consumer financial protection bureau

(Hammerin Man)

Auto Lender Fined Another $1.25M For Failing To Issue Refunds To Servicemembers Threatened By Debt Collectors

An Ohio-based auto lender that has already been penalized for $3.28 million for using aggressive debt collection tactics against members of the armed forces is once again in hot water with the Consumer Financial Protection Bureau for failing to issue refunds to the servicemembers that were harassed.  [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]

Adam Fagen

‘Financial Choice Act 2.0’ Would Eliminate Government’s Ability To Go After Shady Payday Loan Operations

Even though recent surveys indicate that the overwhelming majority of Americans want more regulation of payday lending, federal lawmakers are attempting to strip the Consumer Financial Protection Bureau of any authority over these short-term, high-cost loans. [More]

Adam Fagen

Feds Sue Debt Collector That Allegedly Misrepresented Attorney Involvement

Under the Fair Debt Collection Practices Act, it is illegal for debt collection firms to use false, deceptive, or misleading representations to collect a debt. One Ohio company apparently didn’t follow this rule when sending consumers letters that claimed attorneys were involved in the collection of their debts, and now it’s facing a lawsuit from 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]

Navient Claims It’s Under No Obligation To Help Student Loan Borrowers

Navient Claims It’s Under No Obligation To Help Student Loan Borrowers

Navient, the largest student loan servicer in the country, is here to simply collect your monthly education loan payments, not help you find ways to more easily afford those payments.  [More]

Adam Fagen

Complaints About Student Loan Servicing Increased 429% In Past Year

In the past year, federal regulators and consumer advocates have highlighted issues with student loans and the servicing of these often crippling debts: from finding that educational loans continue to haunt older borrowers, to suing Navient, the largest student loan servicing company. Because of this, it might not come as much of a surprise that the number of complaints the Consumer Financial Protection Bureau received related to student loans has skyrocketed.  [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]

(Jim Perry)

Court: CFPB Has Authority To Request Seven Years’ Worth Of Foreclosure Documents

Back in November, the Consumer Financial Protection Bureau filed a lawsuit against one of the nation’s largest providers of seller-financed homes after it failed to comply with a subpoena to turn over documents related to home foreclosures. This week, a judge upheld the Bureau’s authority to request the documents from Harbour Portfolio Advisors.  [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]

Adam Fagen

Bank-Backed Congressman Introducing Law To Gut Consumer Financial Protections

Less than a week after President Trump signed a mostly symbolic executive order directing federal regulators to revise the rules established by the 2010 financial reforms, one lawmaker (whose campaign just happens to have been heavily financed by big banks) is planning to introduce legislation to scale back consumer protections and allow banks to take more risks. [More]

Legal Fund Accused Of Deceiving 9/11 First Responders & NFL Players Out Of Settlement Payments

Legal Fund Accused Of Deceiving 9/11 First Responders & NFL Players Out Of Settlement Payments

The Consumer Financial Protection Bureau and the state of New York have accused a New Jersey company of defrauding customers — including Sept. 11 first responders and former NFL players suffering from long-term brain injuries — into signing away millions of dollars in settlement payouts. [More]

Patrick Fagen

Congress Trying To Roll Back Consumer Protections For Prepaid Cards

Last fall, weeks before the election, the Consumer Financial Protection Bureau concluded a three-year process of trying to make prepaid cards less costly. Those new rules, which would improve transparency and curb runaway fees, are set to go into effect later this year, but not if lawmakers on Capitol Hill have their say.  [More]