It’s official. The CFPB is moving toward a rule change that will make it much easier for consumers — or more specifically groups of consumers — to take banks and other financial institutions to court as part of class action lawsuits. The recently unveiled proposed rule change would...
Later this morning the CFPB will begin taking comments on proposed rules that would ban financial firms from placing mandatory arbitration clauses within consumer contracts. Said clauses ban consumers from seeking redress for potential issues in a court of law, in favor of disputes between...
The CFPB has its eye on the biggest marketplace lenders in the U.S., and it is leaning toward bringing those online businesses under its supervision within the next year or so. That transition would see this class of lenders facing — for the first time...
U.S. consumers logged growth in complaints to the CFPB, especially focused on debt collectors. Mortgages remain a problem in terms of accurate and timely communication with holders.
The Consumer Financial Protection Bureau said on Monday (April 25) that it ordered the debt collection law firm Pressler & Pressler, two principal partners and another debt buyer — New Century Financial Services — to “stop churning out unfair and deceptive debt collection lawsuits based...
The Consumer Financial Protection Bureau is readying its final rule proposal with an eye on limiting arbitration clauses, in a move that is expected to come on May 5. The Wall Street Journal reported that the limitation of those clauses would help boost the ability...
Free. What can be better than free? “Free” is so alluring that songwriters have created a boatload of songs about the concept. Prince, who sadly passed away last week, has a song called “Free.” “Be glad that U r free,” the lyrics go, and I...
The Consumer Financial Protection Bureau said on Tuesday (April 12) that it is adding half a dozen professionals to a number of leadership positions at the organization. Elizabeth Ellis has now been designated by the CFPB as deputy associate director for the external affairs division, while having...
In a hearing up on Capitol Hill, CFPB Director Richard Cordray detailed his agency’s record on the continuing fight against financial fraud, and some Republicans were less than impressed.
