The BBC reported Wednesday that "An opinion issued by the European Court of Justice says that current data-sharing rules between the 28-nation bloc and the US are 'invalid.' The decision could affect other tech firms' abilities to send Europeans' information to US data centres." Although the ruling is not final, the BBC explains that the ruling […]
From a CFPB press release today: Today, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint action against Hudson City Savings Bank for discriminatory redlining practices that denied residents in majority-Black-and-Hispanic neighborhoods fair access to mortgage loans. The complaint filed by the CFPB and DOJ alleges that Hudson City […]
The story, based on a Fed study, is here. Excerpt: New rules designed to make sure borrowers can repay their mortgages haven’t curtailed the ability to buy a home, a Federal Reserve study says. * * * The Fed study didn’t find any evidence of credit restriction as a result of the rules. For instance, […]
The Consumer Financial Protection Board on Tuesday released its latest monthly consumer complaints snapshot, which highlights mortgage complaints. According to the report, consumers continue to face problems with mortgage servicing, particularly during certain circumstances, such as when they apply for a loan modification to avoid foreclosure. The CFPB report finds the consumers continue to experience […]
A discouraging article from the New York Times: Long before Volkswagen admitted to cheating on emissions tests for millions of cars worldwide, the automobile industry, Volkswagen included, had a well-known record of sidestepping regulation and even duping regulators. For decades, car companies found ways to rig mileage and emissions testing data. In Europe, some automakers […]
October 7, in Denver. More here. Will the Bureau announce proposed arbitration rules? (HT: Gregory Gauthier)
The New York Times reports on a study that found a correlation between generous company stock options for executives and the incidence of serious product recalls of the companies products. The study, “Throwing Caution to the Wind: The Effect of C.E.O. Stock Option Pay on the Incidence of Product Safety Problems,” concluded that “C.E.O. option […]
Several news outlets reported this week on the huge price jump in the cost of a generic drug: Turing Pharmaceuticals increased the cost of the drug Daraprim more than 4n000 percent, from $13.50 a tablet to $750, overnight. See stories here and here. The prices of numerous generic drugs have risen sharply over the past […]
The Post reports: In ads, Volkswagen touted its popular Jetta and Beetle diesels as paragons of clean-fuel technology: Buyers were promised a car that was “clean, fuel efficient, and powerful,” according to one 2013 testimonial. In reality, the claims were based in part on a clever ruse, U.S. officials alleged on Friday. For at least […]
Thomas A. Durkin, Gregory Elliehausen, both of the Fed, and Todd J. Zywicki of George Mason have written Consumer Credit and the American Economy: An Overview, Forthcoming in the Journal of Law, Economics and Policy, Here is the abstract: This article provides an introduction to a law review symposium by the Journal of Law, Economics, and […]