Our regular readers probably also check in with Credit Slips, but in case anyone doesn't, Georgetown's Adam Levitin has a pair of posts that merit attention. First, he fact-checks a recent Jeb Hensarling WSJ op-ed about the CFPB, and then he seeks comment on this question: What Would a CFPB Commission Have Done Differently?
Here. Markup on the bills is schedule for tomorrow. Excerpt from Frankel's piece: The bill would limit class certification to class actions in which plaintiffs all “suffered the same type and scope of injury” and would bar certification unless courts can ascertain class membership and assure that only injured plaintiffs recover. Class action lawyers would […]
The Washington Post reports: A federal class-action lawsuit alleges that JPMorgan Chase plotted to bilk D.C. jurors of money by forcing them to receive jury service payments on Chase debit cards that come with fees attached. The suit, filed Tuesday in U.S. District Court for the District of Columbia by D.C. attorney William Mark Scott, […]
Here (behind paywall). Excerpt: [I]f he hears an appeal from PHH v. CFPB, he will likely be sympathetic to PHH’s positions, both in terms of the unconstitutionality of the CFPB’s structure and in terms of the reach of its enforcement powers.
by Jeff Sovern For years, fans of economics have attempted to convert judges and lawyers to their mode of analyzing legal problems. For example, George Mason's Scalia Law School's Law & Economics Center has offered programs for judges for nearly four decades, and thus far has attracted more than 4,000 judges to its programs. It […]
by Jeff Sovern As we have discussed extensively, Wells Fargo opened millions of sham accounts in its customers' names. The CFPB responded by fining Wells $100 million. But under Financial Services Chair Jeb Hensarling's proposed Financial Choice Act 2 bill, the CFPB would have been powerless to do anything about Wells's scam. That's because, according […]
by Jeff Sovern Here. Excerpt: I talked to [Jim] Purcell [of State National Bank in Big Spring] this week. He says the bureau spreads its tentacles too far. He complains that there's no appeal for the bureau's decisions, that it's too independent of Congress and the president (by design, and for obvious reasons, I might […]
by Jeff Sovern On Tuesday, as widely reported, the Senate silenced Senator Elizabeth Warren. Now House Financial Services Chair Jeb Hensarling wants to silence complaining consumers by eliminating the ability of Senator Warren's creation, the Consumer Financial Protection Bureau, to operate a consumer complaint database. The Dodd-Frank Act, in 12 U.S.C. § 5511, provides that: […]
The WSJ has a report here (behind paywall). In the next version of the Financial Choice Act, House Financial Services Chair Jeb Hensarling is also reported to be considering eliminating the Bureau's supervisory authority, power to regulate payday lending, consumer complaint database and its research and consumer education functions. The goal appears to be to […]