Hearing the news “the CFPB is coming” as a credit agency or financial services professional is something akin to hearing the news “winter is coming” as a Game of Thrones character — it means nothing good is about to happen to you, and more likely...
The U.S. Senate is expecting to overturn a new ban on banks and credit card companies requiring customers to surrender their right to sue in order to open accounts. According to a Reuters news report, now that their most recent attempt to repeal Obamacare has...
The new rules are coming for payday lenders, and opponents of those rules are readying themselves for what will likely be a fairly dizzying battle on the subject. Payday and short-term lending is an approximately $6 billion-a-year industry, one that both critics and supporters of...
The CFPB laid down some serious fines on National Collegiate Student Loan Trusts and its debt collector, Transworld Systems, Inc. The firms were collectively ordered to pay $26.1 million for attempting to collect on loans that were at best out of date and at worst...
After the Equifax data breach that exposed the personal information of around 143 million consumers, Democrats have introduced a bill to give consumers the ability to freeze their credit for free. According to news from Reuters, U.S. Senator Elizabeth Warren also announced that she has begun...
One week ago, the CFPB’s arbitration rule seemed more or less doomed to the scrap heap of financial regulatory history. Although it was approved in final form by the CFPB in July – after a lengthy and contentious rulemaking process – Republican lawmakers vowed to strike down the law within 24 hours...
California-based Zero Parallel LLC has been hit with a $100,000 fine by the CFPB, which accuses it of intentionally steering customers toward predatory payday lenders. Zero Parallel is not itself a lender, but an aggregator which identifies potential borrowers for short term lenders and sells their...
Noting that the CFPB had “blatantly” ignored his directions, a federal judge in Atlanta has officially dismissed the case against Atlanta-based payment processor Global Payments and three others for allegedly aiding fraudulent debt collectors. The CFPB had alleged that Global Payments and three similar processing firms...
Debt relief is coming for about 41,000 Corinthian Colleges student borrowers who took out private loans to attend the for-profit university — to the tune of $183 million. The relief comes from a deal struck by the Consumer Finance Protection Bureau and 13 states’ attorneys...
