Overdraft fees cost U.S. consumers $15 billion in 2016, according to news from the Consumer Financial Protection Bureau (CFPB), the government watchdog that is out with a new report on the impact of bouncing checks in American finance. Overdraft fees increased 2.2 percent last year...
The U.S. Consumer Financial Protection Bureau (CFPB) has ordered JPMorgan Chase to pay $4.6 million for allegedly failing to disclose accurate information in checking account screening reports. Checking account screening reports have a function similar to credit reports and are used by financial institutions to...
In an act that some are calling a governmental attempt to “mute a consumer megaphone,” the Trump administration is looking to make the complaints logged by consumers into the CFPB complaints data base private (as opposed to publicly available, as they now are). Advocates of...
Despite its recent passage by the CFPB, it looks like the rule banning mandatory arbitration in financial contracts is facing yet another obstacle — this one from the banks’ main regulator, the Comptroller of the Currency. On Monday, acting Comptroller Keith Noreika asked CFPB Director Richard...
The CFPB opens the door to class action suits, and possibly trial lawyer riches, while across the pond, some warnings on regulatory compliance rumble, and Barclays begins ring-fencing efforts.
Republican lawmakers have stated their intention to use the Congressional Review Act to overturn the arbitration rule issued by the Consumer Finance Protection Bureau on Monday. Said rule change would allow consumers to band together to form class action suits by making it illegal for...
The Consumer Financial Protection Bureau (CFPB) announced news on Tuesday (June 27) that it filed two complaints and proposed final judgments against four California-based credit repair companies and three individuals for misleading consumers and charging illegal fees. In a press release, the government watchdog said...
The Consumer Financial Protection Bureau (CFPB) has issued a new report that indicates consumers are displeased with how student loan servicers are handling (and mishandling) Public Service Loan Forgiveness. Public Service Loan Forgiveness allows workers with certain public service jobs to have their debt forgiven after...
Despite industry concerns — and a potential congressional challenge — the new CFPB prepaid card regulations looked full steam ahead to go into effect on schedule next year. But as of last week, it looked like the consumer group was having some second thoughts. Now...
