by Jeff Sovern Here. Not a surprise, but the nail in the coffin of those who believed President Trump would make good on his promises to protect ordinary Americans.
by Jeff Sovern Here. Excerpt: Remember how back in 2008, the Bush administration shepherded a $700 billion bank bailout through Congress? Well, the House of Representatives voted last month to rescue banks yet again. And if its bill, the Financial Choice Act, becomes law, ordinary Americans may pay a bigger price than they did for […]
by Jeff Sovern The House Rules Committee is meeting today at 5:00 to consider granting a rule for the House to take up H. J. Res. 111, under which the House would vote to block the CFPB arbitration rule from taking effect. I hear the House could vote on the resolution itself tomorrow.
The report is titled THE CONSUMER FINANCIAL PROTECTION BUREAU IN PERSPECTIVE. Quoting now from the findings listed in the Executive Summary: Before the Consumer Bureau was created, financial regulators prioritized the profits of Wall Street firms at the expense of consumers’ financial well-being on Main Street. Previously, Federal prudential regulators were tasked with dual, and […]
by Jeff Sovern The Chamber's letter to House members is here. Here is the relevant text (bolding in original): The U.S. Chamber of Commerce ("Chamber") urges you to support H.J. Res. 111, which would undo a rule left over by the Obama Administration and recently finalized by an out of control Consumer Financial Protection Bureau […]
In recent years, federal courts have been addressing corporate class-action defendants' claims that the federal class-action rule (Rule 23) contains an rigorous "ascertainability" requirement — a supposed need for the plaintiffs to show, at the certification stage (rather than at the remedy phase), that they have a crackerjack method for identifying the class members with […]
Here. Excerpt: Focusing, for example, on cases involving unlawful check bouncing charges, the bureau [study] found that class actions brought on this issue alone allowed millions of financial consumers to recover nearly $1 billion of damages as well as important non-monetary relief, all of which deters future legal violations. By contrast, the bureau learned that […]
Last Friday marked the Consumer Financial Protection Bureau's 6th birthday. It celebrated with a report describing what it considers the agency's top 6 accomplishments.These topics are described below, and the specifics are provided after the jump (with links to further information). 1. Our actions have resulted in nearly $12 billion in relief for more than 29 million harmed […]
In Competitive Enterprise Institute v. DOT, by a 2-1 vote, the D.C. Circuit has upheld a Department of Transportation rule banning use of e-cigarettes on commercial passenger flights. The main question was whether Congress's 1987 law making it illegal "to smoke" on certain commercial flights justified a recent regulatory ban on using (or, some might say, […]
This article by AP medical journalist Carla Johnson explains that Trump is not simply letting the Affordable Care Act fail (as he has occasionally pledged to do), but taking affirmative steps to harm the Act by making it harder to sign up for coverage. As the article explains, these actions could, in turn, destabilize markets in […]