Consumer Financial Protection Bureau

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2 Memos From 2 Bosses Reveal Chaos at Agency

The CFPB currently has 2 interim directors, and they both showed up for work on Monday

(Newser) - So how goes life as an employee of the Consumer Financial Protection Bureau on Monday? Two memos cited by the Washington Post tell the tale:
  • From the boss: “I hope that everyone had a great Thanksgiving. With Thanksgiving in mind, I wanted to take a moment to share my
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Federal Agency Has Dueling Directors, and One's Suing

Monday is likely to be a chaotic day at the Consumer Financial Protection Bureau

(Newser) - Monday is likely to be a chaotic day at the Consumer Financial Protection Bureau: The federal agency now has two dueling directors , and they both say the law is clearly on their side. Leandra English, who was set to become acting director after the early departure of Richard Cordray , filed... More »

It's Unclear Who Will Be in Charge of US Agency Come Monday

Trump, outgoing director appoint dueling heads of Consumer Financial Protection Bureau

(Newser) - While consumers were fighting over fancy televisions on Black Friday, the US government was fighting over consumers. The New York Times reports Richard Cordray suddenly left his position as director of the Consumer Financial Protection Bureau on Friday—a week ahead of schedule. One of his final moves before heading... More »

Head of Consumer Agency Reviled by Republicans Is Leaving

Richard Cordray to resign, giving Trump chance to reshape CFPB

(Newser) - Richard Cordray, the first director of the Consumer Financial Protection Bureau, said Wednesday he will leave the position by the end of the month. The resignation of Cordray, who was appointed by then-President Obama, will give President Trump a chance to appoint his own director of the powerful agency established... More »

CFPB Chief: Senate Vote a 'Giant Setback for Every Consumer'

GOP senators (and VP Mike Pence) just made it harder for consumers to sue financial institutions

(Newser) - A rule that would have offered consumers a powerful tool against financial institutions by allowing them to join together to sue saw its demise Tuesday night at the hands of Senate Republicans. The New York Times and Wall Street Journal report that, by a vote of 51 to 50 (with... More »

Equifax Security Chief's Degree Was in Music

She is one of 2 senior execs stepping down

(Newser) - Two senior Equifax execs have stepped down as the investigation of what may be the biggest data breach in US history continues. The credit-reporting firm says security chief Susan Mauldin and chief technology officer David Webb are retiring effective immediately, the New York Times reports. After the leak that exposed... More »

Something New for Users of Prepaid Cards: Basic Protection

Feds bring in new rules for fast-growing industry

(Newser) - Federal regulators announced new rules Wednesday governing the quickly growing prepaid debit card industry, an effort more than two years in the making that should bring basic account protections to its customers, who are often financially disadvantaged. Prepaid debit card issuers will have to provide their customers with basic account... More »

5.3K Wells Fargo Workers Fired for Creating Fake Accounts

Employees got bonuses; customers got extra fees

(Newser) - Wells Fargo has been slapped with a record $185 million penalty over a scam carried out by its own employees—5,300 of whom were fired. The Consumer Financial Protection Bureau says Wells Fargo workers trying to reach sales targets opened around 2 million phony deposit or credit card accounts,... More »

Feds Aiming Crackdown at 'Chameleon' Lenders

Consumer Financial Protection Bureau steps in to end 'black hole' of debt

(Newser) - Payday loans can lead to what one borrower describes to the New York Times as a "black hole," with one high-interest short-term loan leading to another as borrowers struggle to repay the money. While state laws have targeted the problem, federal agencies have stayed out of the matter—... More »

Students Default on Loans Over Obscure Provision

... even if they've been paying on time

(Newser) - Because the nation's student-debt situation wasn't enough of a mess: A new federal report warns that some students are going into default even when they've been paying back their loans on time, reports USA Today . It's because of an obscure provision covering private student loans—if... More »

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 Is Neutering Our Consumer Watchdog

GOP wants to kill watchdog aimed at preventing another 2008: Krugman

(Newser) - Four-plus years after Wall Street's meltdown "brought the world economy to its knees," at least we have a Consumer Financial Protection Bureau to prevent us from ever toppling over that cliff again. Or do we? Not if Senate Republicans, who are "going all out in an... More »

Obama to Pick Prosecutor to Head SEC: Report

Mary Jo White to head SEC, Richard Cordray to head CFPB

(Newser) - Is the SEC about to get tougher? President Obama intends to nominate former US Attorney Mary Jo White to head the organization, sources tell the AP . White spent nearly a decade prosecuting white collar criminals in Manhattan, and has a reputation as a particularly dogged prosecutor of financial fraud cases... More »

CFPB Mortgage Overhaul Bans Lots of Shady Practices

While also protecting banks from lawsuits

(Newser) - The newly-minted Consumer Financial Protection Bureau is circulating a series of new mortgage regulations that would ban some of the least savory tactics of the bubble era, the New York Times reports. Banks won't be able to offer deceptive teaser rates, or charge balloon payments, for example. They'll... More »

Student Loan Debt Passes $1T

Figure much higher than expected

(Newser) - America's student loan debt is a lot higher than previously believed, a fact that may create a drag on the economy for years to come, according to a new report from the Consumer Financial Protection Bureau. Total debt passed $1 trillion late last quarter, officials told a banking conference... More »

Courts Could Nix Obama Recess Appointments

Courts may not want to say what constitutes a Senate session

(Newser) - Legal experts doubt President Obama's controversial "recess appointment" of Richard Cordray will hold up in court—including some experts who've sided with him in the past, the Hill reports. "It's untested ground," says one Harvard constitutional law expert. "If I were a judge,... More »

Obama Will Appoint Cordray Watchdog

Bucks GOP with recess appointment

(Newser) - President Obama is thumbing his nose at Republican opposition and will today name a new US chief consumer watchdog: Richard Cordray. Yep, the same Cordray who Senate Republicans blocked early last month. Obama's decision to make a recess appointment is certain to cause an uproar—he's essentially declaring... 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 »

Feds Test Simplified Credit Card Agreement

Short form in plain English could become industry standard

(Newser) - The government's consumer finance watchdog has created a credit card agreement that's five times shorter than usual and written in plain English. The Consumer Financial Protection Bureau is asking for the public's feedback on the prototype, which can be viewed here . The agreement is just over 1,... More »

BofA CEO: We Have a Right to Make a Profit

'Our customers will understand' $5 debit card fee

(Newser) - Bank of America CEO Brian Moynihan defended his bank’s controversial new $5 debit card fee in a CNBC interview yesterday, saying that most customers would avoid it, and that the bank had given customers plenty of warning about it. Asked to respond to President Obama’s statement that banks... More »

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