Class Actions Blog

Posts Tagged ‘CFPB’

Senators must now choose whether to side with veterans or big banks

Posted on: September 18th, 2017 by Steve Larson

A recent article in the Huffington Post explains why the CFPB Rule banning forced arbitration is so important.  Here is the link.

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Shareholder sues Zillow for securities fraud

Posted on: September 14th, 2017 by Steve Larson

A shareholder in Zillow Group Inc. has filed a class action against the company alleging that the company should have told investors about its practices, which recently led to an investigation by the Consumer Financial Protection Bureau (“CFPB”). When Zillow announced that it received a Notice from the CFPB on August 8, 2017, alleging violations of the Real Estate Settlement Procedures Act, shares of the company fell $7.43, down more than 15 percent, over the next two trading days.

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American Banker Magazine says that Equifax data breach may doom GOP efforts to stop CFPB from banning class action waivers

Posted on: September 13th, 2017 by Steve Larson

An interesting article in the American Banker Magazine says that the hoopla surrounding the Equifax data breach, including Equifax’s efforts to force consumers into arbitration after the data breach, may mean doom for GOP efforts to reverse the rule adopted by the CFPB that bans forced arbitration and class action waivers.

Click here for the article.

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Oregon Attorney General Ellen Rosenblum and 19 other State Attorney Generals send letter to Congress backing CFPB’s Mandatory Arbitration Rule

Posted on: August 10th, 2017 by Steve Larson

The Multi-State letter opposes restrictions Congress is contemplating on a new rule passed by the CFPB that would prohibit banks from requiring consumers to waive their right to seek redress in court. Restrictions on participation in class action cases are routinely inserted by financial institutions into contracts for financial products such as credit cards, payday loans, and checking accounts. Many consumers enter contracts without being aware that they are relinquishing significant rights, including their rights in court.

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Republicans move to invalidate new CFPB rule banning forced arbitration

Posted on: July 21st, 2017 by Steve Larson

On July 20, 2017, Congressional Republicans began a process to attempt to eliminate a Consumer Financial Protection Bureau rule that stops companies from putting class action bans in their arbitration clauses and makes it easier for consumers to sue banks, credit card firms, payday lenders and other service providers in court. Republican members of the Senate Banking Committee and the House Financial Services Committee filed resolutions disapproving of the CFPB’s arbitration rule, putting in motion a process under the Congressional Review Act that could see the bureau’s regulation invalidated.

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Article in The Hill explains why the new CFPB banning mandatory arbitration is a good thing

Posted on: July 13th, 2017 by Steve Larson

Paul Bland has written an excellent article in The Hill that reviews the background behind the publication of the new CFPB rule banning mandatory arbitration, and addresses the merits and criticisms of the new rule.

Here is the link.  http://thehill.com/blogs/pundits-blog/finance/341472-who-will-gop-lawmakers-stand-with-the-people-or-crooked-bankers.

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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.

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  • 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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