Many states can use existing laws to fight “junk fees,” according to a federal regulator. Addressing a Pennsylvania house committee, Brian Shearer, senior advisor to the director of the Consumer Financial Protection Bureau (CFPB), said many states can attack junk fees under their existing statutes...
The words “systemic” and “risk” have been on everyone’s lips in the past few weeks. And for Big Tech, at least, the regulatory gaze will only widen, eyeing the payments ambitions of the biggest platforms, and whether new payment types — stablecoins among them —...
The Consumer Financial Protection Bureau is reminding lenders of its 13-year-old rule against “abusive” conduct. The CFPB issued a policy statement Monday (April 3) explaining its prohibition against abusive conduct in consumer financial market, created in 2010 in response to the Wall Street meltdown two...
The Consumer Financial Protection Bureau has scored a legal victory ahead of its fateful Supreme Court case. A federal appeals court ruled Thursday (March 23) that CFPB funding via the Federal Reserve is constitutional. The unanimous ruling by the U.S. Court of Appeals for the...
The Consumer Financial Protection Bureau (CFPB) has begun an investigation into companies that track and collect consumer data. The watchdog group said it “wants to understand the full scope and breadth of data brokers and their business practices, their impact on the daily lives of...
America’s consumer protection watchdog says an examination has uncovered illegal fees in several industries. The Consumer Financial Protection Bureau (CFPB) announced Wednesday (March 8) that its recent Supervisory Highlights report found “unlawful junk fees” in auto loan, student loan and mortgage servicing, payday lending and...
America’s financial watchdog says unnecessary fees are cheating retirees out of their benefits. In its latest salvo against unwanted fees, the Consumer Financial Protection Bureau (CFPB) on Wednesday (March 1) warned that the financial products used to deliver Social Security and unemployment payments can often...
The ultimate fate of the Consumer Financial Protection Bureau rests in the hands of nine individuals. The Supreme Court agreed on Monday (Feb. 27) to hear arguments challenging the constitutionality of the funding of the CFPB. As widely reported Monday, the nine justices have agreed...
The Consumer Financial Protection Bureau is warning Americans about “double dealing” by mortgage comparison-shopping platforms. “Companies operating these digital platforms appear to shoppers as if they provide objective lender comparisons, but may illegally refer people to only those lenders paying referral fees,” the bureau said...
