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How Congressmen are celebrating their grilling of Wells Fargo CEO

A "joyous occasion"? Maybe not for Wells Fargo CEO John Stumpf, who testified on Capitol Hill Thursday about the bank's recent scandal.  The San Francisco-based bank was fined $185 million by the Consumer Financial Protection BureauShow More Summary

Republicans Pretend They Want More Powerful Bank Oversight

Oh man, this is rich. Here is wingnut Rep. Jeb Hensarling griping about the fact that the Consumer Finance Protection Bureau didn't find out about the Well Fargo scandal sooner: “Why does it take the L.A. Times to break this story, when...Show More Summary

Republicans brand another villain in Wells Fargo scandal: the Consumer Financial Protection Bureau

Wells Fargo & Co. Chief Executive John Stumpf took the full brunt of congressional anger over the bank’s fake-accounts scandal at a Senate hearing last week and will face more outrage on Thursday before a House panel. But this time, he could share the villain’s role with a favorite target of House...

Fintech Upstart LendUp Fined

Fintech upstart LendUp was fined by the Consumer Financial Protection Bureau and a California state regulator Tuesday over widespread violations of payday and installment-lending laws.

Re/Max and Quicken Loans in court battle over MSA gone wrong

For about four years, the Consumer Financial Protection Bureau (CFPB) has put marketing service agreements (MSAs) between real estate brokers, mortgage lenders and settlement service providers under a microscope, causing confusion and strife in the compliance world by ratcheting up its Real Estate Settlement Procedures Act (RESPA) litmus test for affiliated partnerships...

The Infuriating Reason Wells Fargo Got Away With Its Massive Scam For So Long

How did Wells Fargo get away with ripping off its banking customers for so long? The Consumer Finance Protection Bureau and the City of Los Angeles recently fined Wells Fargo $185 million for five years of misbehavior, but now congressional...Show More Summary

Here's Why Republicans Are Suddenly Demanding Tougher Bank Regulation

WASHINGTON ? Republicans don’t like the Consumer Financial Protection Bureau. They opposed the very idea of the watchdog when Elizabeth Warren first proposed its creation, and they have been trying to defang and defund it ever since Congress made her vision into a reality. Republicans typically attack the CFPB for being good at its job. Show More Summary

What Will Wells Fargo CEO Tell Senate About Fiasco, Possible Exec Pay Clawbacks Tuesday?

Wells Fargo Chairman and CEO John Stumpf goes before the Senate Banking Committee Tuesday (9/20 at 10am ET, watch live) to explain the recent $185 million in combined civil penalties by the Consumer Financial Protection Bureau (CFPB), the U.S. Show More Summary

Ban on LGBTQ Credit Discrimination

Yesterday, the Consumer Financial Protection Bureau (CFPB) established critical credit nondiscrimination protections for LGBTQ people announcing a new policy interpreting the Equal Credit Opportunity Act’s (ECOA) ban on sex discrimination to include sexual orientation and gender identity. Show More Summary

Is Mitch McConnell Attacking Consumer Rights To Protect His Own Wallet?

Last week, the Consumer Financial Protection Bureau (CFPB) fined Wells Fargo $185 million for the astounding abuse of opening more than two million unauthorized deposit and credit card accounts. Now, Senate Majority Leader Mitch McConnell...Show More Summary

Support the Consumer Financial Protection Bureau's action against predatory payday lenders

2 weeks agoHumor / odd : Boing Boing

The predatory payday lending industry -- "'legalized loan sharks collect 75 percent of their fees from people stuck in more than 10 loans a year by charging 300 percent APR" -- is lobbying hard to kill the proposed Consumer Financial...Show More Summary

Paul Ryan's poor sense of timing extends to the CFPB

The more the Consumer Financial Protection Bureau scores big wins for the public, the more congressional Republicans want to shut it down.

A Silver Lining in the Wells Fargo Mess

Like many of you, I was sickened (but not surprised) by the latest banking scandal. This one involved Wells Fargo. It was fined a record $185 million by the Consumer Financial Protection Bureau over illegal practices relating to account openings. The details hardly inspire confidence. Show More Summary

Q&A: Former LA Times reporter on story that led to $185 million Wells Fargo fine

The Consumer Financial Protection Bureau last week slapped Wells Fargo with $185 million in fines for creating fake accounts and secretly issuing credit cards without customers’ consent. Included in the ruling was a $100 million penalty, the largest ever levied by the agency. Show More Summary

Paying With Cash Really Does Make You Spend Less

We tend to value items more when we pay with cash because we feel more connected to the purchase. A recent study financed by the Consumer Financial Protection Bureau found that consumers also spend less when they pay with cash, especially when they’re exposed to frequent reminders. Read more...

The 4 ways Wells Fargo employees were ripping off customers, earning the bank a $185M fine

Wells Fargo is on the hook for $185 million in fines after settling charges brought by the Consumer Financial Protection Bureau of widespread abusive and illegal sales practices dating back to the beginning of 2011. The company, which...Show More Summary

CFPB uncovers Wells Fargo scheme, scores major win for consumers

One of the nation's largest banks allegedly launched a massive scheme to rip off customers. The the Consumer Financial Protection Bureau noticed.

Consumer Financial Protection Bureau strikes $185 million blow for consumers, good government

This is what Republicans are still intent on destroying: Credit cards issued secretly without a customer’s consent. Bank employees creating fake email accounts to sign up customers for online banking services. Customers accumulatingShow More Summary

5.3K Wells Fargo Workers Fired for Creating Fake Accounts

Wells Fargo has been slapped with a record $185 million penalty over a scam carried out by its own employees—5,300 of whom were fired. The Consumer Financial Protection Bureau says Wells Fargo workers trying to reach sales targets opened around 2 million phony deposit or credit card accounts,...

Wells Fargo fires thousands of workers for opening 2 million bogus bank accounts

3 weeks agoNews : The Raw Story

WASHINGTON — A federal banking industry regulator has fined Wells Fargo after its employees were found to have secretly opened deposit and credit card accounts in order to meet sales quotas. The Consumer Financial Protection Bureau announced Thursday that workers at the banking giant, which...

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