Elon Musk calls for abolishing consumer finance watchdog CFPB
Billionaire Elon Musk, ordered by President-elect Donald Trump to cut government spending, called on Wednesday to abolish the federal regulator tasked with protecting consumers in the financial sector. The comments to the Consumer Financial Protection Bureau (CFPB) follow Musk's recent appointment to a government efficiency role, where he donated millions of dollars to help elect […]
CFPB Orders Navy Federal Credit Union to Pay More Than $95 Million for Illegal Surprise Overdraft Fees – Consumer Financial Protection Bureau
Washington DC – Today, the Consumer Financial Protection Bureau (CFPB) took action against Navy Federal Credit Union for charging illegal overdraft fees. From 2017 to 2022, Federal Navy charged customers unexpected overdraft fees for certain ATM withdrawals and debit card purchases, even if there was sufficient funds in the account at the time of the […]
Banking Trade Associations Sue CFPB to Block Data Sharing Rule – PYMNTS.com
of Bank Policy Research Institute and Kentucky Bankers Association On Tuesday (October 22nd), Consumer Financial Protection Bureau(CFPB) Final Rule on Data Sharing released on the same day. Plaintiffs argue in their lawsuit that the rule jeopardizes the security and privacy of consumer financial data, they said in a news release Tuesday. press release. in lawsuitthey […]
New CFPB rules aim to boost competition in financial services
The Consumer Financial Protection Bureau (CFPB) on Tuesday announced a new law aimed at increasing competition that would require financial institutions, credit card issuers and other financial providers to allow consumers to transfer their data to other institutions. announced the rules. The CFPB stated: final rules Promote competition and consumer choice, lower loan prices, and […]
New rule proposed by the CFPB would help consumers understand true cost of paycheck advance products
The new rules will require consumers to disclose financial information whenever they use a cash advance product. (iStock ) Payroll advance products, often referred to as “earned wages” products, allow consumers to receive their paychecks in advance when they are in a difficult situation. Offered through employers or as direct loans to consumers, these products […]
CFPB cracks down on paycheck advance products
The Consumer Financial Protection Bureau (CFPB) on Thursday proposed new rules to classify popular paycheck advance products as consumer loans, a move the bureau said would ensure lenders provide borrowers with important information about costs and fees. Nearly three-quarters of workers get paid every two weeks or monthly, according to the CFPB, and lenders have […]
Negative car equity is higher among borrowers with lower income and credit scores: CFPB
A recent CFPB report suggests that incorporating negative equity into new car loans may be a risky practice. (iStock) According to a recent study by the Consumer Financial Protection Bureau (CFPB), drivers with negative balances on their auto loans are twice as likely to have their accounts foreclosed, and they also have lower incomes and […]
CFPB Takes Action Against Fifth Third for Wrongfully Triggering Auto Repossessions and Opening Fake Bank Accounts – Consumer Financial Protection Bureau
Washington DC – The Consumer Financial Protection Bureau (CFPB) today took action against Fifth Third Bank for a series of illegal activities that will result in the bank paying a $20 million penalty and providing compensation to approximately 35,000 affected consumers, including approximately 1,000 who had their vehicles repossessed. Specifically, the CFPB is ordering Fifth […]
Conservatives set the stage for another CFPB funding fight
Conservatives appear to be gearing up for a new legal battle over the Consumer Financial Protection Bureau’s (CFPB) funding structure, just weeks after the watchdog agency survived a Supreme Court challenge. Established after the 2008 financial crisis, the CFPB has faced numerous legal challenges during its short existence. Last month, the Supreme Court ruled that […]
Buy now, pay later products to be treated like credit cards, CFPB says
The CFPB said BNPL lenders will be treated similarly to credit cards. (iStock) The Consumer Financial Protection Bureau (CFPB) will apply credit card rules to buy now, pay later (BNPL) products. As a result, according to the CFPB, BNPL lenders must comply with the federal Truth in Lending Act (TILA) and Regulation Z rules that […]
