CFPB: ACE Cash Express Must Pay $10M For Pushing Borrowers Into Payday Loan Cycle Of Debt

CFPB: ACE Cash Express Must Pay $10M For Pushing Borrowers Into Payday Loan Cycle Of Debt

Another payday lender faces a hefty fine — to the tune of $10 million — for allegedly pushing borrowers into a cycle of debt. [More]

Warren To Snag CFPA Directorship?

Warren To Snag CFPA Directorship?

Elizabeth Warren is a lock for CFPA director, a White House aide tells Slate. [More]

Know The Differences Between House And Senate CFPA Bills

Know The Differences Between House And Senate CFPA Bills

Quick, what’s the differences between the House and the Senate bills for creating the Consumer Financial Protection Agency? 4,3,2,1, okay, you can stop sweating, NYT has got you covered. Left column shows House, right column shows Senate. Choose the key areas to focus in on, like consumer protection, risk and executive pay on the left. Then dazzle your friends at the bar tonight!

Comparing the House and Senate Financial Reform Bills [NYT]

Senate Bill Adds Consumer Protections; Advocates Want More

Senate Bill Adds Consumer Protections; Advocates Want More

Senate Banking Committee Chairman Chris Dodd (D-CT) unveiled a 1,336-page financial reform bill today, as consumer advocates warned that it doesn’t offer enough to protect the public and concentrates too much power in the Federal Reserve, and bankers complained the bill would “confuse consumers and businesses.” No wonder Dodd’s quitting his job. [More]

Consumer Protection Agency May Exempt Payday Lenders, Pawn
Shops, Entire Point

Consumer Protection Agency May Exempt Payday Lenders, Pawn Shops, Entire Point

The Washington Post reports that thanks to legislative compromise, banks and mortgage brokers may be the only financial institutions regulated by the proposed federal Consumer Financial Protection Agency–leaving entities that loan money but don’t hold bank charters, such as auto dealers, pawn shops, and payday lenders, unregulated by the industry. Now an unholy alliance of banking industry groups and consumer advocates are fighting the proposal, each for their own reasons. [More]

VIDEO: Obama Gets Advice In Middle Of The Night From Former/Dead Presidents

VIDEO: Obama Gets Advice In Middle Of The Night From Former/Dead Presidents

While Barack Obama stresses out at night in the White House, he’s visited by former Presidents George and George W. Bush, Bill Clinton, Jimmy Carter, Gerald Ford and Ronald Reagan… all of whom seem to have an opinion on the Consumer Financial Protection Agency. [More]

Is The State Of The Union Good For Consumers?

Is The State Of The Union Good For Consumers?

The Obama Administration has been promoting its financial reform proposals almost since the inauguration, and most of the administration’s plans, including the creation of a Consumer Financial Protection Agency, have wide support among consumer advocates.So, how are consumers doing, and what did the President say last night that might be good news? [More]

Action Alert: Stop The CFPA Gutting

Action Alert: Stop The CFPA Gutting

Idaho Rep. Walt Minnick (D) is trying to abort the the Consumer Financial Protection Agency (CPFA). If you care about this agency getting established, call your Reps now (call1-877-445-1317 to get connected directly to your Reps office) and tell them to oppose the Minnick amendment to the Wall Street Reform and Consumer Protection Act of 2009”, H.R. 4173 that would strip out the provision creating the CFPA. UPDATE: The amendment was rejected, 222 to 208. [More]

Consumerist At The White House, Part III: Regulating Credit Bureaus

Consumerist At The White House, Part III: Regulating Credit Bureaus

Here’s a question a lot of you asked: How will the proposed Consumer Financial Protection Agency deal with credit-report agencies like Equifax and TransUnion. Jump in for the answer from Diana Farrell, Deputy Director of the National Economic Council.

Consumerist Takes Your Financial Reform Questions To The White House, Part II

Consumerist Takes Your Financial Reform Questions To The White House, Part II

Last week, we brought your financial reform questions to Diana Farrell, Deputy Director of the National Economic Council. In this segment, we ask how the proposed Consumer Financial Protection Agency will work, and how consumers will be able to get their complaints addressed.

Consumerist Takes Your Financial Reform Questions To The White House

Consumerist Takes Your Financial Reform Questions To The White House

You had questions, we got answers. On Tuesday, we went to Washington and interviewed Diana Farrell, Deputy Director of the National Economic Council, about the Consumer Financial Protection Agency. Here’s a piece of the video of our interview, where Farrell answers your questions about payday lending and protections for underserved consumers.

The Consumer Financial Protection Agency And You

The Consumer Financial Protection Agency And You

Legislation to create a Consumer Financial Protection Agency (CFPA) is making its way through Congress. Interested parties have spoken out (“It sucks!” “It’s awesome!“). Now the White House wants to know what you think.

Ask The White House: Please Submit Your Questions About The Consumer Financial Protection Agency

Ask The White House: Please Submit Your Questions About The Consumer Financial Protection Agency

Consumerist is going to interview the White House once again. This time, Consumerist readers get a chance to get answers about the proposed Consumer Financial Protection Agency.

Let's Perma-Ban Consumer Predators

Let's Perma-Ban Consumer Predators

Regulating consumer predators is a bit like Whac-a-Mole. No matter how many times you put the bad guys out of business, they keep popping up again and again. Maybe it is time to consider a lifetime ban from financial services for the worst offenders. The Consumer Financial Protection Agency proposed by the President may be just the right watchdog for the job of handing out such banishments.

Banks Consider Running TV Spots Against Proposed Consumer Financial Protection Agency

Banks Consider Running TV Spots Against Proposed Consumer Financial Protection Agency

Remember Harry and Louise? I don’t, but apparently they were a fictional couple in an early-90s TV commercial, produced by the insurance industry to help sway opinion against the Clinton health plan. Now banks and other financial companies may be pooling resources to create a new “Harry and Louise” style ad to convince Americans that Obama’s proposed agency to monitor abusive financial practices will limit choice and ruin lives.

Here Comes The Consumer Financial Protection Agency!

Here Comes The Consumer Financial Protection Agency!

Shhh, everyone, gather near and listen to Treasury Secretary Timothy Geithner deliver the most beautiful, wonderful mandate we could give to a new federal agency: “The agency will have only one mission—to protect consumers.” And with that, the Treasury Department sent to Congress legislation that will create the brand new Consumer Financial Protection Agency.