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Congratulations to Professor Jeff Sovern who was recently named the inaugural Michael Millemann Professor of Consumer Protection Law at the University of Maryland Francis King Carey School of Law.  Professor Sovern joins Maryland Carey Law after 40 years on the faculty of St. John’s University School of Law where he wrote about and taught consumer protection law. … Continue Reading

As readers of this blog already know, Professor Jeff Sovern and I come at most issues from different sides of the street.  Over the years, through our respective blogs and at various programs, we have engaged in spirited but respectful debate about many consumer finance issues.  For that reason, I was particularly disappointed to read Jeff’s blog post about Andrew Smith’s appointment as Director of the FTC’s Bureau of Consumer Protection.… Continue Reading

In a blog post yesterday, Professor Sovern referenced Politico’s report that at the Consumer Bankers Association’s annual conference this week, unlike from 2012-2016, the “regulatory environment” was not identified as a “top worry” by bankers.  According to Professor Sovern, this “raises a question about why Congress is working on a bill to reduce the regulatory burden banks face.” … Continue Reading

Recently, Professor Jeff Sovern criticized Senator Tom Cotton of Arkansas for announcing that he would seek to block the CFPB’s final arbitration rule using the Congressional Review Act.  Professor Sovern quoted Senator Cotton as stating that the rule “‘ignores the consumer benefits of arbitration and treats Arkansans like helpless children, incapable of making business decisions in their own best interests ….’” … Continue Reading

In a new American Banker article, Alan Kaplinsky, Practice Leader of Ballard Spahr’s Consumer Financial Services Group, responded to an article by Professor Jeff Sovern that called into question Alan’s prediction that the CFPB’s proposed plan to ban class action waivers in consumer arbitration agreements will cause companies to abandon arbitration completely.… Continue Reading

In a blog post earlier this week, Professor Jeff Sovern took issue with statements made by a legal expert that suggest an amendment to the Federal Arbitration Act would be necessary for the CFPB to ban class action waivers in arbitration agreements.  Regardless of whether Professor Sovern is correct, proponents of a class action waiver ban should keep in mind that the CFPB’s authority under Section 1028 to issue an arbitration rule is also subject to several important limitations.… Continue Reading