One is by my co-author, Chris Peterson, in the Salt Lake Tribune. Here's an excerpt: [The Financial Choice Act] imposes the absurd requirement of an exhaustive economic study every time the agency opens a law enforcement case. The bill even creates a special exception prohibiting any law enforcement cases against payday lenders. Most astonishing, the […]
The Consumer Financial Protection Bureau issued a report yesterday analyzing student loan industry data. The report shows that 9 in 10 of the highest-risk borrowers were not enrolled in federal affordable repayment plans. The analysis looks at hundreds of thousands of the highest-risk borrowers who are exiting default and may be eligible for federal programs […]
Here. As we have noted before, the OCC plays a role in consumer protection, such as joining with the CFPB and LA City Attorney in the investigation into the Wells Fargo phony accounts. The whole article is worth a read, but here is an excerpt: In the early 2000s, banks successfully sued to stop Iowa […]
Here. Excerpt: [LA City Attorney Mike] Feuer said one of the key lessons of the Wells Fargo (WFC) scandal is the need to have a "very viable and muscular CFPB." * * * "It's true we brought the case in the first place, but our collaboration with the CFPB enabled there to be nationwide relief […]
by Jeff Sovern That's the decision in Midland Funding, LLC v. Johnson. But the decision about asserting time-barred claims seems to be limited to bankruptcy matters. As for whether the claim was deceptive or misleading, the Court noted that the proof of claim indicated on its face that it was time-barred. The Court also wrote: [T]o […]
Here. Depressing excerpt: As director of the National Consumer Law Center’s Student Loan Borrower Assistance Project, Persis Yu spends her days doing pretty much exactly what her title implies — working on behalf of low-income student loan borrowers both helping them with their individual cases and advocating for laws and policies that would benefit them. […]
Here. Excerpt: [L]ast week’s appointment of the lawyer, Keith A. Noreika, to run the Office of the Comptroller of the Currency is unusual because it does not require him to sign the ethics pledge that President Trump is forcing on other appointees. * * * [T]he White House used an administrative quirk to appoint Mr. […]
Many of our readers have no doubt heard news reports of Trump's recent interview with The Economist. If you read this blog, you are probably interested in consumer policy, and, in turn, may be interested in economic policy. If so, read the interview. The interview goes beyond the Trump lies (or gross ignorance) that you've been reading […]
In October 2016, the Consumer Financial Protection Bureau issued a rule requiring greater disclosures for and imposing overdraft limits on prepaid cards, which are frequently used in place of paychecks by people without bank accounts. The timing made the rule eligible for Congress to repeal it under the Congressional Review Act, but lawmakers only had […]