consumer financial protection bureau

Steven Depolo

Frequent Overdrafters Spend $450 More In Fees Each Year, More Disclosures Could Help

Under federal law, depository institutions are prohibited from charging overdraft fees on ATM and one-time debit card transactions unless consumers affirmatively opted in. But a new report suggests that those who do opt-in might not know the cost of such a decision, with opted-in frequent overdrafters spending about $450 more in fees each year than non-opted-in frequent overdrafters. [More]

(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]

(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]

(Misfit Photographer)

Sen. Cory Booker Concerned Over Hefty Overdraft Fees, Seeks Info From Top Banks

Each year, banking customers spend an estimated $32 billion on overdraft fees. While many banks have modified their policies regarding the costly fees, recent reports found those changes aren’t enough to protect most consumers. Now, in an effort to add to those protections, one lawmaker is pressing banks for more information on their policies. [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]

Happy Tinfoil Cat

Surprise Charges: Feds Advise Retailers To Make “No Interest” Store Credit Offers More Transparent

Three years ago, the Consumer Financial Protection Bureau warned consumers that some credit card companies weren’t clearly disclosing the risks of promotions, including deferred-interest offers that promise not to charge interest on purchases as long as the balance is paid off by a certain date. However, if that doesn’t happen customers can find their bill nearly doubled thanks to retroactive interest charges. Now the agency is setting its sights on retailers, urging them consider more transparent promotions for store-branded credit cards.  [More]

Adam Fagen

AGs Blast Financial CHOICE Act, Urge Congress To Reject Proposed Bill

With legislation to roll back consumer protections and gut the Dodd-Frank Wall Street Reform and Consumer Protection Act expected to be discussed by the House as early as this week, several states are urging lawmakers to reject the legislation. [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]

Ludovic Bertron

Congressional Efforts To Remove Protections For Prepaid Debit Cards Fall Short

The window of opportunity has closed for legislative efforts to prevent new consumer protections from going into effect.  [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]

(scurzuzu)

Feds Sue Four Online Payday Lenders For Collecting On Void Debts

Last year, federal regulators released a report that found online payday lenders — despite their clean, professional websites — could be just as bad, if not worse, than their storefront counterparts. Today, the Consumer Financial Protection Bureau provided yet another example of how these companies can wreak havoc on consumers’ finances by skirting the law.  [More]

(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]