The Consumer Finance Protection Bureau (CFPB) has announced its intent to look into post-secondary schools like for-profit colleges, which extend private loans to students. According to a press release Thursday (Jan. 20), the CFPB is also updating its exam procedures, including adding a section for...
The Consumer Finance Protection Bureau (CFPB) has said LendUp Loans has to pay a $100,000 penalty, stop issuing loans and stop collecting some outstanding ones after the company received too many deceptive marketing complaints, Reuters reported. CFPB Director Rohit Chopra said the agency is shutting...
Citing concerns about the buy now, pay later (BNPL) sector, the Consumer Financial Protection Bureau has ordered five BNPL firms to turn over information about their industry. The CFPB said Thursday (Dec. 16) it wants to learn more about the risks and benefits of the...
Predicting the Consumer Financial Protection Bureau’s agenda for 2022 based on this year’s rulemaking isn’t quite as easy this year, as the bureau was without a permanent director until mid-October, when Rohit Chopra was sworn in. The CFPB was fairly open about that, noting in...
Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra said the agency will be taking action on stablecoins, according to a press release. The director’s statements come after a Report on Stablecoins was issued by the President’s Working Group on Financial Markets, the Office of the...
The Consumer Financial Protection Bureau (CFPB) doesn’t have to wait for other agencies’ action to curb cryptocurrency payment abuse, Sen. Elizabeth Warren said Thursday (Oct. 28), Bloomberg reported. Warren said Americans making use of the popular digital coins are more at risk of fraud and...
Rohit Chopra, having recently been confirmed and taken the reigns as director of the Consumer Financial Protection Bureau (CFPB), told a Capitol Hill hearing Wednesday (Oct. 27) that Big Tech firms need greater scrutiny as they have a growing presence within financial services. Read more:...
Big tech companies in the U.S. are expected to receive a request for information packet from Rohit Chopra, the new director of the Consumer Financial Protection Bureau, Reuters reported on Thursday (Oct. 21), citing two sources with insider information. Facebook, Amazon and Alphabet’s Google will...
The U.S. Senate confirmed President Joe Biden’s pick to lead the Consumer Financial Protection Bureau (CFPB) 50-48 in a party-line vote that got no Republican support for Rohit Chopra, who currently serves as a commissioner on the Federal Trade Commission. As FTC Commissioner, Chopra was...
