Daily Digest – May 19. Academics Lobby Against Financial Choice Act; Can Free Legal Advice Help Individuals Sued For Unpaid Debts?

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MORE THAN 150 ACADEMICS PEN LETTER TO CONGRESS ASKING NOT TO MOVE FORWARD WITH FINANCIAL CHOICE ACT

• A group of more than 150 academics have come together and sent a letter to the chairmen and ranking members of the House Financial Services Committee and Senate Banking Committee urging them not to move forward with the Financial Choice Act, which would dramatically overhaul the Consumer Financial Protection Bureau. The bill, if enacted, would “gut” the CFPB and “kill the CFPB by a thousand cuts,” the academics argued in their letter, which was sent last week.

BILL INTRODUCED TO REPEAL CONGRESSIONAL REVIEW ACT, KEEPING CONGRESS FROM UNDOING AGENCY RULES

• Bills have been introduced in the House of Representatives and the Senate that would seek to repeal the Congressional Review Act, a law that allows Congress to undo recently finalized rules that are promulgated by federal agencies. Congressional Republicans attempted to use the CRA to reverse a rule issued by the Consumer Financial Protection Bureau regarding prepaid debt cards, and CFPB officials have stated that they are weary of issuing new rules because of the CRA’s existence.

RESEARCHERS STUDYING HOW FREE LEGAL ADVICE WILL HELP CONSUMERS SUED FOR UNPAID DEBTS

• Researchers are set to begin a study this month in Connecticut that will provide people with access to free legal advice when they are sued by a creditor or collection agency for an unpaid debt. Half of those people participating in the study will get access to a lawyer from a legal aid service while the other half will receive materials that are color-coded and heavy on the use of cartoons to provide legal advice. Researchers will monitor the credit scores of the individuals participating in the study to see if their financial lives improved because of the legal advice.

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A Rhodes Scholar and former NFLer just graduated from medical school as a neurologist

A test I would take every day

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