by Jeff Sovern Here. According to the story, Republicans agreed to vote for Cordray because he promised to testify before (Portman's phrasing) brief (according to the CFPB spokesperson) the Appropriations Committee on the CFPB budget. Another piece of the agreement, according to Portman, is that the Bureau will implement cost-benefit analysis of CFPB regulations, though […]
In a victory for class action plaintiffs, the Sixth Circuit has affirmed the certifcation of the class in In Re: Whirlpool Corporation Front-Loading Washer Products Liability Litigation, and distinguished the Supreme Court's decision in this Term in Comcast v. Behrend. The Sixth Circuit joins the Ninth in rejecting the argument that Comcast requires a classwide […]
by Jeff Sovern The federal Magnuson-Moss Warranty Act obliges sellers of most warranted consumer products to label the warranty either "full" or "limited." 15 U.S.C. § 2303(a). But that distinction serves little purpose if manufacturers never provide full warranties. I wondered how common full warranties are, and so I asked a research assistant, Eric Levine, […]
by Jeff Sovern Last week, we linked to Ed Mierzwinski's post about complaints about CFPB information-gathering processes. There's more. Over at the Taking Charge blog, Fred Williams has a post on the CFPB data collection, Privacy Agencies Say Don't Worry: Consumer Bureau is No Spy. Here's an excerpt: "I am not aware of any privacy […]
Federal agencies recently published their agendas of regulatory matters on which they expect to work from May 2013 through May 2014. (The July 3 publication is actually a delayed "spring" regulatory agenda.) The agenda of the Consumer Financial Protection Bureau is available here. It lists 8 regulations that the agency expects to finalize during the […]
From today's FTC press release: The Federal Trade Commission told a U.S. Senate subcommittee that it continues to crack down on unlawful debt collection practices through an active program of vigorous law enforcement, education and public outreach, and research and policy initiatives. Testifying on behalf of the FTC before the Senate Committee on Banking, Housing, […]
As explained in this article by Roni Rabin and Reed Abelson, New York [s]tate insurance regulators say they have approved rates for 2014 that are at least 50 percent lower on average than those currently available in New York. Beginning in October, individuals in New York City who now pay $1,000 a month or more […]
A nice overwiew by Danielle Douglas. Among other things, the article makes the point that, with the the CFPB's basic authority to act unquestionably in place, the agency can operate from a position of strength, both in taking unaliteral action and in negotiations with regulated parties. Of course, individual actions and regs will be subject […]
The Consumer Financial Protection Bureau has published five sample "action letters" that consumers may want to use to reply to debt collectors. The agency says that these letters can "help consumers get valuable information about claims being made against them or protect themselves from inappropriate or unwanted collection activities." 1 – There's the "more information" […]
The confirmation was inevitable after this morning's deal and the vote just before noon, but it's official — Richard Cordray is the Senate-confirmed Director of the Consumer Financial Protection Bureau. The Senate has voted to confirm Richard Cordray as director of the Consumer Financial Protection Bureau, as senators approved the first of a batch of […]