Last month, we told you about the CFPB's settlement with Corinthian Colleges over its debt-collection practices and advertising practices, among other things. Last week, NPR's "Here and Now" reported on a debt strike by fifteen students of Corinthian Colleges who are refusing to pay back their federal student loans because of Corinthian's misleading advertising about […]
The CFPB arbitration report found that class actions can return significant sums to consumers. Adding to the literature on that topic, Brian T. Fitzpatrick of Vanderbilt and Robert C. Gilbert have written An Empirical Look at Compensation in Consumer Class Actions. Here is the abstract: Consumer class actions are under broad attack for providing little in […]
by Jeff Sovern Here we go again. The Republicans have repeatedly tried to convert the Consumer Financial Protection Bureau to a commission structure. The latest effort, H.R. 1266, is sponsored by Representative Randy Neugebauer of Texas. The bill would replace the CFPB's director with a five-member commission, of whom no more than three could be […]
by Jeff Sovern BloombergBusiness columnist Carter Dougherty has a story, Bank Customers May Get Their Day in Court, about the CFPB arbitration report. Dougherty writes: In its report, the CFPB noted that there were just 52 arbitration claims under $1,000 in 2010 and 2011, and consumers won relief in just four of them. Says [Deepak] […]
The agency announced yesterday that it would enable consumers to share their issues regarding financial products and services directly with the public, via the CFPB's Consumer Complaint Database. The database has accepted complaints for almost three years, but under the new policy, consumers who submit to the database will have the option to share their […]
Guest post by Stephen Raher Each year, over 12 million people are released from jails and prisons in the United States. When this happens, the correctional facility often owes money to the person being released. This could be money that the person earned while incarcerated, gifts from family, or perhaps funds that a person had they were […]
Two interesting pieces on this ever-pressing subject, one short and one long. The short one is from Nate Silver's incisive fivethirtyeight.com, where an article invites you in its title to "Meet The 80 People Who Are As Rich As Half The World." More interesting than the people on the list (some of whom you've surely […]
Nancy S. Kim of California Western and D. A. Jeremy Telman of Valparaiso have written Internet Giants as Quasi-Governmental Actors and the Limits of Contractual Consent, Forthcoming in the Missouri Law Review. Here is the abstract: Although the government’s data-mining program relied heavily on information and technology that the government received from private companies, relatively little […]
In an encouraging sign that courts are taking health and safety seriously in the neighborhood context, the D.C. Superior Court has issued an injunction against a man whose smoking fills his neighbors’ home with smoke, which has woken them up at night coughing and subjects their 18-month-old daughter to secondhand smoke, according to the nuisance […]
In the Credit CARD Act of 2009 Congress sought to tame what it viewed as excesses of the credit-card industry. Go here to view the Act's basic reforms. Since the law went into effect about five years ago, commentators and researchers have tried to assess its effectiveness. Read our prior posts on the topic here, here, here, here, […]