The Consumer Financial Protection Bureau yesterday released its latest supervision report where the exams of banks and nonbanks resulted in the remediation of $14.3 million to approximately 228,000 consumers. In its examinations covering the last months of 2015, the Bureau found violations in the student loan market, including illegal automatic defaults by student loan servicers […]
Here. It's mostly about Florida Representative and Democratic National Committee chair Debbie Wasserman Schultz's proposal to derail the CFPB's possible payday lending rule that Brian blogged about a few days ago. Excerpt: [Wasserman's] spokesman, Sean Bartlett, said the legislation "is about preserving the shared goal of implementing strong consumer protections while also preserving access to […]
The Washington Post reports: A lawsuit stemming from Flint’s lead-contaminated water was filed Monday on behalf of the city’s residents against Michigan Gov. Rick Snyder as well as other current and former government officials and corporations. The federal lawsuit — which is seeking class-action status — alleges that tens of thousands of residents have suffered […]
The Wall Street Journal reports today: President Barack Obama on Monday defended his administration’s record on financial regulatory issues and said that shadow banking, cybersecurity, and rules governing executive compensation would be top priorities during his remaining months in office. On shadow banking in particular, regulators faced a challenging task in overseeing a new sector […]
The Consumer Financial Protection Bureau has announced that it is accepting complaints from consumers encountering problems with loans from online marketplace lenders. The CFPB is also releasing a consumer bulletin that provides an overview of marketplace lending and outlines tips for consumers who are considering taking out loans from these types of lenders. Millions of […]
Law professor Edward McCaffery has written Taxing Wealth Seriously, which argues that U.S. wealth inequality can be and should be reduced via tax policy. Here's the abstract: The social and political problems of wealth inequality in America are severe and getting worse. A surprise is that the U.S. tax system, as is, is a significant cause […]
Here (behind paywall). Excerpt: Bankers are still grappling with vendor software problems, longer processing times and delays in mortgage closings as a result of new disclosures that went into effect four months ago, according to a new survey by the American Bankers Association. The survey, which was released Tuesday, found that banks are delaying closings […]
A new study led by researchers at UC Berkeley and Clinica de Salud del Valle de Salinas demonstrates how even a short break from certain kinds of makeup, shampoos and lotions can lead to a significant drop in levels of hormone-disrupting chemicals in the body. Analysis of urine samples before and after a three-day trial in […]
The downturn in the legal market brought a raft of suits against law schools by former students asserting that the schools took the students' money (or caused the the students to run up educational debts) while exaggerating their graduates' job prospects. Most of these suits were thrown out on pre-trial motions. But one trial — […]
Tess Wilkinson‐Ryan of Penn has written Contracts Without Terms. Here is the abstract: In consumer contracting, the ritual of documentation and provision of terms is essentially vestigial, at least as a form of deal-making communication between the parties. This paper starts with a thought experiment: what would it look like to have contracts but no […]