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(Michael Flores)

JPMorgan Chase To Pay $4.6M For Allegedly Failing To Ensure It Furnished Accurate Customer Information

When opening a checking account, a bank will review a customer’s past banking history supplied from their previous financial institution. JPMorgan Chase allegedly failed to ensure this information was accurate and often left customers in the dark about why their applications were denied or who to contact to dispute these findings. For this, the company will pay a $4.6 million fine.  [More]

(J.G. Park)

House Votes To Strip Bank & Credit Card Customers Of Constitutional Right To A Day In Court

Because the Sixth and Seventh Amendments of the U.S. Constitution are apparently less important than making sure that banks, credit card companies, student loan companies, and other financial services be allowed to behave badly with impunity, the House of Representatives has voted to overturn a new federal regulation that would have helped American consumers hold these companies accountable through the legal system. [More]

(SarahMcGowen)

Don’t Strip Consumers Of Their Right To A Day In Court, Say Advocates, Senators

Last week, bank-backed lawmakers revealed their plans to pass fast-track legislation that would undo the Consumer Financial Protection Bureau’s recently finalized rules that prevent banks and other financial institutions from stripping customers of their constitutional right to a day in court. Now, consumer advocates are urging the rejection of the legislation, expected to be voted on this week.  [More]

photographynatalia

Lawmakers Who Want To Hand ‘Get Out Of Jail Free’ Card To Banks Made Millions From Financial Sector Last Year

As expected, Republican lawmakers in both the House and Senate have introduced legislation that would overturn new rules intended to make sure that bank and credit card customers aren’t stripped of their right to file lawsuits in a court of law. Not surprisingly, many of the politicians pushing this pro-bank bill recently received significant financial support from the financial sector. [More]

inajeep

GOP Moving Forward With Plan To Block New Legal Protections For Bank, Credit Card Customers

The Consumer Financial Protection Bureau recently finalized new rules that prevent banks and other financial institutions from stripping customers of their constitutional right to a day in court. As expected, bank-backed lawmakers in both the House and Senate are now planning to pass fast-track legislation that would undo these protections and make sure banks retain their “get out of jail free” card. [More]

Joe Gratz

CFPB’s Finalized Arbitration Rule Takes Away Banks’ ‘Get Out Of Jail Free Card’

Roughly 240 days from now, banks and other financial companies will no longer be allowed to prohibit customers from banding together in class-action lawsuits through the use of binding arbitration clauses, as the Consumer Financial Protection Bureau today released a long-awaited finalized rule on arbitration.  [More]

Steve Depolo

Four Credit Repair Agencies Accused Of Misleading Customers, Charging Illegal Fees

Four different “credit repair” operations have been ordered to pay a total of more than $2 million in penalties for allegedly tricking people into thinking their bad credit could be easily fixed. [More]

ken fager

Student Loan Borrowers Face Delays, Bad Information About Loan Forgiveness Program

The Department of Education’s Public Service Loan Forgiveness program allows student borrowers a way to eventually erase federal student loan debt by working for the government or at a non-profit for 10 years. Students have already accused the government of failing to keep its promise, and a new report not only appears to bolster this claim but shines a light on other concerns about other roadblocks to loan forgiveness. [More]

Adam Fagen

GOP Doesn’t Just Want To Weaken Consumer Financial Protection Bureau; They Want To Sell Off Its Offices

The Financial Choice Act, which just passed through the House on a party-line vote, doesn’t just seek to prevent the Consumer Financial Protection Bureau from regulating banks, credit card companies, debt collectors, and payday lenders. A last-minute amendment to the bill could strip the Bureau of its offices. [More]

Brad Clinesmith

House Passes CHOICE Act In Move To Roll Back Consumer Financial Protections

The House of Representatives voted today to pass the Financial CHOICE Act, a piece of legislation that, if enacted, would strip away a number of consumer protections put in place following the devastating collapse of the housing market. [More]

(Hammerin Man)

Report: Financial CHOICE Act Would Harm Servicemembers

Since its creation, the Consumer Financial Protection Bureau has worked to protect servicemembers from ne’er-do-wells that aim to line their own pockets by taking advantage of those who protect us; from fining auto lenders for failing to issue refunds to servicemebers to ordering banks to pay for their bad debt collection practices. But with a bill to gut the agency’s power making its way through the legislature, these types of protections come to a screeching halt. [More]

Adam Fagen

Appeals Court Hears Arguments For, Against Letting President Fire Consumer Protection Chief

For the second time in a year, judges of the Court of Appeals for the D.C. Circuit have heard arguments about the constitutionality of the structure of the Consumer Financial Protection Bureau. How the court ultimately rules will determine whether or not the head of this watchdog agency can be fired and replaced at the whim of the President. [More]

Education Secretary DeVos To Give All Student Loan Accounts To One Company; Strip Away More Protections

Education Secretary DeVos To Give All Student Loan Accounts To One Company; Strip Away More Protections

Education Secretary Betsy DeVos has made another sweeping change to the student loan system that consumer advocates claim favors student loan collectors over the American people repaying those loans. [More]

Jeff

90% Of At-Risk Student Loan Borrowers Not Signed Up For Affordable Repayment Plans

Paying back tens of thousands of dollars in student loan can be difficult, and more than 1 million Americans defaulted on their federal student loans just last year. But why are nearly all of these same borrowers failing to take advantage of programs to help them avoid defaulting again? [More]

Adam Fagen

‘Financial CHOICE Act 2.0’ Rolling Back Consumer Protections Moves Forward

The House Financial Service Committee approved the Financial CHOICE Act 2.0 today, signaling the first concrete move to roll back consumer protections and gut the Dodd-Frank Wall Street Reform and Consumer Protection Act.  [More]

Eric Gjerde

People Paying Back Student Loans Could Also Be Hurt By Outage Of FAFSA Tool

A Department of Education decision take down an online tool that helped student loan applicants file for aid isn’t just making things difficult on students. It’s also a problem for those who are repaying their student loans through a federal payment plan. [More]

(Aubrey Arenas)

‘Financial CHOICE Act 2.0’ Blasted By Retailers & Lawmakers

The retail industry has already politely asked Congress to please not roll back financial reforms involving debit card transactions, but as lawmakers on Capitol Hill inch closer to undoing these protections, retailers are once again voicing their concerns that undoing the 2010 law will lead to higher prices and hurt small businesses. [More]

Adam Fagen

Complaints About Student Loan Servicing Increase In Nearly Every State

Newly released complaint data from the Consumer Financial Protection Bureau appears to support recent claims by nearly two-dozen states that Education Secretary Betsy DeVos may be making a big mistake by rolling back protections for student loan borrowers.  [More]