That is the name of this article by law prof David Reiss. (Jeff had posted earlier on Reiss's views on this topic.) Here is the abstract: U.S. Supreme Court nominee Judge Neil Gorsuch would have an outsized influence on federal consumer protection enforcement if he is confirmed. In particular, if PHH v. Consumer Financial Protection Bureau, 839 F.3d 1 […]
The Washington Post reports today: Wells Fargo announced Tuesday that it had fired four executives as its board of directors nears completion of its investigations into sham accounts set up by employees to allegedly meet sales quotas. The four executives come from the megabank’s community banking division. They will not receive 2016 bonuses and will […]
Here. Excerpt: They can figure out when you leave town and see where you parked your car. They can see how many times you went to the grocery store or the health clinic. Auto loans to Americans with poor credit have been booming, and many finance companies, credit unions and auto dealers are using technologies […]
Here. Excerpt: I asked [the] office [of Rep. John Ratcliffe, who has proposed to abolish the CFPB] to elaborate [on his claim that the CFPB hurts consumers]. I received a statement from Ratcliffe citing the group’s “qualified mortgage rule,” which he said “has made it harder for young people and retirees on fixed incomes to be […]
The Department of Transportation says that "[a]lthough rail incidents have declined over the last 10 years, railroad crossing fatalities spiked in 2014. [And in 2016] alone, 232 people died in railroad crossing accidents, and approximately every three hours, a person or vehicle is hit by a train in the United States." So, DOT is doing a […]
AAJ Research (an arm of the American Association for Justice) has written Driven to Safety: Robot Cars and the Future of Liability. Here is the abstract: Widespread adoption of robot cars could have a revolutionary impact on these figures, potentially preventing 90 percent of crashes and saving thousands of lives every year. The impact of such […]
The Wall Street Journal reports: President Donald Trump believes the structure of the Consumer Financial Protection Bureau makes the agency “unaccountable” to the American people, according to a White House spokesperson, weighing in for the first time in the debate about the future of the watchdog agency created under the Obama administration. The comment came […]
Here. I won't post an excerpt because the report is too full of information to single some items out. If you care about class actions, I suggest reading the whole piece.
Todd J. Zywicki of George Mason has written Market-Reinforcing versus Market-Replacing Consumer Finance Regulation in Hester Peirce and Benjamin Klutsey, eds., Reframing Financial Regulation: Enhancing Stability and Protecting Consumers, Mercatus Center at George Mason University, pp. 319-341, 2016. Here's the abstract: The aftermath of the financial crisis has seen the formation of several new banking regulators […]
Here (behind paywall). The article reports on an email from an unidentified Trump spokesperson. Excerpt: “The President believes that the initial decision made by the three judge panel of the DC circuit was correct,” the spokesperson said in an emailed statement. “The structure of the CFPB makes it unaccountable to the American people.” The statement […]