| Volume 70 Number 2 |
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The People’s Lawyer’s Tip of the Day
Do you have a complaint against the company DirectBuy? The Texas Office of the Attorney General has opened an investigation into DirectBuy's business practices and wants to hear from you. If you have purchased a DirectBuy membership and feel like you didn't get what you paid for, fill out at complaint form here. Click here for more.
President Appoints Richard Cordray to CFPB
The Consumer Financial Protection Bureau has a new leader. On Wednesday, President Obama appointed appointed Richard Cordray as director of the Bureau, taking over the agency largely setup by Elizabeth Warren. Just one day after the appointment, Director Cordray was already asking consumers to visit the Bureau's website, consumerfinance.gov, to share their stories. Along with his appointment, Director Cordray announced the launch of the new “nonbank supervision program.” Mortgage lenders, payday loan operations, debt collectors, and consumer reporting agencies are all considered “nonbanks," and will be held to accountable to consumer financial laws. Who is Richard Cordray? What can the Consumer Financial Protection Bureau do to help you?
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2011 Best Year Ever for Air Traffic Safety
Great news! Flying is safer than ever! According to a study conducted by a London-based aviation consulting company, 2011 was the safest year since the company started collecting data in 1990. Aircraft, avionics, training, and information are better than ever, making the skies above a much safer place for traveling consumers. Air travel in the United States and Western Europe is considerably better than the global average. Do you stress out when you fly? This might make you feel a little better. Click here for more.
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For the Lawyers
Lender did not violate the Truth in Lending Act by using the wrong form. The Fourth Circuit held that a mortgage-refinancing lender did not violate TILA when it used Model form H-8 instead of the appropriate form, H-9. The court note that, “[a]lthough Model Form H-8 is somewhat different from Model Form H-9, the use of Model Form H-8 in a refinancing transaction did not amount to a TILA violation…. Model Form H-8 includes all of the information required by TILA and Regulation Z to advise borrowers of the right to rescind a consumer credit transaction, including a refinancing transaction.” Click here for more.