Archive for November 3rd, 2014

November 3, 2014

Sovern Quoted by Law360

Jeff Sovern

Jeff Sovern

Law360 quoted Professor Sovern in an article, CFPB No-Action Letters May Be Small Comfort For Innovators. As stated in the article:

Granting no-action letters could provide a major benefit for consumers, said Jeff Sovern, a professor at St. John’s University School of Law.

Previous attempts at financial innovations that ended up providing a real boost to consumers, like car leases and home equity loans, were caught up in confusion over whether they violated existing consumer protection and fair lending laws. Congress eventually amended the Truth In Lending Act to accommodate those products, Sovern said.

“But revising any law, including disclosure laws, takes time, and it is preferable for consumers not to have to wait,” he said. “No-action letters permit innovators to move forward more quickly.”

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