Today, the Consumer Financial Protection Bureau released a special edition of Supervisory Highlights on recent examination findings covering the practices of student loan servicers, and schools that lend to students directly. The exams found that these schools had improper blanket policies of withholding transcripts to force students to make payments. The CFPB also found that […]
by Jeff Sovern As we have previously discussed, the CFPB takes the position when supervising banks that discrimination is unfair within the meaning of the Consumer Financial Protection Act. As reported by Bloomberg's Evan Weinberger, the Chamber of Commerce, the American Bankers Association, the Consumer Bankers Association, and others have now sued the CFPB in […]
Nikita Aggarwal of UCLA, D. Bondy Valdovinos Kaye of the University of Leeds, and Christopher K. Odinet of Iowa have written #Fintok and Financial Regulation, forthcoming in the Arizona State Law Journal. Here's the abstract: Social media platforms are becoming an increasingly important site for consumer finance. This phenomenon is referred to as “FinTok,” a reference […]
Aniket Kesari of NYU’s Information Law Institute has written Do Data Breach Notification Laws Work? Here’s the abstract: Over 2.8 million Americans have reported being victims identify theft in recent years, costing the U.S. economy at least $13 billion in 2020. In response to this growing problem, all 50 states have enacted some form of data […]
The abstract & outline submission deadline for the Consumer Law Scholars Conference has been extended to next Friday, September 23. Please see below for the information we received with submission instructions. Abstracts & Outlines Due September 23 Please consult the conference webpage for more information on the conference format, important dates, and expectations for abstract […]
The Consumer Financial Protection Bureau published a report today on the "Buy Now, Pay Later" industry. The report, Buy Now, Pay Later: Market trends and consumer impacts, finds that industry grew rapidly during the pandemic, and that borrowers may receive uneven disclosures and protections. The five firms surveyed in the report originated 180 million loans […]
Patagonia founder's is giving away his company, reportedly worth about $3 billion. The company will now be in the hands of a trust and a nonprofit organization. All future profits will be donated to help fight climate change. CNBC has the story, here.
The Consumer Financial Protection Bureau has "released an Issue Spotlight highlighting some of the difficulties and experiences heard from caregivers about being pursued over friends’ or family members’ alleged debts from nursing home facilities. Based on the findings in the report, the CFPB and the Centers for Medicare & Medicaid Services have issued a joint […]
Christopher Lewis Peterson of Utah Law and Marshall Steinbaum of Utah's Department of Economics have written Coercive Rideshare Practices: At the Intersection of Antitrust and Consumer Protection Law in the Gig Economy, University of Chicago Law Review, Forthcoming. Here's the abstract: This article considers antitrust and consumer protection liability for coercive practices vis-à-vis drivers that are prevalent […]
Andrew D. Selbst of UCLA and Solon Barocas of Microsoft Research and Cornell have written Unfair Artificial Intelligence: How FTC Intervention Can Overcome the Limitations of Discrimination Law, 171 University of Pennsylvania Law Review __ (forthcoming). Here is the abstract: The Federal Trade Commission has indicated that it intends to regulate discriminatory AI products and services. […]