The Consumer Financial Protection Bureau issued a rule giving it authority to supervise practices at big nonbank companies like Sallie Mae.
Taking its cue from the National Consumer Law Center, the editorial board of the New York Times is panning the new mortgage loan disclosures put forward last month by the Consumer Financial Protection Bureau, complaining that the annual percentage rate (APR)...
The mighty Consumer Financial Protection Bureau has delivered new works. We have until August 2015 to get used to the new mortgage Loan Estimate and Closing Disclosure, which will replace the current Good Faith Estimate, Truth In Lending, and HUD-1...
The Consumer Financial Protection Bureau announced plans to investigate rewards programs offered by leading credit card lenders like American Express, JPMorgan Chase, Bank of America, and Discover Financial.
Last week, the Consumer Financial Protection Bureau took a big step toward reining in irresponsible, predatory lenders by taking its first enforcement action against a large payday loan operation accused of robo-signing court documents...Show More Summary
I just posted a new article on SSRN co-authored with Robert Clarke, former Comptroller of the Currency. It is entitled “Payday Lending, Bank Overdraft Protection, and Fair Competition at the Consumer Financial Protection Bureau” andShow More Summary
The Consumer Financial Protection Bureau took its first enforcement action against a pay day lender, ordering Cash America International Inc. to issue up to $14 million in refunds to consumers and to pay a $5 million fine for destroying records...
WASHINGTON -- In its first enforcement action against a payday lender, the Consumer Financial Protection Bureau on Wednesday fined Cash America International $5 million and ordered $14 million in refunds for overcharging customers, robo-signing documents in debt collection lawsuits and impeding an investigation.
Rewards are the primary reason people pick one credit card over another, but many of us don’t really understand the rewards programs that are driving our choices. The Consumer Financial Protection Bureau is investigating how well banks explain those rewards. Show More Summary
Regulators must help curb mounting student debt to reduce the risk of another financial crisis, the Consumer Financial Protection Bureau’s top official, Rohit Chopra, recently said, American Banker reports. The student debt situation resembles the housing market as it neared collapse...
Republic Mortgage Insurance Corp. (RMIC) will be required to pay $100,000 in penalties for allegedly paying illegal kickbacks to mortgage lenders in exchange for business, according to the Consumer Financial Protection Bureau. The CFPB took over enforcement of the Real Estate Settlement...
America under liberal rule is a racist tyranny. Think that is hyperbole? Then talk to a car dealer about this: [T]he new Consumer Financial Protection Bureau [CFPB] is ginning up a campaign to use “disparate impact” analysis to charge racism in auto lending. Show More Summary
As we mentioned earlier this week, credit card rewards programs can be overly complicated and come with rules and limits that drain their value. Now the Consumer Financial Protection Bureau says it is looking into these programs to determine if cardholders are being misled about the costs and benefits of these offers. In an e-mail to Bloomberg News, … [More]
A former top official of the federal Consumer Financial Protection Bureau is jumping on the bitcoin bandwagon. Raj Date, a banking-industry veteran who has pushed for tighter regulation of the financial system, has joined the board of a new company developing ways to get merchants and consumers to use the virtual currency. Show More Summary
It's no great secret that I'm a big fan of the Consumer Financial Protection Bureau and its crucial work to help improve our financial literacy and protect us from financial predators. Since I have dedicated much of my career to helping...Show More Summary
The Consumer Financial Protection Bureau has expanded its consumer complaint database to include problems with payday loans. The CFPB is the first federal agency with the regulatory authority to supervise this industry.“Before the Consumer...Show More Summary
I have just posted a new Mercatus Center Working paper, “Commentary: CFPB Study on Overdraft Programs” co-authored with Michael Flores. You can get it here. Here’s the Abstract: Abstract The Consumer Financial Protection Bureau (CFPB) released its initial analysis of bank overdraft programs in a June 2013 white paper. Show More Summary
Ever since the Dodd-Frank reform law transferred regulatory oversight of the Real Estate Settlement Procedures Act (RESPA) to the Consumer Financial Protection Bureau, the industry has wondered how the fledgling agency would deal with the thousands of joint ventures and...
The Consumer Financial Protection Bureau has published a series of guides called “Managing Someone Else’s Money.”
I sat down yesterday with Ryan Young of the Competitive Enterprise Institute on my recent paper, “The Consumer Financial Protection Bureau: Savior or Menace?” You can listen here. It is about 15 minutes. [...] The post CEI Podcast On CFPB appeared first on The Volokh Conspiracy.