The complaint is here. and concerns the finding announced shortly before the election that the poll had Harris leading Trump among Iowans. The suit is against the Des Moines Register, the pollster and Gannett; the UDAP statute in question is Iowa Code § 714H.3(1). That statute provides: A person shall not engage in a practice […]
The Federal Trade Commission today issued a final rule on junk fees. Under the rule, businesses that offer live-event tickets or short-term lodging must clearly and conspicuously disclose the total price at the time they offer, display, or advertise their tickets or stays. This removes the possibility of surprise fees and charges that ticket buyers […]
The Consumer Bankers Association explains in a letter. They want to scuttle the CFPB’s overdraft rule, credit card late fees rule, open banking rule, and the BNPL and EWA interpretive rules. They also want to convert the Bureau to a commission, subject it to the annual congressional appropriations process, and “reform” its UDAAP authority.
The LA Times has published a December 5 letter from dozens of manufacturing and other industry trade associations to the incoming administration, providing a wishlist of “regulatory actions that will set the stage for industrial growth in the United States.” Although the list mostly demands a laissez faire approach to business, the coalition acknowledged “that […]
As Christine reported, the Consumer Financial Protection Bureau issued a rule just yesterday to cap overdraft fees. Already, a group of banking associations have challenged it. The complaint, filed in Mississippi, is available here.
House Republicans have voted to make French Hill chair of the House Financial Services Committee. According to the NY Times, Hill’s first choice would be to abolish the C.F.P.B. But he believed there would be wider support for a milder change to how it was run, like restructuring its leadership to make it a bipartisan […]
Here, on Ballard Spahr’s Consumer Finance Monitor podcast.
Donald E. Bowen III of Lehigh University, S. McKay Price of Lehigh University – Perella Department of Finance, Luke C.D. Stein of Babson College, and Ke Yang of Lehigh University have written Measuring and Mitigating Racial Disparities in Large Language Model Mortgage Underwriting. Here’s the abstract: We conduct the first study exploring the application of large […]
The Consumer Financial Protection Bureau today issued a final rule to cap most overdraft fees at $5 for checking accounts offered by the largest banks with over $10 billion in assets. The bureau estimates the rule will save consumers up to $5 billion a year. The rule aims to close a loophole in the regulations […]
Cathy Lesser Mansfield of Case Western Reserve has written It Takes a Thief….and a Bank: Protecting Consumers from Fraud and Scams on P2P Payment Platforms. Here’s the abstract: This Article proposes statutory and regulatory changes to the Electronic Fund Transfer Act; Regulation E; and the Bank Secrecy Act/Anti-Money Laundering regulations to protect consumers who use instant […]