Here. This has been up since December, but I only just saw it. It offers a perspective from an economist. An excerpt: I can see three principles that can justify consumer financial protection beyond simple contract enforcement: Duping people is fraud even if they wouldn’t have been duped had they had infinite time and infinite […]
Read about it in this article by Jim Puzzanghera and Michael Memoli. An excerpt: At a White House meeting with top corporate chief executives, including Jamie Dimon of J.P. Morgan& Co., Trump said Friday that major reductions in financial regulations were coming. *** After the CEO meeting, Trump signed an executive order directing the Treasury secretary to consult with regulators […]
In In re Target Corp Customer Data Security Breach Litigation, No. 15-3909 (Feb. 1, 2017), the Eighth Circuit reversed a district court's approval of a class-action settlement because of its unreasoned class certification, which the court of appeals said "was the product of summary conclusion rather than rigor." More importantly to my mind, the Eighth Circuit […]
Last week, 17 state attorneys general, two congresspeople, and several consumer-advocacy organizations moved to intervene in PHH v. CFPB, pending in the DC Circuit. The motions each sought to intervene to support (and if the agency stopped defending the case to pursue) the CFPB's petition for rehearing of the court's decision last fall, in which […]
by Jeff Sovern Who needs fiction when we have this? Information about the resolution, introduced under the Congressional Review Act, and so filibuster-proof, is here. It's sponsor is GOP Senator David Perdue of Georgia. The CFPB's press release is here. Here' s the first paragraph of the press release: The Consumer Financial Protection Bureau today took action […]
James C. Cooper of George Mason and Joanna Shepherd of Emory have written State Consumer Protection Acts: An Economic and Empirical Analysis. Here's the abstract: Consumer protection acts (CPAs) developed with the goal to protect American consumers from fraudulent, deceptive and unfair business practices. Initially, Congress, through the FTC Act, sought to define and deter […]
The Wall Street Journal contemplates whether the CFPB is subject to the slew of recent executive orders: A memo issued Jan. 20—Inauguration Day—ordered “executive departments and agencies” to temporarily suspend filing new regulations and delay the implementation of pending rules to give President Donald Trump’s appointees the chance to study them. …. Another executive order […]
Among the flood of Executive Orders over the past 8 days, and the uproar of the refugee ban, one important EO has not gotten much attention. Yesterday, Mr. Trump signed an order requiring agencies to repeal 2 regulations for every 1 they issue. The EO is flawed in many ways, and will be good for […]