Payday lending practices again came under fire Wednesday (Oct. 16) from members of the U.S. Congress, as Kathy Kraninger, director of the Consumer Finance Protection Bureau (CFPB), faced lawmakers during their semi-annual review of the agency. The hearing, before the U.S. House Committee on Financial Services,...
U.S. Rep. Ayanna Pressley of Massachusetts has introduced new legislation that would require the Consumer Financial Protection Bureau (CFPB) to regulate the debt collection industry. Nearly one in three Americans say they were contacted by at least one creditor or collector during the last year....
The Consumer Financial Protection Bureau (CFPB) has announced additions to its senior leadership and executive teams via an emailed press release. One leadership position will be occupied by Kate Fulton, who is coming on board as the agency’s chief operating officer, managing the Operations Division...
The Consumer Financial Protection Bureau (CFPB) announced that is reviewing the Federal Reserve‘s overdraft protection rule to find out if it “should be amended or rescinded” to minimize “any significant economic impact” to small businesses (SMBs) and credit unions. The 2009 rule requires that financial...
The Consumer Financial Protection Bureau (CFPB) has announced changes to policies on Civil Investigative Demands (CIDs), which are investigational subpoenas issued by the CFPB. The Consumer Financial Protection Act of 2010 authorizes the CFPB to issue CIDs when looking into potential violations of the law. As...
In a series of statements and interviews, Kathy Kraninger, the new director (as of December of 2018) of the Consumer Financial Protection Bureau, has laid out a number of strategic priorities and processes for the bureau. Some things will change, some will remain the same....
The Consumer Financial Protection Bureau came under fire from the House Financial Services Committee, which is now controlled by Democrats, during a hearing Thursday (March 8). According to a report in the Associated Press, during the hearing Committee Chair Rep. Maxine Waters argued the Trump-appointed...
The next chapter in the ongoing saga that is payday loan regulation officially began yesterday (Feb. 6), with the announcement that the Consumer Financial Protection Bureau (CFPB) will overhaul a series of 2017 payday loan regulations, set to go into effect in August 2019. The...
The Consumer Financial Protection Bureau, the government watchdog agency, settled with a handful of payday lenders over alleged violations of the Consumer Financial Protection Act. Marketwatch, citing the CFPB, reported it settled with payday lenders and officials of the companies located in Canada and Malta....
