cfpb

(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]

Ludovic Bertron

As Congress Preps To Scrap Prepaid Card Protections, Lawsuit Seeks Release Of Emails Between Lawmakers & Lobbyists

At some point in the coming weeks, Congress is set to consider a fast-tracked proposal that would nullify a slew of new protections for the millions of Americans who use prepaid debit cards. With the clock ticking down to that vote, a lawsuit is trying to compel the release of any communications about these rules between industry lobbyists, lawmakers, and federal regulators.  [More]

frankieleon

Data Shows Too Many Americans Being Pestered About Medical Debt They Don’t Owe

What’s worse than being overwhelmed by medical debt after a hospital stay or doctor’s visit? Being told you owe money for healthcare procedures and services you never received. Yet, a new analysis of federal data shows that too many Americans are being pestered to pay off medical debt that they don’t actually owe.  [More]

Patrick Fagen

18 States Urge Congress Not To Stop Prepaid Card Reforms

Earlier this year, lawmakers on Capitol Hill began the process of dismantling the Consumer Financial Protection Bureau’s long-awaited prepaid card rules — meant to improve transparency and curb runaway fees — that are set to to go into effect. As Congress prepares to consider three bills that would erase these rules, attorneys general from 18 states have called on legislators to put consumers’ needs over those of the prepaid card industry. [More]

Experian Fined $3M, Accused Of Misleading Consumers About Usefulness Of Credit Scores

Experian Fined $3M, Accused Of Misleading Consumers About Usefulness Of Credit Scores

Two months after federal regulators fined two of the nation’s largest credit reporting agencies — Equifax and TransUnion — $23 million for misleading consumers about the cost and usefulness of credit monitoring services, the Consumer Financial Protection Bureau has announced a $3 million settlement with Experian over allegations that the credit agency misled consumers about the usefulness of the credit scores available for purchase. [More]

Adam Fagen

White House Wants Authority To Fire Consumer Protection Chief

While the heads of most federal agencies have been replaced since the new administration moved into the White House, Richard Cordray remains Director of the Consumer Financial Protection Bureau. That’s because President Trump currently can’t fire him without having to first show cause — a requirement the White House wants to get rid of. [More]

Jeff

More Than 1.1M Federal Student Loan Borrowers Entered Default Last Year

With the cost of college tuition continuing to increase, it likely comes as no surprise that more borrowers are finding themselves in default. In 2016 alone, 1.1 million borrowers entered default for their federal student loans.  [More]

Adam Fagen

Appeals Court Will Rehear Case Involving Constitutionality Of Consumer Financial Protection Bureau

Four months after a three-judge panel issued a 2-1 ruling that the structure of the Consumer Financial Protection Bureau is unconstitutional, the full Court of Appeals for the D.C. Circuit has agreed to rehear the issue. [More]

Adam Fagen

Lawmakers Introduce Legislation That Would Abolish The CFPB

The future of the Consumer Financial Protection Bureau continues to remain in question with yet another attack being lobbed at the Bureau this week as lawmakers introduced new legislation both in the House and Senate that would abolish the agency. [More]

Chris Wilson

Trump Order Targeting Dodd-Frank Reforms Is Largely Symbolic, Still Cause For Concern

This morning, President Trump began to fulfill his campaign promise to “get rid of Dodd-Frank,” putting his name to an executive order that directs federal regulators to revise the rules established by the 2010 financial reforms. While this latest directive from the Oval Office is largely symbolic and does little to change existing regulations, consumer advocates say there are still reasons to be concerned. [More]

Feds Order MasterCard, RushCard Owner To Pay $13M Over Oct. 2015 Outages

Feds Order MasterCard, RushCard Owner To Pay $13M Over Oct. 2015 Outages

Nearly 15 months after tens of thousands of users of the prepaid RushCard were cut off from their funds because of an apparent technical glitch, the company behind the card, UniRush and its payment processor MasterCard have been ordered to pay $13 million in refunds and penalties. [More]

Feds Sue Debt Relief Law Firm For Charging Customers Illegal Fees

Feds Sue Debt Relief Law Firm For Charging Customers Illegal Fees

Nearly four years ago, federal regulators shut down a debt relief company — Morgan Drexen — accused of deceiving customers with promises of reducing their debt and charging illegal upfront fees to do so. While that company eventually paid $170 million to resolve the allegations, the Consumer Financial Protection Bureau Monday sued a related company using the same playbook.  [More]

Adam Fagen

Consumer Advocates, 17 States Willing To Defend CFPB In Court If Trump Administration Won’t

The Consumer Financial Protection Bureau is barely five years old and its future is already in doubt after a divided federal appeals court ruled that the CFPB’s leadership structure is unconstitutional. The Bureau’s legal battle is far from over, but the new Trump administration would likely not fight a court ruling the White House seems to agree with. That’s why a number of consumer advocates and more than a dozen state attorneys general have stepped up, seeking to defend the CFPB if the new executive branch won’t. [More]

CitiFinancial, CitiMortgage To Pay $28.8M Over Mortgage Servicing Issues

CitiFinancial, CitiMortgage To Pay $28.8M Over Mortgage Servicing Issues

Millions of consumers lost their homes when the housing market bubble burst. But federal regulators say some of those people may have been able to stay in their homes had mortgage lenders fulfilled their requirements. To that end, the Consumer Financial Protection Bureau has ordered two Citigroup subsidiaries to pay $28.8 million to resolve allegations that some of its mortgage units harmed home borrowers.  [More]

Student Loan Giant Navient Sued By CFPB & Two States Over Alleged Illegal Practices

Student Loan Giant Navient Sued By CFPB & Two States Over Alleged Illegal Practices

Eighteen months after Sallie Mae spin-off Navient revealed that its wholly-owned subsidiary Navient Solutions Inc could one day be on the receiving end of a federal lawsuit related to its student loans servicing practices, the day has come to pass. The Consumer Financial Protection Bureau, along with two states, filed lawsuits against the nation’s largest student loan company for allegedly cheating borrowers out of repayment rights.  [More]

Adam Fagen

Justice Department Calls For Rehearing On Constitutionality Of Consumer Financial Protection Bureau

With only weeks to go before President-elect Trump could possibly replace the Director of the Consumer Financial Protection Bureau with someone of his choosing, the U.S. Justice Department is asking a federal appeals court to rehear arguments in a case involving the constitutionality of the Bureau’s structure. [More]

House ‘Freedom Caucus’ Asks Trump To Undo 232 Rules On Net Neutrality, Tobacco, Nursing Homes & Ceiling Fans

House ‘Freedom Caucus’ Asks Trump To Undo 232 Rules On Net Neutrality, Tobacco, Nursing Homes & Ceiling Fans

What’s on your wish list this holiday season? For the few dozen members of the House of Representatives Freedom Caucus, the hope to see President-elect Donald Trump undo or revise more than 200 federal rules involving everything from tobacco to food labels to ceiling fans to your constitutional right to bring a lawsuit against your credit card company. [More]