CFPB News

Read the latest on the Consumer Financial Protection Bureau (CFPB).

 

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  • Overdraft Services Need Greater Oversight 
    American Banker  14 Oct 2013
    Overdraft service, once an occasional courtesy provided to bank customers, is now a high-cost service that pushes many consumers out of the banking system completely, writes Susan Weinstock of The Pew Charitable Trusts. The penalties when customers spend more than what is in their account average $225 per year, she reports.
  • CFPB Takes Aggressive Action Against HMDA Violators 
    American Banker  10 Oct 2013
    The Consumer Financial Protection Bureau (CFPB) on Oct. 9 penalized two non-bank mortgage lenders for reporting erroneous data to regulators.
  • Is the Death Knell Sounding for Payday Lenders? 
    ConsumerAffairs.com (CA) 07 Oct 2013
    Consumer advocates and regulators have long complained about the payday loan industry, saying that the small loans -- which carry high fees and often must be repaid in full in about two weeks -- trap borrowers in a cycle of debt. The Center for Responsible Lending (CRL) has been lobbying to curb the business on a national level, and it believes a sea change is underway.
  • 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.
  • 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.
  • 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 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.
  • 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.
  • 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.
  • 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
  • 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
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