Lea Krivinskas Shepard on Discrimination in Consumer Protection

Lea Krivinskas Shepard of Loyola Chicago has written Toward a Stronger Financial History Antidiscrimination Norm, 53 Boston College Law Review (2012).  Here's the abstract: This Article examines a topic at the intersection of consumer protection and antidiscrimination law: the use by employers and licensing organizations of applicants’ credit reports and financial histories in the hiring […]

Should We Label Genetically Modified Foods?

In September, we blogged concerning the California electoral initiative that would require labeling of genetically modified foods. (We should know the answer on the initiative sometime tomorrow night or early Wednesday morning.) We followed up with this post about genetically modified food labeling requirements across the globe. Now, Brad Plumer has posted this excellent piece on […]

The CFPB’s Proposed Mortgage Disclosures and the De-Emphasizing of the APR

by Jeff Sovern One of the big changes in the CFPB's proposed mortgage disclosure forms is the de-emphasis of the APR.  The APR has historically been one of the most central Truth in Lending disclosures.  For example, for closed-end loans, it must be clear and conspicuous and appear in the "Federal Box" under 12 C.F.R. […]

Two Speeches by CFPB Director Richard Cordray

Consumer Financial Protection Bureau Richard Cordray gave two speeches last week in Seattle that shed light on the new agency's activities. In the first — remarks at a public hearing — Cordray talked about the agency's joint efforts with the FTC in regulating debt collection, principally under the Fair Debt Collection Practices Act. He noted, […]

The Obama Administration’s Pay-As-You-Earn Student Loan Repayment Plan Gets Rolling

Today, the Obama Administration issued final regulations for its new Pay As You Earn student loan repayment program.  77 Fed. Reg. 66088. The program enhances graduates’ (including law graduates') ability to repay their student loans, and it nudges graduates toward public service work. With minor exceptions, the program will apply to higher-education graduates who graduated […]

Judge Debevoise on the Wackiness of the Fair Credit Reporting Act

by Jeff Sovern Burrell v. DFS Services, LLC, 753 F.Supp.2d 438 (D.N.J. 2010) is a couple years old now but we haven't blogged about it before and the problem it describes has not been fixed so it still merits atttention.  Burrell was victimized by an identity thief and complained about it to the creditors rather […]

The CFPB Issues Supervisory Report

Yesterday, the Consumer Financial Protection Bureau issued its Fall 2012 Supervisory Report discussing the degree to which financial institutions and service providers it regulates are complying with federal consumer financial laws. Part III of the report surveys significant legal violations detected by the CFPB and what the agency is doing to remedy those violatons and […]

Victor Stango: Are Payday Lending Markets Competitive?

Victor Stango of UC Davis Graduate School of Management has written Are Payday Lending Markets Competitive? Regulation (Fall 2012) at 26.  Here's the abstract: The rapid and widespread growth of the payday loan market has sparked considerable controversy, in part regarding the “high” prices charged for these loans. This article presents several new pieces of […]