The letter is here. Marketwatch has a report headlined 400 college professors say you should be able to sue Equifax and other financial institutions. Excerpt from the report: The professors are sending the letter Monday because it is Sept. 25, the anniversary of when Congress passed the Seventh Amendment to the U.S. Constitution in 1791, which states: […]
Jeff noted a few days ago that a credit union had filed a class action against Equifax. This article (possibly behind a paywall) by Amanda Bronstad discusses that class action some detail, plus another as well. Here's an excerpt: Summit Credit Union in Madison, Wisconsin, has brought a class action on behalf of all credit unions that have had to […]
by Jeff Sovern Reuters has a report here. Excerpt: The U.S. consumer finance watchdog agency is expected to punish Equifax for its cyber breach with the wide-ranging powers it has used with Wall Street, former agency officials and lawyers said this week. The credit-reporting company is subject to five federal laws governing listed companies, the […]
by Jeff Sovern A frequent claim by class action critics is that we don’t need class actions because we have regulators. For example. Alan Kaplinsky recently tweeted that class actions were not needed in the wake of the Equifax scandal because the CFPB is expected to act. But the truth is we need both regulators […]
Health reporter Phil Galewitz explains that The Trump Administration plans to shut down the federal health insurance exchange for 12 hours during all but one Sunday in the upcoming Obamacare open enrollment season. The shutdown will occur from midnight until noon every Sunday except Dec. 10. The Department of Health and Human Services will also shut down the federal […]
by Paul Alan Levy In my blog post yesterday about developments in the litigation over the search warrant to DreamHost, I recounted the encouraging signs from DC Superior Court Chief Judge Morin’s written order and colloquys with counsel during oral argument at a hearing this week about his determination to protect the privacy rights of […]
by Jeff Sovern More here. We can expect that the senators will attempt to outdo each other in attacking Mr. Smith, but that some will still try to protect Equifax when the cameras are off, by weakening regulators (as some members of Congress are attempting to do in the House-passed Financial Choice Act, by eliminating […]
by Jeff Sovern The latest example is an op-ed by Dean Clancy, a former senior Republican official in Congress and the White House, in the American Banker, CFPB arbitration rule is an undeniable win for consumers. Clancy takes issue, as I did, with a recent American Banker piece by Joseph Cioffi. Clancy explains: [Cioffi assumes] Individual arbitrations […]
by Jeff Sovern That's the question discussed in Ian McKendry's article in the American Banker, GOP undeterred by Wells, Equifax in seeking arbitration rule repeal. Arbitration advocates hope and predict it won't, as this except shows: "I don't necessarily want to conflate" the Equifax breach "with the arbitration rule," said [Senator Thom] Tillis [R-SC]. The financial […]
The republican leadership is trying to rush the Graham-Cassidy bill through the Senate so quickly that the Congressional Budget Office will be unable to do its normal, full-scale analysis of the bill. So, by the time the Senate votes next Wednesday, the CBO won't be able to tell us how many people would have health […]