Trying to pressure banks to cease tax refund anticipation lending, FDIC staff crossed several lines of impropriety [inspector general executive summary via Kevin Funnell] Consumer Financial Protection Bureau, class action lawyers’ best...Show More Summary
Consumer Financial Protection Bureau director Richard Cordray speaks during a panel discussion in Richmond, VA, on March 26.The CFPB is proposing a ban on arbitration clauses, which would impact the entire financial industry, encompassing hundreds of millions of bank accounts, credit cards and mortgages. (AP Photo/Steve Helber, File) The recent media [...]
The Consumer Financial Protection Bureau reported that borrowers often end up taking out multiple loans and remain in debt for months.
As the intelligent and well-informed readers of Washington Monthly know, the Consumer Financial Protection Bureau is the brainchild of Elizabeth Warren and was created as part of the Dodd-Frank Wall...
Senator Elizabeth Warren has a knack for recognizing the challenges facing ordinary Americans years before the rest of the political world gets there. The Consumer Financial Protection Bureau was an idea she generated as a Harvard law professor in mid-2007, when the housing market was just beginning to melt down. Show More Summary
The legal battle between the Consumer Financial Protection Bureau (CFPB) and New Jersey-based mortgage lender PHH Corp., is one of the most-watched cases in the mortgage and real estate industries, and for good reason: It involves a huge enforcement penalty -- $109 million -- and it marks the first time a company has fought back against the bureau for taking such an action...
House Republicans are holding a hearing Wednesday afternoon in their desperate search to undercut the entity that was created by Dodd-Frank to protect consumers from lenders: The Consumer Financial Protection Bureau (CFPB). At issueShow More Summary
REVOLVING DOORS ARE SPINNING AT HYPER-SPEED AT THE CONSUMER FINANCIAL PROTECTION BOARD: Three of the top four executives at the CFPB – the questionably constitutional hybrid agency created by President Obama and Elizabeth Warren – have left the bureau in recent months for lucrative positions in the financial industry, according to the Daily Caller News […]
Payday loans aren’t the only type of expensive consumer credit that start out as a short-term financial solution but often turn into long-term debt traps, according to a report released Tuesday by the Consumer Financial Protection Bureau. Consumers who take out auto-title loans often are unable...
The Consumer Financial Protection Bureau is investigating the mortgage financing model that is viewed by many as often harmful for low-income buyers.
frankieleon / (CC-BY-2.0) The Consumer Financial Protection Bureau has proposed a new rule that would return to people the right to bring class-action lawsuits against financial institutions, and the banks are not happy about it. AtShow More Summary
Today’s announcement from the federal Consumer Financial Protection Bureau (CFPB) empowering consumers to file class-action lawsuits against financial services firms is sure to have profound repercussions – and not just for Wall Street. Show More Summary
A new proposal by the nation's chief consumer watchdog could help government regulators and prosecutors stop big banks' dubious practices more quickly. The Consumer Financial Protection Bureau on Thursday suggested a ban on clauses tucked...Show More Summary
Yesterday, the Consumer Financial Protection Bureau (CFPB) introduced a ballsy regulatory move in the form of a new proposed rule that will hopefully “unravel a set of audacious legal maneuvers...
A new regulation will "sharply limit" banks' use of binding arbitration to keep consumers' disputes out of the courts. The Consumer Financial Protection Bureau is on the verge of correcting a fundamental perversion of our justice system and restore to consumers their right to their day in court when they are wronged by a bank or credit card company. Show More Summary
The Consumer Financial Protection Bureau wants to give David a bigger stone to sling at Goliath. In this case, David represents consumers who feel cheated by Goliath financial-service companies. Currently, many of the contracts consumers...Show More Summary
The Consumer Financial Protection Bureau proposed banning financial firms from forcing arbitration to avoid lawsuits. But industry officials say the rule will lead to frivolous legal action.
Add another 377 pages to the ever-burgeoning length of the Dodd-Frank Act. Today, the Consumer Financial Protection Racket Bureau announced that it would use its authority under the act to prohibit the use of mandatory arbitration clauses...Show More Summary
Ding, dong, the witch of mandatory arbitration is (on its way to being) dead.
The Consumer Financial Protection Bureau is proposing a rule that would limit clauses forcing customers to agree to arbitration instead of pursuing class action suits.