by Jeff Sovern This is based on Fred O. Williams's story at CreditCards.com. The vote was 229 to 184, though he seems to indicate that this was the final vote. I think it was just on the vote to consider the bill. Williams's article, titled DIY credit card arbitration: You may be able to opt out, […]
From Politico's Morning Money newsletter: Compass Point analyst Isaac Boltansky on what’s next — "We now peg the odds of the mandatory arbitration rule being reversed through the [Congressional Review Act] at 60 percent. The House will easily clear the measure, but the whip count in the Senate is still fluid at this juncture and […]
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 […]