CFPB

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Administration Moves Against Bank Overdraft Fees

Rule to cap charges to consumers is part of Biden effort

(Newser) - The Biden administration announced a new rule Thursday to limit how much banks can charge customers in overdraft fees, though there's no guarantee it will take effect. The Consumer Financial Protection Bureau said the regulation would save patrons $5 billion per year, per CBS News . There is now no...

Feds Move to Ban Medical Debt From Credit Reports

Rule change would prohibit lenders from evaluating it when dispensing loans

(Newser) - The Biden administration announced new rules Tuesday that would prevent medical debt from factoring into whether someone qualifies to rent an apartment, buy a car, or take on a mortgage. The Consumer Financial Protection Bureau said the changes would remove medical bills from credit reports and prevent lenders from making...

SCOTUS Sides With CFPB, Turns Back Conservative Attack

Reverses lower court's ruling on consumer bureau's funding

(Newser) - The Supreme Court on Thursday rejected a conservative-led attack that could have undermined the Consumer Financial Protection Bureau, reports the AP . The justices ruled 7-2 that the way the agency is funded doesn't violate the Constitution, reversing a lower court. The CFPB was created after the 2008 financial crisis...

Huge Credit Card Late Fees May Be Going Away

New regulation capping late charges at $8 goes into effect in spring, but banks will likely push back

(Newser) - Back in October, the White House announced an ambitious initiative to get rid of rampant junk fees, including in the banking industry. On Tuesday, the Consumer Financial Protection Bureau announced a big move toward that end, with a new regulation that will significantly reduce the late fees that customers have...

Feds Order Bank of America to Pay $250M in New Scandal

CFPB says bank charged junk fees, withheld bonuses, opened fake accounts

(Newser) - Bank of America must pay more than $100 million to customers for doubling up on some fees, withholding reward bonuses, and opening accounts without customer consent, reports the AP . Bank of America will pay $90 million in penalties to its organization and $60 million in penalties to the Office of...

Supreme Court to Decide Fate of Consumer Watchdog

GOP-led states call Consumer Financial Protection Bureau a 'failed experiment'

(Newser) - The Supreme Court said Monday it will take up a Republican-led challenge to the Consumer Financial Protection Bureau, a case that could threaten how the consumer watchdog agency functions. It is the second time in three years that the justices will be examining the federal agency, which was created in...

Under Old Watchdog Chief: 2 to 4 Enforcements a Month. Now: Zero

No enforcement action in the Consumer Financial Protection Bureau in 135 days and counting

(Newser) - In the 135 days since the Trump administration took control of the nation's consumer watchdog agency, it hasn't recorded a single enforcement action against banks, credit card companies, debt collectors, or any finance companies whatsoever. That's likely no fluke: Mick Mulvaney, appointed acting director of the Consumer...

Judge Backs Trump in Pick to Run Consumer Agency

But the legal fight might not be over yet for Mick Mulvaney

(Newser) - The White House just won a legal battle in the bizarre DC drama involving dueling directors at the same federal agency. A federal judge on Tuesday ruled that Mick Mulvaney should be the interim chief of the Consumer Financial Protection Bureau, reports the Hill . Mulvaney, who also serves as the...

2 Memos From 2 Bosses Reveal Chaos at Agency

The CFPB currently has 2 interim directors, and they both showed up for work on Monday

(Newser) - So how goes life as an employee of the Consumer Financial Protection Bureau on Monday? Two memos cited by the Washington Post tell the tale:
  • From the boss: “I hope that everyone had a great Thanksgiving. With Thanksgiving in mind, I wanted to take a moment to share my
...

Federal Agency Has Dueling Directors, and One's Suing

Monday is likely to be a chaotic day at the Consumer Financial Protection Bureau

(Newser) - Monday is likely to be a chaotic day at the Consumer Financial Protection Bureau: The federal agency now has two dueling directors , and they both say the law is clearly on their side. Leandra English, who was set to become acting director after the early departure of Richard Cordray , filed...

Head of Consumer Agency Reviled by Republicans Is Leaving

Richard Cordray to resign, giving Trump chance to reshape CFPB

(Newser) - Richard Cordray, the first director of the Consumer Financial Protection Bureau, said Wednesday he will leave the position by the end of the month. The resignation of Cordray, who was appointed by then-President Obama, will give President Trump a chance to appoint his own director of the powerful agency established...

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