All CFPB articles – Page 2
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PremiumJudge to hear arguments for and against CFPB cuts before agency potentially ‘choked out of existence’
The future of the CFPB–and the Trump administration’s efforts to dismantle it–hang in the balance as a federal judge pushed consideration of a request by a federal employees’ union to preserve the agency.
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News BriefTrump’s actions against CFPB will ‘significantly harm consumers,’ coalition of 23 AGs warn
Twenty-three attorneys general from across the country are warning that President Donald Trump’s efforts to defund and disband the Consumer Financial Protection Bureau would “significantly harm consumers” and “reduce oversight of big banks.”
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News BriefLawsuits filed to save CFPB amid Trump push to shutter financial watchdog
Enforcement and all other operations at the Consumer Financial Protection Bureau have come to a screeching halt under Trump administration directives but a pair of lawsuits aimed at keeping the agency open mean the stoppage could be short-lived.
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News BriefCFPB issues $2.5M penalty against Wise in last action of Chopra era
A fine by the Consumer Financial Protection Bureau (CFPB) against the U.S arm of London-based foreign exchange company Wise could be one of the agency’s final actions as a new regulatory regime reportedly froze rules and litigation amid calls for defunding.
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News BriefCFPB sues Capital One over 'cheating' customers on savings account interest rates
Capital One promised very high interest rates on millions of savings accounts but the bank didn’t deliver, losing customers more than $2 billion, the Consumer Financial Protection Bureau alleged.
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News BriefNew CFPB payment privacy rule on the way for gaming companies, cryptocurrencies, Big Tech
The Consumer Financial Protection Bureau has issued a proposed rule aimed at protecting the privacy of the public when using novel digital payment systems, such as those offered by large technology platforms and video gaming companies.
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News BriefExperian failed to correct flawed financial data about consumers, CFPB complaint alleges
Experian, the credit reporting giant, let compliance slide when it came to addressing consumer complaints about incorrect data, the Consumer Financial Protection Bureau said in a lawsuit against the credit agency.
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News BriefCFPB rule bans lenders from using medical debt in credit report determinations
Banks and other lenders will be prohibited from using medical debt information in credit reports, under a new rule finalized by the Consumer Financial Protection Bureau, the agency said.
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News BriefBerkshire Hathaway mortgage unit led mobile home buyers needlessly into foreclosure, CFPB says
A Berkshire Hathaway unit that is a major lender to people buying mobile homes intentionally failed to qualify borrowers, the Consumer Financial Protection Bureau alleged in a complaint. As a result, many families ultimately lost their homes and sank into debt, echoing a series of events that helped power the ...
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PremiumProposed CFPB rule would attempt to rein in data broker buying, selling
Data brokers have been getting away with selling Americans’ personal and financial data without adequate protections, an illegal practice that a new rule proposed by the Consumer Financial Protection Bureau will intend to stop, CFPB Director Rohit Chopra said.
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News BriefFinal CFPB rule requires Big Tech pay apps to comply with bank rules
Big Tech digital payment apps will be subjected to increased oversight and requirements–similar to that of banks and credit unions–under a finalized rule by the Consumer Financial Protection Bureau.
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News BriefNavy Federal Credit Union to pay $95M in fines, redress over ‘surprise’ overdraft fees
Navy Federal Credit Union will pay a $15 million fine and return $80 million in “surprise” overdraft fees to its members to resolve an enforcement action from the Consumer Financial Protection Bureau.
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News BriefVystar pays $1.5 million for alleged lack of due diligence with launch of troubled banking system
VyStar credit union has agreed to pay a $1.5 million fine and make restitution to customers harmed by its alleged lack of due diligence when it launched a new banking platform, the Consumer Financial Protection Bureau said.
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PremiumCFPB will enforce Fair Credit Reporting Act on employee background reports, monitoring
Businesses need to follow the consumer protection rules of the Fair Credit Reporting Act when engaging in employee surveillance, which includes background reports about employees produced by third parties using artificial intelligence, the Consumer Financial Protection Bureau said in new guidance.
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PremiumGoldman and Apple pay $89M over alleged Apple Card consumer violations
Apple and Goldman Sachs have agreed to pay $89 million for alleged gross customer service failures related to Apple Card, the Consumer Financial Protection Bureau said.
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PremiumNew CFPB data rights rule will modernize U.S. banking system, Chopra says
Banks, credit card companies and other financial mainstays will be required to comply with new data privacy and retail account portability regulations under a sweeping rule issued Tuesday by the Consumer Financial Protection Bureau.
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News BriefCFPB orders TD Bank to pay $28M for sending false info to credit agencies
TD Bank has been ordered to pay $27.7 million and implement compliance measures, for providing inaccurate, negative credit information to credit agencies about tens of thousands of its customers and taking too long to fix the errors, the Consumer Financial Protection Bureau said.
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News BriefCFPB to monitor compliance at Credit Repair Cloud after alleged illegal fees
Credit Repair Cloud and its chief executive will pay $3 million in combined penalties and put in place significant compliance measures over illegally charging customers, according to the Consumer Financial Protection Bureau.
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PremiumSEC unveils joint data sharing standards with eight other financial regulators
A joint proposal from nine U.S. financial regulators on data standards aim to streamline submissions and ease data sharing among agencies, the Securities and Exchange Commission announced.
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News BriefWells Fargo discloses AML, sanctions programs under investigation
Wells Fargo disclosed in a public filing its anti-money laundering and sanctions programs are under investigation, adding to the already long list of compliance issues plaguing the bank.