by Jeff Sovern Much has been made of the fact that the day the Equifax breach became public, Congress held a hearing on bills that would have limited damages credit bureaus would have to pay for misconduct. This past Tuesday, the Senate Banking Committee held a hearing titled Consumer Data Security and the Credit Bureaus […]
The New York Times reports that "Wells Fargo engaged in unfair and deceptive practices, failed to properly manage risks and hasn’t set aside enough money to pay back the customers it harmed, according to a confidential report by federal regulators." "The report, prepared by the Office of the Comptroller of the Currency and reviewed by […]
or click here. If you don't have time for the whole segment, here is a 34-second excerpt about the arbitration snafu.
by Jeff Sovern Rohit Chopra, of the Consumer Federation of America, recently served at the CFPB and obviously has experience with consumer protection issues. Simons, who formerly served as director of the FTC's competition bureau, is currently at Paul Weiss. I don't know what experience, if any, he has on the types of consumer protection […]
by Jeff Sovern Yesterday the Senate Banking Committee held a hearing on consumer data security. The Hill covered it, in a report headlined Senators bear down on credit reporting industry over data security. Here is an excerpt: “If they lose my data as Equifax did, or if someone submits to them data that is an error […]
We received the following announcement: ABA Section of Antitrust Law Consumer Protection Committee Volunteer Opportunities for Law Students The Consumer Protection Committee is the ABA’s premier group for developments in the law of privacyand data security, false advertising, deceptive marketing, and unfair trade practices, providing timelyupdates on law enforcement, rulemakings, and business guidance from the FTC, […]
The Consumer Financial Protection Bureau's student-loan ombudsman has issued his annual report. It finds that while the agency has made progress in making the student-loan repayment process fairness, serious problems remain. [C]omplaints by student loan borrowers have driven actions that have produced more than $750 million in relief for student loan borrowers and strengthened the student loan […]
The Washington Post reports that the Federal Trade and 12 state attorneys general have formed a task force to crack down on student debt relief scams. "The federal-state initiative, dubbed Operation Game of Loans, is responsible for five cases against companies, such as Student Debt Doctor and American Student Loan Consolidators, accused of misleading borrowers about their ability to lower […]
I don't post every article about the Consumer Financial Protection bureau rule barring financial services companies from using forced arbitration provisions to impose class-action bans on consumers. But I wanted to pass along this one by CFPB director Richard Cordray responding very directly to a couple of the rule's opponents.
That's a topic of this article by C. Ryan Barber (possibly behind a paywall). That the CFPB enforcement chief is quitting didn't itself strike me as critical news, but the article provided a nice overview of the main issues facing the agency.