The Consumer Financial Protection Bureau released today a monthly complaint report highlighting consumer complaints about student loans. The report shows that both private and federal student loan borrowers nationwide report persistent servicing breakdowns that may sideline their path to repayment. The report also highlights trends seen in complaints coming from Nevada. The CFPB notes that, […]
by Jeff Sovern So CNNMoney reports here. The Committee will hold a hearing tomorrow; the witness list appears here. Seems pretty rushed for a 600-page bill that would make major changes in financial regulation, including changing the structure of the CFPB, eliminating its power to prohibit unfair, deceptive, and abusive practices, abrogating its power to […]
That's a quote from the abstract of Valuing Black Lives: A Constitutional Challenge to the Use of Race-Based Tables in Calculating Tort Damages by law profs Kim Yuracko and Ronen Avraham. Here's the full abstract: In 2011, a young couple eagerly expecting the birth of their first child moved into an apartment in Brooklyn, New York, excited […]
Nader — who took the airlines all the way to the Supreme Court way back when, and won — has written this USA Today op-ed on the use of consumer power to bring the airlines down a few notches.
Nathan Cortez of SMU has written Regulation by Database, University of Colorado Law Review, Vol. 89, 2017. Here is the abstract: The federal government currently publishes 195,245 searchable databases online, a number of which include information about private parties that is negative or unflattering in some way. Federal agencies increasingly publish adverse data not just […]
Bloomberg reports in a story headlined How Detroit Deadbeats Taught Tax Collectors That Threats Really Work, on a study by Ben S. Meiselman titled Ghostbusting in Detroit: Evidence on Nonfilers from a Controlled Field Experiment. No wonder some debt collectors use threats!
Washington Post columnist MIchelle Singletary warns: "If you use a prepaid card — and millions of you do — take heed, because there’s an effort in Congress to block new rules that would give you the kind of federal protections afforded to debit and credit card users. Her full column is here.
by Jeff Sovern Here. As previously reported on the blog, it would eliminate the CFPB's power to stop unfair, deceptive, or abusive practices (section 736)–that is, the power the Bureau used to stop Wells Fargo from opening sham accounts–and to regulate arbitration (section 738)–that is, the section that would give the CFPB the power to […]
Opponents of payday loan reform argue that the payday loan industry benefits its customers by providing access to credit for customers who could not otherwise obtain it, and that it is paternalistic to deny consumers the opportunity to afford themselves of these benefits. Payday loan customers, however, have a different view: Bring on the “paternalism.” […]
NerdWallet reports here about the leaving of voicemails without ever calling–to evade limits on phone calls–and avatars, among other things.