In March 2013, the Department of Justice revealed that it was working with banking regulators to prevent fraudsters from accessing consumer bank accounts by choking off their access to electronic payments. DOJ calls the program "Operation Choke Point." See prior blog posts here and here. The Operation has come under attack from Republicans in Congress […]
by Jeff Sovern Here. To see why it is important to keep the CFPB's budget out of the appropriations process (just as with the other bank regulators), here's an excerpt from one of our posts from 2011 (the more things change, . . . ): To see why this matters, you have only to read New […]
That's the title of this piece by Steven Davidoff Simon. The piece describes how the American Apparel company hid sexual harrasment through a pre-dispute mandatory arbitration clause that it forced on its employees. Hat tip to Paul Bland.
As Bloomberg reports today, Citigroup Inc. agreed to pay $7 billion in fines and consumer relief to resolve government claims that it misled investors about the quality of mortgage-backed bonds sold before the 2008 financial crisis. But is it enough? The Bloomberg article goes on to quote Eric Holder praising the agreement: “The bank’s misconduct […]
That's the name of this article by law professor Linda Mullenix. Here is the abstract: Class actions have been a feature of the American litigation landscape for over 75 years. For most of this period, American-style class litigation was either unknown or resisted around the world. Notwithstanding this chilly reception abroad, American class litigation has […]
As this article by David Nather puts it: "The evidence is piling up now: Obamacare really does seem to be helping the uninsured." For instance, read this study (9.5 million fewer adults lacking health insurance after first ACA open enrollment period); this study (8 million more insured, with number of uninsured dropping in all states including non-Medicaid […]
On Wednesday, we told you that federal district judge Anita Brody in Philadelphia has preliminarily approved a class-action settlement in a case brought by former NFL football players against the NFL. The suit claims that the NFL is responsible for their serious concussion-related injuries. Some former players have already told the court that they don't […]
From the CFPB's news release: Today [July 10], the Consumer Financial Protection Bureau (CFPB) took enforcement action against ACE Cash Express, one of the largest payday lenders in the United States, for pushing payday borrowers into a cycle of debt. The CFPB found that ACE used illegal debt collection tactics – including harassment and false […]
From the FTC’s press release: Amazon.com, Inc. has billed parents and other account holders for millions of dollars in unauthorized in-app charges incurred by children, according to a Federal Trade Commission complaint filed today [July 10] in federal court. The FTC’s lawsuit seeks a court order requiring refunds to consumers for the unauthorized charges and […]
Elizabeth De Armond of Chicago-Kent has written Preventing Preemption: Finding Space for States to Regulate Consumers’ Credit Reports. Here is the abstract: The Great Recession awoke state legislators to the power of individuals’ credit reports to hinder economic opportunities. Many legislators would like to assuage the effects of bad historical events on the futures of […]