All CFPB articles – Page 10
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Blog
Democrats leverage Equifax breach to defend CFPB's arbitration rule
A massive data breach at the credit rating service Equifax has gifted Democrats and other supporters of the CFPB's arbitration rule with fresh ammo.
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Blog
Department of Education, CFPB in turf war over student loans
The Department of Education has killed an information-sharing agreement with the CFPB that was intended to protect student loan borrowers. It called the Bureau “an overreaching and unaccountable agency.”
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Blog
Wells Fargo boosts number of unauthorized accounts to 3.5M
A review commissioned by Wells Fargo has increased the number of falsified accounts at the bank from 2.1 million to nearly 3.5 million. Last year, the CFPB fined the bank for the “widespread illegal practice of secretly opening unauthorized deposit and credit card accounts.”
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Blog
Hensarling: CFPB director speeding through rules to fuel political ambitions
Jeb Hensarling (R-Texas), chairman of the House Financial Services Committee, is escalating attacks on CFPB Director Richard Cordray. In a letter this week, he accuses Cordray of rushing to finalize payday loan regulations to suit his political ambitions and a potential run for governor in Ohio.
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Republican governors serve CFPB director with FOIA demands
Republican governors have served CFPB Director Richard Cordray with another Freedom of Information Act request in an effort to prove a Hatch Act violation.
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House Republicans double down on CFPB contempt charges
House Financial Services Committee Republicans are moving contempt proceedings against CFPB Director Richard Cordray along with the release of a report outlining their case.
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CFPB pitches new disclosure form for overdraft fees
The CFPB is proposing model disclosure forms intended to improve upon what banks and credit unions already provide to consumers weighing overdraft coverage. The Bureau is currently testing four prototypes that have a simple, one-page design.
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Blog
CFPB slaps JPMorgan Chase over checking account screening
The CFPB has reached a consent order with JPMorgan Chase Bank for alleged failures related to information it provides for checking account screening reports. It will pay a $4.6 million penalty and implement necessary changes to its policies to prevent future legal violation.
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Blog
War over CFPB escalates with legal threats and arbitration demands
While complaints about the CFPB’s recent rule banning the use of mandatory arbitration clauses pile up, Director Richard Cordray is also facing additional challenges to his authority.
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Blog
House votes to nix CFPB’s arbitration ban
With a party-line vote, Republicans in the House of Representatives have rallied with a vote to repeal the CFPB's recent ban on mandatory arbitration agreements. The repeal effort now moves onto the Senate for a vote.
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Blog
State bankers unite against arbitration rule
State banking associations have joined the fight against the CFPB’s new rule that curtails the use of mandated arbitration. They are turning to Senators to kill the rule with the Congressional Review Act.
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Article
CFPB courts even more controversy with arbitration rule
A new rule finalized by the CFPB bans arbitration demands in financial services agreements. A boon to class-action attorneys, questions abound as to what it all means for firms.
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GOP turns to Congressional Review Act for killing arbitration rule
Within hours of the CFPB issuing a new rule banning the mandatory use of arbitration agreements, Republicans threatened to rescind it using the Congressional Review Act.
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Blog
CFPB unleashes new arbitration rule
The CFPB’s efforts to ban mandatory arbitration clauses are now realized with a new rule, reopening a path to class-action lawsuits for aggrieved consumers of financial services.
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Blog
CFPB suggests changes to prepaid card rules
The CFPB is taking a fresh look at hardships for financial and consumer credit firms caused by a 2016 prepaid rule. The Bureau has also proposed updates to the rule.
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Blog
Treasury releases first report on a regulatory overhaul
A slate of recommended regulatory actions are contained in a new report delivered to President Donald J. Trump by the Treasury Department. Suggested changes would affect big bank stress tests, the Volcker rule, and the CFPB.
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Blog
Republicans cue up contempt charges against CFPB director
A likely effort to help President Donald Trump find a “for cause” reason to fire CFPB Director Richard Cordray, a report by the House Financial Services Committee makes the case for pursuing contempt charges.
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Blog
CFPB seeks public input on review of mortgage servicer rule
The CFPB is turning to the public for help as it reassesses the effectiveness of a nearly five-year-old slate of rules for mortgage servicers under the Real Estate Settlement Procedures Act.
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Article
The CFPB is under attack again, but this time may be different
Past efforts to dismantle the CFPB have not accomplished much, but fresh legal challenges and legislation might spell trouble for the much-criticized government office.
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Blog
CFPB will update mortgage data rule
The CFPB will update its 2015 Home Mortgage Disclosure Act rule. Changes are meant to clarify the rule's data collection and reporting requirements, assisting firms that have faced confusion as they ramp up compliance.