Massachusetts asks SEC to Address Investment Advisors’ Use of Mandatory Arbitration Clauses

In a letter to the U.S. Securities and Exchange Commission, Massachusetts Secretary William Galvin is asking the SEC to consider a ban on binding pre-dispute arbitration clauses in investor advisor contracts, citing a survey that found them prevalent in contracts between investment advisers and their clients. In the alternative, Galvin asks that the SEC undertake […]

Marco Rubio channels Elizabeth Warren… for just a moment

As the New York Times pointed out (as we noted yesterday), Republicans have continued to oppose the work (and existence) of the CFPB. So I was a little surprised to hear Republican Sen. Marco Rubio's State of the Union response last night include this exhortation: "Today, many graduates face massive student debt. We must give […]

Is a Resolving Door Between the SEC and Wall Street Harming Consumers?

This report — entitled Dangerous Liasons — published on Monday by the Project on Government Oversight strongly suggests that the Securities and Exchange Commission has been compromised in its duty to protect the public by the influence exerted by former SEC employees now in private industry. Here is the report's overview (some of which continues […]

Unemployment Benefits Being Slashed Around the Country

That's the topic of this sobering article by Michael Fletcher. The econony bottom out about four years ago, but official unemployment rates — which don't count the millions who have given up looking for work — are still really high. That rate is 9.2% in North Carolina, and yet, because of what  legislators claim is […]

Times Editorial on the Republican War on Consumer Protection and the CFPB

Quietly Killing a Consumer Watchdog. Excerpt: The consumer bureau has taken seriously its mandate to protect the public from the kinds of abuses that helped lead to the 2009 recession, and it has not been intimidated by the financial industry’s army of lobbyists. That’s what worries Republicans. They can’t prevent the bureau from regulating their […]

Washington Law Review Symposium on Disclosure Crisis

The symposium is scheduled for Feb. 28, 2013, 9:30 AM – 6:30 PM, at the UNIVERSITY OF WASHINGTON SCHOOL OF LAW (registration by Feb. 26).  The announcement states: Mandatory disclosure is a popular form of regulation. From privacy to healthcare, politics to “payola,” laws requiring disclosure have proliferated in recent decades. This symposium features panel discussions by top scholars […]

The state of the economy and forgotten “millennials”

One of my favorite Washington Post columnists, Alexandra Petri, whose pieces I find both topical and funny, has this insightful column today about a group whose perspective often gets lost in debates over the economy and initiatives to improve it. The takeaway: the "millennial" generation is in trouble, and has been for some time — […]

The CFPB Warns Mortgage Servicers About Legal Proctections for Consumers When Transferring Loans

by Brian Wolfman The CFPB cop appears to be on the beat. Today, the Consumer Financial Protection Bureau published a bulletin advising mortgage companies about their legal obligations to protect consumers during loan transfers between mortgage servicers. CFPB is telling mortgage companies that, when handing off the processing of loans, mortgage servicers should not lose […]