by Jeff Sovern Allison blogged earlier about CFPB Director Cordray's letter to the president urging him to allow the CFPB arbitration rule to go into effect. While it would be wonderful if the president did so, there are many reasons to think he won't. Among these: as regular readers will know, Vice President Pence broke […]
The Hill reports: The director of the Consumer Financial Protection Bureau (CFPB) has written an unusual plea to President Trump, asking him to save the agency's rule on forced arbitration. Richard Cordray wrote what he called a “simple, personal appeal” to Trump, asking him not to sign a resolution from Congress that would kill the CFPB rule. “Many […]
by Jeff Sovern The landing page is here. Here is an excerpt from one story, Kicking in Doors and Crushing Credit: How Rent-A-Center Torments Customers, though other stories on the web site merit attention, and there is more to this one than we can include here: Virginia real estate investor Olivia Quinn says she lost her […]
Teaching Consumer Law Conference – Santa Fe, New Mexico, 18 & 19 May 2018 The Center for Consumer Law at the University of Houston Law Center, in cooperation with the University of New Mexico School of Law, is organizing its tenth biennial international teaching consumer law conference. The subject is “Teaching Consumer Law: Where Have […]
From the CFPB: Over the past five years, student loan borrowers across the country have turned to us to submit complaints about the struggles they face when repaying their student loans. We have handled more than 50,000 student loan related complaints describing servicing breakdowns, debt collection hurdles, and “debt relief.” These complaints help us to […]
Here, in The Conversation. Excerpt: The House of Representatives has passed a bill that would cripple the CFPB by, for example, taking away the power it used to fine Wells Fargo for opening illegal accounts and concealing its complaint database from public view. In other words, it would force the bureau to sit idly by as financial institutions lie to […]
Note the wording of the headlines in some of the press coverage. This one – Wall Street wins big as Senate votes to roll back regulation allowing consumers to sue their banks — seems right in part. Yes, Congress's decision to kill the CFPB's arbitration rule may be seen as a big win on Wall Street, at […]
The Senate just passed Senate Joint Resolution 47, with Vice President Mike Pence casting the deciding vote, to repeal the Consumer Financial Protection Bureau's rule barring class-action bans in consumer financial contracts. Republican Senators John Kennedy (R-Louisiana) and Lindsey Graham (R-South Carolina) joined all 48 Democratic Senators in voting against the measure. The House already passed the resolution. […]
The Ninth Circuit handed down an excellent decision on October 20, resolving an open question as to whether a class action plaintiff can seek future injunctive relief when she won’t get fooled again. This often arises with retail purchases, where a duped consumer who is on the ball enough to be a class representative is […]
by Jeff Sovern . . . or it could come later in the week. Or not. My speculation is that the Senate leadership will call the vote if they think they have the votes to pass the resolution but otherwise they will let it go until closer to the deadline. So the real question is […]