As many of our readers are aware, the Federal Arbitration Act (FAA) makes it difficult for consumers to enforce their rights in court when the standard form contracts that govern their employment relationships or their consumer purchases contain arbitration clauses. The Supreme Court has interpreted the FAA broadly. Does the FAA apply in state courts […]
A recent post by Jeff Sovern discusses a Department of Justice Report indicating that identity theft is on the rise, and the amount of loss suffered as a result of identity theft is increasing. These are alarming statistics. But a few points should be mentioned before we begin to discuss how to reduce the incidence […]
As the LA Times explains, "the Federal Housing Administration, which has played a crucial role in stabilizing the housing market, said it ended September with $16.3 billion in projected losses — a possible prelude to a taxpayer bailout. The precarious financial situation could force the FHA, which has been self-funded through mortgage insurance premiums since […]
by Jeff Sovern Very common. In 2010, according to one study, seven percent of American households were victimized by identity thieves, costing them a total of about $13.3 billion, or, for those who experienced losses of at least one dollar caused by the misuse of personal information, an average loss of $13,160. See Lynn Langton, Identity Theft […]
Next Wednesday (November 21), at noon, I'll be presenting a free webinar focusing on the Consumer Financial Protection Bureau's amicus program from both consumer and industry perspectives. On the industry side, I'll be joined by Alan Kaplinsky and Christopher Willis of Ballard Spahr's Consumer Financial Services Group. We'll discuss the factors likely to influence the […]
Julia S. Cheney, Robert M. Hunt, Katy Jacob, Richard D. Porter and Bruce J. Summers, all of the Federal Reserve, have written The Efficiency and Integrity of Payment Card Systems: Industry Views on the Risks Posed by Data Breaches. Here is the abstract: Consumer confidence in payment card systems has been built up over many […]
On the New Shopping List: Milk, Bread, Eggs and a Mortgage. Costco offers mortgages, Home Depot provides loans, and Wal-Mart prepaid cards.
United States v. Bormes is the Supreme Court's first opinion of the term. It deals with the question of where to look to determine whether the government has waived sovereign immunity in FCRA cases. SCOTUS Blog coverage can be found here.
by Jeff Sovern President Obama has done more for consumer protection than any president in a generation. His accomplishments include signing the Dodd-Frank Act, which created the Consumer Financial Protection Bureau, anti-predatory lending laws, and limited the power of traditionally pro-bank agencies like the OCC to preempt state laws protective of consumers; signing the Credit CARD […]