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
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 ?
Consumer Financial Protection Bureau says retailer improperly charged service members
Photo by Flickr user btckeychain The Consumer Financial Protection Bureau released a primer on Monday meant to warn consumers about the potential dangers related to popular cryptocurrencies like Bitcoin, Litecoin, and Dogecoin. The CFPB,...Show More Summary
Months after everyone else got into a lather about it, word of this strange “cryptocurrency” called “bitcoin” has reached the desks of the folks over at the Consumer Financial Protection Bureau. And now that no one cares about them anymore, the regulator is leaping onto the case. Show More Summary
Bitcoin and other virtual currencies can expose users to a number of risks, including hackers and scammers trying to take advantage of hype surrounding the technology, a U.S. consumer protection agency warned Monday.Bitcoin and other...Show More Summary
While members of Congress might be holding events on Capitol Hill to celebrate Bitcoin, a dozen blocks west, the U.S. Consumer Financial Protection Bureau is now saying that it's wary of the risks associated with such virtual currencies. What risks? "Unclear costs, volatile exchange rates, the threat of hacking and scams and that companies may not offer […]
By Douwe Miedema WASHINGTON (Reuters) - Virtual currencies such as bitcoin are the "Wild West" of financial products because of risks including huge swings in exchange rates, the U.S. Consumer Financial Protection Bureau said on Monday. Show More Summary
The Consumer Financial Protection Bureau says it will now collect complaints from consumers
The Consumer Financial Protection Bureau said Monday that it would begin accepting complaints on virtual currencies, becoming the latest regulator to try to address issues that arise with the sector.
In yet another sign of the mainstreaming of prepaid debit cards (aka re-loadable cards), the Consumer Financial Protection Bureau (CFPB) recently announced that it would begin accepting complaints from Americans encountering problems with these increasingly popular financial products. Show More Summary
FICO credit scores are getting revised starting this Fall, with two big changes being made under pressure from the Consumer Financial Protection Bureau which wants to see more credit extended. Unpaid medical bills will be less significant...Show More Summary
By Paul Kiel, ProPublica The Defense Department and Consumer Financial Protection Bureau are urged to see whether service members are able to defend themselves against lawsuits while on active duty.
Consumers who sign up for overdraft protection are paying hefty penalties when they go over their limit for the smallest of purchases, according to a new report from the Consumer Financial Protection Bureau. In fact, most of the purchases...Show More Summary
Consumer Financial Protection Bureau Director Richard Cordray If the Consumer Financial Protection Bureau has done nothing else, it has demonstrated just how loathsome the too-big-to-fail banks are to Americans. (And it has done much...Show More Summary
Here's an interesting factoid: People tend to incur overdraft fees on debit card transactions of $24 or less and repay the charges within three days, according to the Consumer Financial Protection Bureau. But here's a scary thought: Take those same metrics and put them into lending terms. If a person borrowed $24 for three days from a bank and paid […]