8 Stories

AmEx to Cough Up $75M Over Deceptive Practices

335K consumers will get refunds for credit card add-on programs

(Newser) - American Express has agreed to pony up $75.7 million over what the Consumer Financial Protection Bureau is calling "deceptive marketing to sell credit card add-on products," reports the LA Times . Some $59.5 million of that will go toward refunds to the 335,000-plus consumers who were... More »

Senate GOP Blocks Obama CFPB Nominee

Richard Cordray won't head consumer protection bureau

(Newser) - As expected, Senate Republicans today blocked President Obama's choice to head the Consumer Financial Protection Bureau he created. Few questioned Richard Cordray's credentials for the job, notes the AP , which reports that the former Ohio attorney general fell victim to a "particularly nasty partisan fight." Only... More »

Obama Taps Ex-Ohio AG for Consumer Bureau

Elizabeth Warren passed over in hopes of avoiding Senate brawl

(Newser) - Elizabeth Warren is officially out at the Consumer Financial Protection Bureau: President Obama will tomorrow instead nominate former Ohio AG Richard Cordray to lead the agency, reports the Columbus Dispatch. Cordray is currently the bureau's enforcement director, and Obama will likely dodge the Senate dogfight that would have... More »

Obama May Sneak Warren in as 'Interim' Consumer Chief

...for an indefinite period of time

(Newser) - President Obama is considering making Elizabeth Warren the quote-unquote interim director of the Consumer Financial Protection Bureau, as a way of avoiding a Republican filibuster, a White House source tells the Huffington Post. Appointing Warren on an interim basis would allow her to begin setting up the agency she invented... More »

Obama Ready to Compromise on Finance Reform

Would sacrifice standalone consumer agency to pass bill

(Newser) - The Obama administration says it’s willing to scrap elements of its financial regulatory reform effort—particularly a standalone consumer protection agency—if it’ll help the bill sprint through Congress. Republicans have complained that a standalone agency would be a new bureaucracy, so team Obama says it’s open... More »

Banks' Lobbying Blitz a Betrayal of Public Trust

After toppling economy, Wall St. now opposes consumer protections?

(Newser) - “Banking is based on trust,” Elizabeth Warren argues in the Wall Street Journal , yet lately banks have “thrown away customer trust like so much worthless trash.” After ripping off the public for years with deceptive mortgages and credit card tricks, they’re now lobbying furiously against... More »

Dems May Cave on Consumer Agency

Proving they serve banks, not families, says Elizabeth Warren

(Newser) - Senate Democrats are signaling that they're willing to drop the independent Consumer Financial Protection Agency to get financial reform passed, but they'll have to go through bailout watchdog Elizabeth Warren to kill it. The fight over the independent agency is a showdown between the banks' interests and those of American... More »

GOP Opposes Consumer Agency as 'New EPA'

Senate Repubs resist independent agency as a business-killer

(Newser) - Get ready for a bruising showdown over the consumer protection agency the Democrats are trying to create: GOP senators are pledging to kill a standalone body, which is critical to the Dems' plan. A strong, independent CFPA is anathema, says Utah Republican Robert Bennett: "Can you say EPA?" Bennett... More »

8 Stories