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Yesterday, I received an unhappy email from the CEO of the on-line "crowdfunding" site Kickstarter, which regular folks use to raise money for unusual and creative projects and businesses. The email began: On Wednesday night, law enforcement officials contacted Kickstarter and alerted us that hackers had sought and gained unauthorized access to some of our […]
Former Michael Copps is very worried about media consolidation. Apparently spurred by what Copps calls "the stunning announcement that Comcast hopes to buy Time-Warner … for more than $45 billion" — a merger that he says could "run roughshod over consumers" — Copps has penned this lengthy "Dear Journalists" letter in the Columbia Journalism Review. Here's […]
by Jeff Sovern This Times op-ed reports that former patients have sued providers of such therapy under state UDAP laws. As I tell my students, consumer law is everywhere!
The American Banker recently published a story, Courthouse 'Rocket Dockets' Give Debt Collectors Edge Over Debtors, about how consumers feel pressured to settle debt cases after receiving summonses to courthouse settlement conferences with debt collectors. An excerpt: At first glance these sessions resemble legally mandated mediation: they take place in courtrooms and are administered by […]
We've discussed before the case against Facebook's Sponsored Stories program, which resulted in a settlement to which Public Citizen objected on behalf of a group of parents from around the country. See here for a description of our objections and the settlement. Chief among the settlement's flaws is that it allows Facebook to continue to […]
"Welcome to the new-and-not-so-improved world of payday lending, which has adopted more sophisticated sales pitches and branding to lure unwary consumers into loans that can trap them in endless cycles of debt," writes the Times. So what's the alternative? The U.S. post office has an idea: "Have post offices partner with banks to offer basic […]
by Jeff Sovern The Wall Street Journal has the story here. The bill would allow other federal agencies to veto Bureau rules more easily. It is hard to imagine the bill passing the Senate or being signed into law by the president. Meanwhile, the article points out, the clock is ticking on the debt ceiling.
by Brian Wolfman Remember JP Morgan Chase's agreement with the federal government to pay $13 billion to settle claims that it knowingly sold faulty mortgage securities that contributed to the financial crisis? For a refresher, go here and here. Now, the non-profit group Better Markets — whose tagline says it is a "nonprofit, nonpartisan organization that […]
On this blog and elsewhere, some posters have questioned the effectiveness of disclosure as a form of consumer protection. But disclosure remains an important feature of consumer financial protection statutes (RESPA and TILA are good examples), and many regulators think it is an important, if not the only, part of an overall regulatory strategy. With […]