by Jeff Sovern Acting Comptroller of the Currency and former bank lawyer Keith Norieka has an op-ed in The Hill, Senate should vacate the harmful consumer banking arbitration rule, that is seriously flawed. I'm going to write about two of those flaws here. First, Norieka concludes by writing: Instead of mandating only one way to resolve […]
Today, my colleagues at U.S. PIRG and the Frontier Group released a new report, "Older Consumers in the Financial Marketplace." From the report's executive summary: Older consumers are at risk of harm from predatory financial behavior. An analysis of more than 72,000 financial complaints submitted by older consumers (those 62 years of age and older) […]
On October 5, 2017, the Consumer Financial Protection Bureau issued its final rule on payday, vehicle title, and certain high-cost installment loans. The National Consumer Law Center prepared this article describing the rule's coverage, two main provisions, and effective date. The article also lists ways under current law to challenge abusive payday, auto title, and installment […]
The Federal Trade Commission announced to day that it is mailing 227,000 refund checks totaling more than $9.8 million to people who bought “fat burning” and “weight loss” products and other dietary supplements, DVDs, or skin creams, including Pure Green Coffee Bean Plus and RKG Extreme, from Health Formulas LLC and related companies. The average […]
Allen St. John at Consumer Reports has written 6 Easy Opt-Outs to Protect Your Privacy. This article reviews opt-outs such as the national do-not-call registry and a few industry-specific opt-outs to prevent the spread of personal information (for instance, one that applies to major banks and another that will get you off lists to receive "pre-approved" credit […]
by Jeff Sovern Here. Lots of irony in this one, as you can tell from the headline. A sample: Eighteen groups representing thousands of corporations and banks filed the lawsuit against the Consumer Financial Protection Bureau last Friday in federal court in Dallas. Oddly, they did not attempt to individually resolve the dispute through an arbitration process, […]
That's what Georgetown law prof. Anne Fleming has to say in her Washington Post op-ed Federal regulation of payday loans is actually a win for states’ rights. It includes this defense of federal regulation: Critics of the CFPB rule, such as House Financial Services Committee Chairman Jeb Hensarling (R-Tex.), argue that federal regulation of these loans […]
by Jeff Sovern I've been listening to the several hearings in Washington this week at which former Equifax CEO Richard Smith testified. I haven't finished yet, and may have more to say, but here's a quick observation. Mr. Smith testified at various points that Equifax planned to make things right for consumers. For example, here […]
That's the topic of Trump University and Presidential Impeachment by law prof Chris Peterson. Here's the abstract: In the final weeks of the 2016 Presidential campaign Donald J. Trump faced three lawsuits accusing him of fraud and racketeering. These ongoing cases focus on a series of wealth seminars called “Trump University” which collected over $40 million from […]
by Jeff Sovern There's been a steady drumbeat of criticism for the CFPB from certain members of Congress for not moving sooner on the Wells Fargo unauthorized account scandal. These critics also tend to support legislation, like the Financial Choice Act, which would take away the power the CFPB used to fine Wells Fargo for […]