CardHub.Com Study of Credit Card Disclosures: “Federal Reserve has set an embarrassingly low bar for issuer disclosures”

Here.  Here is the key finding section of the report: The Federal Reserve has set an embarrassingly low bar for issuer disclosures, as evidenced by the 7.5% score its model disclosure received in this study. The Consumer Financial Protection Bureau obviously recognized the inherent flaws with the Federal Reserve’s implemented guidelines for credit card disclosures […]

Major Ruling in Federal Tobacco Litigation

Judge Gladys Kessler of the U.S. District Court in D.C. has issued this this major opinion imposing corrective remedies in the federal government's 13-year-old RICO suit against the tobacco industry. Judge Kessler has issued a separate order mandating that the tobacco companies publish "corrective statements" on five topics "on which the Court found they had […]

Community Groups Urge OCC to Give Wells Fargo Failing CRA Grade

by Jeff Sovern One of the groups, the Woodstock Institute, has a report here.  Among the reasons given are Wells Fargo's payday lending practices. The following excerpt from the Woodstock report has more: "Wells Fargo's mortgage servicing practices unfairly push some borrowers into foreclosure, devastating families and harming neighborhoods. Our clients continue to have their […]

American Banker Report on Comments on Proposed Mortgage Disclosure Rules

Here.  Behind a paywall, unfortunately.  But here's a quote: In more than 2,000 letters responding to the CFPB's plan,bankers said several requirements — including a rigorous timeline for presenting borrowers with the new forms, limited deviation of estimated charges between initial and final disclosures, and an "all-in" annual percentage rate — will add constraints and […]

What Should Be Done About Underwater Mortgages?

In case you missed it, last week the Washington Post had this interesting article describing a meeting between President Obama and seven of the world's most prominent economists. The meeting took place over 13 months ago. Nearly all of the economists told the President that the government hadn't done enough to effectively forgive the mortgage […]

Supreme Court to consider practice of “picking off” plaintiffs in FLSA collective actions

Keep an eye on this case, which raises the question whether a defendant in a wage and hour case can make an offer of judgment under Rule 68 to the named plaintiff in a putative collective action under the Fair Labor Standards Act and thereby render the case moot whether the plaintiff accepts the offer […]

Supreme Court Hands Down Per Curiam Federal Arbitration Act Decision

The Supreme Court handed down a unanimous per curiam decision this morning in Nitro-Lift Technologies v. Eddie Lee Howard. The Court ruled that an Oklahama Supreme Court's decision nixing contract provisions was a decision for an arbitrator (not the Oklahoma courts): State courts rather than federal courts are most frequently called upon to apply the […]