The Washington Post reports: Wells Fargo has received preliminary approval to pay out $142 million to customers affected by the bank’s sales practices scandal. A federal judge gave preliminary approval Saturday to the deal that would settle claims over fraudulent accounts going back to 2002. The San Francisco-based bank and lawyers for customers reached the […]
by Jeff Sovern Here's what David Lazurus says in his LA Times column, Banks and credit card companies can't try to stop you from joining a class action lawsuit — for now: Consumer advocates — who for months have been gearing up for this fight — tell me they have little doubt the House will […]
That's the name of this article by C. Ryan Barber (possibly behind a paywall). Here's an excerpt: When the Consumer Financial Protection Bureau expanded its public database to include narratives of negative customer experiences, banks such as Wells Fargo and other industry players worried about being named and shamed. Now, a new public database could be going up […]
by Jeff Sovern Here. Call it a long op-ed or a short magazine article, in The Conversation, a forum for academics writing for the public. I co-authored it with my colleagues Gina Calabrese and Ann Goldweber. It discusses life before the CFPB, what the CFPB has done, and the attacks on the Bureau.
by Jeff Sovern House Financial Services Chair Jeb Hensarling has already called for Congress to invalidate the CFPB arbitration rule by using the Congressional Review Act while the US Chamber of Commerce calls it a "Prime Example of [an] Agency Gone Rogue." Sigh.
I try not to use the blog to tout Public Citizen's own work, but nonetheless want to provide two updates on our work to maintain protections for student borrowers in the face of a Department of Education no longer interested in doing so: First, on Friday, Public Citizen and Harvard's Project on Predatory Student Lending […]
CFPB director Richard Cordray's prepared remarks on the new arbitration rule: Thank you for joining us on this call. Today, we are announcing a final rule that prevents financial companies from using mandatory arbitration clauses to deny groups of consumers their day in court. A cherished tenet of our justice system is that no one, […]
We’ve issued a new rule on arbitration to help groups of people take companies to court July 10, 2017 If you have opened a bank or credit card account, it’s likely that your contract included an arbitration clause. Arbitration clauses can limit your options if you have a legal issue with a financial […]