Here. An excerpt: To opponents, the bill might better be named the "Data Insecurity and Breach Hiding Act." Beth Givens, executive director of the Privacy Rights Clearinghouse, says its passage "would be a giant step backward for consumer protection." Even more emphatic is John Breyault of the National Consumers League. "Only in Washington would they […]
by Jeff Sovern Marc James Ayers of Bradley Arant Boult Cummings LLP has posted an item, Can the CFPB really prohibit pre-dispute arbitration agreements? in which he wrote: [S]hould the CFPB independently decide to adopt regulations limiting or prohibiting the use of pre-dispute arbitration agreements relating to consumer finance, that regulation could be seen as an […]
The Dodd-Frank law shouldn't be the end of Congress's financial reform efforts, argued Sen. Elizabeth Warren in a speech today at the Levy Economics Institute. Sen. Warren called for specific additional regulatory measures, including the breaking up of big banks, closing regulatory loopholes, imposing tougher punishments for wrongdoing, and limiting the Fed's emergency lending powers […]
Affirming a district court's dismissal, the Seventh Circuit held that Sen. Johnson of Wisconsin did not have standing to challenge federal rules implementing Obamacare coverage for members of Congress and their staffs. Johnson's primary argument was that he suffered electoral/reputational injury by being subject to Obamacare coverage. The court rejected that argument because Johnson was […]
Huffington Post yesterday published a lengthy article about regulation — or lack thereof — of food additives by the Food and Drug Administration. The bottom line: Critics of the system say the biggest concern, however, is that companies regularly introduce new additives without ever informing the FDA. That means people are consuming foods with added […]
We've discussed before how minor infractions, when combined with a person's inability to pay, court fees, and predatory practices of private probation companies, can ruin someone's life. (See, for instance, here and here.) In today's New York Times, read this story about how the loss of a driver's license — one consequence of falling down […]
The Consumer Financial Protection Bureau and the Navajo Nation yesterday filed suit to shut down a tax-refund scam that allegedly preyed on tribe members in New Mexico by prodding them into high-cost tax-refund-anticipation loans. Consumerist has the story.
A joint investigation by the Center for Public Integrity and the Seattle Times reveals troubling practices by Clayton Homes, owned by Warren Buffett’s Berkshire Hathaway. Clayton, which operates under various names, is the nation’s biggest homebuilder, according to the report, which describes Clayton's practices thus: “Clayton relies on predatory sales practices, exorbitant fees, and interest […]
Below are recent announcements from the Department of Justice's Consumer Protection Branch. April 13, 2015 Quality Egg, Company Owner and Top Executive Sentenced in Connection with Distribution of Adulterated Eggs April 13, 2015 California Man Sentenced to Prison for Odometer Fraud Scheme April 10, 2015 First Jamaican Man Extradited to the United States in Connection […]
AP, via The Washington Post, reports that President Obama is threatening to veto two bills that, he says, would undermine the Dodd-Frank financial reforms. "One of the bills would exempt some borrowing fees from an existing law aimed at protecting consumers. The second bill would undo a provision in Dodd-Frank that categorized some loans for […]