The federal Consumer Financial Protection Bureau (CFPB) has eliminated a rule that placed limits on payday lenders, handing a victory to the sector. In a two-sentence ruling Tuesday (July 7), CFPB Director Kathleen Kraninger rescinded the ability-to-repay underwriting requirements that had been imposed by a 2017 regulation...
After years of debate about the U.S. Consumer Finance Protection Bureau (CFPB)’s legality, the U.S. Supreme Court ruled 5-4 on Monday (June 29) that the Obama-era agency’s structure is unconstitutional — although the body can continue if changed from its current form. The issue at...
The Consumer Financial Protection Bureau (CFPB) has made it easier for people to access stimulus CARES Act funds by removing some of the legal barriers barring banks from issuing the payments through prepaid accounts, according to a press release. Banks or other government agencies are...
The Supreme Court heard arguments about whether a sitting U.S. president has the authority to fire the leader of the Consumer Financial Protection Bureau (CFPB), which was formed after the financial crisis, according to the Financial Times. The court listened to how the organization is...
The chairwoman of the U.S. House Committee on Financial Services, Maxine Waters, told the head of the Consumer Financial Protection Bureau (CFPB), Kathy Kraninger, that the organization needs to do better. The rebuke came from prepared remarks delivered at a committee hearing called “Protecting Consumers...
The Consumer Financial Protection Bureau (CFPB) filed a lawsuit on Thursday (Jan. 30) against Citizens Bank over alleged violations of the Truth In Lending Act (TILA). It filed the complaint in the U.S. District Court for the District of Rhode Island. The CFPB said that...
For the Consumer Financial Protection Bureau (CFPB), 2020 may be a landmark year. There’s the looming question over the agency’s very constitutionality, recent definitions of what equates to “abusive” practices may scale back investigations (and fines) and some states seek to boost consumer protections. We...
The Consumer Finance Protection Bureau (CFPB) has filed lawsuits against several companies offering to forgive student loan debt for allegedly obtaining peoples’ data illegally, charging unlawful fees and engaging in “deceitful conduct,” an announcement said. According to the CFPB, Monster Loans violated the Fair Credit...
In the years ahead, might there be a greater number of smaller financial institutions (FIs) offering remittance services? As Bloomberg Law reported Tuesday (Dec. 3), the Consumer Financial Protection Bureau (CFPB) has proposed to boost the number of smaller banks and credit unions (CUs) that...
