New rules being announced by the Consumer Financial Protection Bureau would mean that the captive finance arms would be subject to oversight from the CFPB. Automotive News reports that the CFPB will now have jurisdiction over “nonbank...Show More Summary
The lending arms for national car dealers, such as Ford and Toyota, may soon have to answer to federal regulators. The Consumer Financial Protection Bureau released a proposed rule that would give the agency oversight of automakers’ financing units in a step to prevent discrimination and other harmful practices. Under the proposed rule [PDF] the Bureau would extend … [More]
The Consumer Financial Protection Bureau wants to extend its authority to include 38 non-bank auto lenders that provided financing to 6.8 million consumers last year.
The U.S. Consumer Financial Protection Bureau sued Corinthian Colleges Inc. on Tuesday, alleging that the ailing Orange County for-profit college operator deceived tens of thousands of students through an "illegal predatory lending scheme."
Corinthian Colleges is being sued by the federal Consumer Financial Protection Bureau for what it calls a "predatory lending scheme."
Things are looking decidedly worse for Corinthian Colleges Inc. The Consumer Financial Protection Bureau filed a lawsuit against the already under-fire for-profit education company for its allegedly illegal predatory lending scheme. According...Show More Summary
On the Web: Consumer Financial Protection Regulations: How Do They Measure Up? - Payment Cards Center of the Federal Reserve Bank of Philadelphia - "The Payment Cards Center's September 2012 policy conference advanced the discussionShow More Summary
Great news Monday. The Consumer Financial Protection Bureau can finally continue a crucial study on the effects of forced arbitration on consumers. Under the Dodd Frank Act, the CFPB has to complete a study as to whether the use of forced arbitration clauses by lenders is harmful to consumers. If the Bureau finds that forced […]
“The CFPB will use the complaints to help enforce federal consumer financial laws and, if appropriate, take policy steps.”
The Consumer Financial Protection Bureau or CFPB has a website that most homeowners don't know about that allows you to file a complaint against your mortgage lender or mortgage servicer.
With a plethora of credit cards on the market, consumers may be drawn to companies and banks that offer the best promotion at any give time. While those deals might seem like a steal at first, the Consumer Financial Protection Bureau is concerned that companies aren’t clearly disclosing the costs and risks of those offers in a way that consumers … [More]
Employees from the U.S. Consumer Financial Protection Bureau, America's newest federal agency and pet project of Democratic Senator Elizabeth Warren of Massachusetts, are seeking protection from "racially offensive, sexist, or discriminatory behavior," according to internal agency documents and interviews obtained by the Washington Times. Show More Summary
Charging up front for debt-relief services without any actual results for the customer is illegal. But despite that, says the Consumer Financial Protection Bureau, a payment processing company processed millions of dollars worth of illegal fees from consumers. As a result, the CFPB says in its complaint today that it wants a federal district court to give the okay to … [More]
This month, two different but powerful Wall Street bank lobbies launched self-serving attacks on the Consumer Financial Protections Bureau's most recent efforts to make banking markets more transparent. What do the banks have to hide? The...Show More Summary
SHOCKER: Revolving door at regulator CFPB enables former bureaucrats to cash in at taxpayers’ expense. Peter Carroll helped shape the mortgage regulations at the Consumer Financial Protection Bureau until this spring. Now, Carroll is senior vice president of capital markets at Wells Fargo Home Mortgages, the largest private mortgage lender in the country. Carroll’s colleague, [...]
The Consumer Financial Protection Bureau announced a $2.75 million settlement with Texas-based First Investors Financial Services Group on Wednesday. The agency says the auto finance company knowingly and "systematically" provided inaccurate...Show More Summary
By John M. Mason: Sure, we have the Dodd-Frank Wall Street Reform and Consumer Protection Act on the books. It was signed into law on July 21, 2010. It was out-of-date before it even was totally put together. I wrote about this as early as 2009. Show More Summary
This past weekend I've immersed myself in two David vs Goliath stories. The first is Elizabeth Warren's book A Fighting Chance. The formation of the Consumer Financial Protection Bureau -- a new government agency with some teeth to prevent...Show More Summary
The Consumer Financial Protection Bureau (CFPB) has unparalleled powers over nearly every consumer financial product and service. Given that virtual currencies can serve as a form of electronic money, the CFPB has, predictably, decided...Show More Summary
Bitcoin’s value recently fell below $500, but it quickly recovered. The exact cause has yet to be determined, but a recent warning issued by the Consumer Financial Protection Bureau (CFPB) is one of the probable reasons for its abrupt decline … Continue reading ?