Anti-Arbitration Rule: Analysis […]
by Jeff Sovern Under the Congressional Review Act, Congress will have 60 legislative days to overturn the rule. The rule can also be blocked by the FSOC, and for that to happen, an FSOC member must file a petition within ten days of publication of the rule. Given the opposition of Acting Comptroller of the […]
In the Daily Kos, Paul has written Settlement Shows Why Congressional Republicans Want to Let Banks Use Forced Arbitration. Excerpt: [R]oughly 1/3 of the customers impacted by US Bank’s illegal actions had signed an arbitration clause when they entered into a conditional sale contract with their car dealer. The arbitration clause included a provision that […]
Here. Excerpt from their statement: The mission of the CFPB, created in 2010 to shield consumers from shady industry practices, is extremely popular, with 74 percent of voters backing its work. The poll shows majority support from Democrats (85 percent), Republicans (66 percent), and Independents (77 percent). The Dodd Frank reforms writ large are supported […]
by Jeff Sovern The Office of the Comptroller of the Currency has a long history of being captured by the banks it regulates, interrupted briefly during the Obama administration. But now that it is headed by Acting Comptroller and former bank lawyer Keith Noreika, it is once more protecting banks from predatory consumers. First Norieka […]