Class Actions Blog

Archive for the ‘Legislation’ Category

Richard Cordray resigns as Director of Consumer Financial Protection Bureau

Posted on: November 16th, 2017 by Steve Larson

Richard Cordray was appointed the lead in the newly created Consumer Financial Protection Bureau by President Obama. During his tenure, the CFPB levied a $185 million fine against Wells Fargo for the bank’s infamous practice of opening phony accounts last fall. Overall, the CFPB’s enforcement actions have resulted in about $12 billion in relief for victims of these unscrupulous practices.

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The America Legion has asked President Trump to veto the recently passed bill undercutting the CFPB rule on forced arbitration

Posted on: November 9th, 2017 by Steve Larson

The leader of the nation’s largest veterans’ service organization expressed concern over the loss of financial protections for veterans and service members in the wake of a U.S. Senate late night vote on Wednesday. Fifty-one members of the Senate voted to overturn a recent Consumer Financial Protection Bureau (CFPB) rule on arbitration agreements intended to provide consumers with an opportunity to sue in court when they have been harmed by financial institutions.

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Senate Republicans kill CFPB rule banning forced arbitrations

Posted on: October 26th, 2017 by Steve Larson

Senate Republicans narrowly passed a resolution to kill a recently adopted Consumer Financial Protection Bureau (CFPB) rule prohibiting financial firms from requiring customers to resolve any disputes with the firms through individual arbitrations. Big banks and credit card companies routinely include so-called forced arbitration provisions in their account agreements, which prohibit class action.

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National Consumer Law Center issues brief explanation why Congress should not bar CFPB forced arbitration ban

Posted on: October 4th, 2017 by Steve Larson

The National Consumer Law Center issued a brief explanation as to why Congress should not bar CFPB forced arbitration ban. Here is a link to the brief.

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Los Angeles Times says that GOP efforts to undermine Consumer Financial Protection Bureau are absurd

Posted on: October 3rd, 2017 by Steve Larson

Here is the quote from the end of an article about the Wells Fargo and Equifax scandals.

“Just as Wells Fargo’s assorted scandals highlight the absurdity of Republican efforts to do away with the Consumer Financial Protection Bureau, the Equifax breach shows the foolishness of deregulating credit agencies.”

Here is the link to the article.

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This blog is intended to provide information to the general public and to practitioners about developments that may impact Oregon class actions.

About the author

  • Steve Larson

  • Steve Larson
  • Steve Larson has been representing investors, consumers and employees in class actions in Oregon for over 20 years. He is a shareholder at the law firm of Stoll Berne in Portland, Oregon.
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