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
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
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 was fined by the Consumer Financial Protection Bureau and a California state regulator Tuesday over widespread violations of payday and installment-lending laws.
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...
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
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
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
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
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
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
The more the Consumer Financial Protection Bureau scores big wins for the public, the more congressional Republicans want to shut it down.
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
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
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...
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
One of the nation's largest banks allegedly launched a massive scheme to rip off customers. The the Consumer Financial Protection Bureau noticed.
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
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,...
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...