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CFPB's Motivation In Banning Class Actions Called Into Question

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 [...]

Your Money Adviser: Single-Payment Car Title Loans Can Lead to Long-Term Debt

The Consumer Financial Protection Bureau reported that borrowers often end up taking out multiple loans and remain in debt for months.

Consumer Financial Protection Bureau is Set to Take on "Debt Traps"

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...

Elizabeth Warren’s Next Crusade

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

CFPB v. PHH, explained

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...

The latest GOP effort to smear the Consumer Financial Protection Bureau and screw consumers

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

‘Contract for Deed’ Lending Gets Federal Scrutiny

The Consumer Financial Protection Bureau is investigating the mortgage financing model that is viewed by many as often harmful for low-income buyers.

New Rule Would Allow Consumers to Sue Banks

2 weeks agoNews : Truthdig

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

Time to ReCalibrate Consumer Interactions?

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

Why Suing Your Bank Could Help Others Avoid Being Ripped Off

2 weeks agoNews : Huffington Post

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

The Systemic Problem of the Information Asymmetry

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...

Finally, Justice for Consumers Wronged by Banks Is Within Reach

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

Consumer rights to expand under government plan against restrictive contract language

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

New Rule Would Make It Easier For Consumers To Sue Banks

2 weeks agoNews : The Two-Way

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.

The CFPB Moves to Ban Arbitration Clauses — Better Lawyer Up

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

Consumer Agency Moves to Assert Bank Customers’ Right to Sue

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.

Watchdog targets bans on class actions

2 weeks agoHealth : Booster Shots

Contracts that prevent consumers from filing class-action lawsuits against banks could soon be illegal under new rules to be proposed Thursday by the Consumer Financial Protection Bureau. The centerpiece of the proposal — more than a year in the making and fiercely opposed by the finance industry...

TRID, take 2?

If you have ironed out your bugs and confusion in the seven months since the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure (TRID) rule took effect, don’t get too comfortable. More changes to the biggest mortgage transaction overhaul we’ve had in four decades are on the way. Show More Summary

Loan Estimate comparison tool helps buyers weigh options

Some people consider the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure (TRID) rule burdensome, and some people even jokingly refer to the acronym as “The Reason I Drink.” But for others like eLend -- a company that uses technology to simplify the mortgage process -- TRID is an opportunity...

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