Read the latest on the Consumer Financial Protection Bureau (CFPB).
- Consumer Agency Fines Payment Processor Meracord Over Debt-Relief Firms' Illegal Fees
Washington Post 04 Oct 2013
The Consumer Financial Protection Bureau (CFPB) has fined Meracord, one of the country's largest payment-processing companies, $1.3 million for helping debt-relief firms levy illegal upfront fees on struggling consumers. According to the regulator, Meracord processed at least $11 million in illicit fees from October 2010 to July of this year. Of more than 11,000 consumers who paid the upfront charges, almost 5,000 of them did not have any of their debts resolved.
- CFPB Should Take Tougher Stance Against Credit Cards, Consumer Groups Say
American Banker 03 Oct 2013
Consumer advocates have asked that the Consumer Financial Protection Bureau (CFPB) take an even harder line with credit card issuers. At a field hearing in Chicago after the watchdog released its study on the impact of card regulations over the last four years, advocates urged the regulator not to leave its scrutiny at simply sneaky rate hikes and fees but to delve deeper into legal disclosures.
- Bank Credit-Card Fees Face New Scrutiny by U.S. Consumer Bureau
Bloomberg 02 Oct 2013
The Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 limited lenders' ability to hike interest rates, curtailed late fees, and forced lenders to obtain customers' consent to apply over-limit fees. The law produced $4 billion in savings to U.S. consumers last year through these impacts, according to the Consumer Financial Protection Bureau (CFPB), which calculated that the total cost of credit on the cards is down by two percentage points.
- Lenders Warn Dealers About Bias
Automotive News 02 Oct 2013
Auto lenders have been sending letters to dealerships to inform them that many of their practices suggest a pattern of discrimination against minorities, women, or the elderly.
- Officials Launch Review of Debit Cards at College
Boston Globe 30 Sep 2013
The distribution of financial aid to students via debit cards has grabbed the attention of federal officials and lawmakers concerned that students are unaware of the fees associated with the cards.
- States Sharpen Payday-Loan Scrutiny
Wall Street Journal 26 Sep 2013
State regulators are trying to rein in payday loans by pressuring lenders to submit customer information to state databases. Alabama became the most recent state to call for a database, following similar proposals in California, Pennsylvania, and other areas.
- CFPB Rejects Bid by Tribal Online Lenders to Block Probe
Bloomberg 26 Sep 2013
Three Native American online lenders, claiming that the Consumer Financial Protection Bureau has no authority over them, have lost their bid to terminate an investigation against them for possible abuses of consumers.
- CFPB Leader Not Backing Down on Lending Discrimination Cases
Housing Wire 24 Sep 2013
Without intervention by the U.S. Supreme Court, the Consumer Financial Protection Bureau (CFPB) will continue to hold up disparate impact as the appropriate legal theory to use in filing lending bias cases against banks.
- Chase Scraps Joint Credit Cards
CNN Money 24 Sep 2013
In a move likely to be copied by other banks, Chase has announced it will no longer allow customers to open joint credit cards -- a popular option for couples sharing the responsibility of repayment.
- CFPB Takes Aim at Sallie Mae for Student Loan Servicing
Huffington Post 24 Sep 2013
The Consumer Financial Protection Bureau (CFPB) is criticizing the Department of Education’s preferred companies for servicing its $1 trillion in student loans, underscoring potentially poor customer service.
- Big Banks, Big Complaints: CFPB’s Database Reveals Trends
The Financial Brand 24 Sep 2013
U.S. consumers have lodged almost 19,000 gripes against banks and credit unions since the creation of the Consumer Financial Protection Bureau’s public Consumer Complaints Database.
- Regulators Tell Banks That Reporting Elder Abuse Doesn't Violate Privacy Laws
Cleveland Plain Dealer 24 Sep 2013
The Consumer Financial Protection Bureau, along with half a dozen other federal regulators, issued guidelines on Sept. 24 reaffirming that reporting suspected financial abuse is not a breach of privacy laws.
- Jackson, Miss. Puts Resident on Direct Dial to CFPB
Reverse Mortgage Daily 22 Sep 2013
Jackson, Miss., has become the second city to launch a direct phone partnership with the Consumer Financial Protection Bureau (CFPB).
- Regulator Bars Employers From Requiring Pay on Debit Cards
Wall Street Journal 18 Sep 2013
The Consumer Financial Protection Bureau (CFPB) said Thursday that employers cannot require that workers receive paychecks on debit cards, and that employees must be given other options. The cards have been lambasted by consumer advocates, New York's attorney general, and U.S. lawmakers.
- Americans Agree on Regulating Wall Street
U.S. News & World Report 17 Sep 2013
On the fifth anniversary of the financial meltdown, the Center for Responsible Lending and Americans for Financial Reform jointly released the results of a nationwide survey of likely voters conducted earlier this summer by Lake Research Partners.
- Cordray Says Lenders Ready for Compliance With Mortgage Rule
Bloomberg 17 Sep 2013
Cordray Says Lenders Ready for Compliance With Mortgage Rule
- Debt Collectors Get More U.S. Consumer Bureau Oversight
Bloomberg 05 Sep 2013
Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), on Sept. 4 announced that his agency will begin drafting new rules under a federal law governing the debt collection industry and will also "continue to pursue a lot of enforcement work we've been doing."
- CFPB Warns of Crackdown If Credit-Report Errors Aren't Fixed
Wall Street Journal 05 Sep 2013
The Consumer Financial Protection Bureau (CFPB) on Sept. 4 put financial firms on notice that they need to improve their responses to disputes over credit reports. The agency said lenders and debt collectors must conduct a thorough review of documents submitted by consumers to challenge any mistakes and disclose any errors to credit reporting firms
- More Banks Could Face Scrutiny Over Foreclosure Billing Practices
American Banker 28 Aug 2013
Federal and state regulators are more closely scrutinizing the practice of padding foreclosure expenses, warning mortgage servicers that they are liable for ensuring that fees charged by lawyers and third-party vendors are reasonable and accurate.
- Consumer Bureau: Too Few Use Loan Forgiveness
Associated Press 28 Aug 2013
More than 33 million U.S. workers qualify for student loan forgiveness because they work in public service fields. "We estimate that one in four working Americans has a job that meets the definition of public service under this program," confirmed Consumer Financial Protection Bureau director Richard Cordray.