Consumer Financial Protection Bureau

Economy

A federal judge temporarily halts U.S. plan to lower credit card late fees to $8

11:20am May 11, 2024

by The Associated Press

The temporary injunction imposed by Judge Mark Pittman in the Northern District of Texas is a win for the big banks and major credit card companies. The plan was set to go into effect next week.

The Consumer Financial Protection Bureau capped credit card late fees as part of the Biden administration fight against junk fees.

The U.S. sharply limits how much credit cards can charge you in late fees

2:03pm March 05, 2024

by Scott Horsley

The Consumer Financial Protection Bureau issued a new rule Tuesday capping late fees on credit cards, a move designed to save customers an estimated $10 billion a year. Critics promised a lawsuit.

Marcus and Allyson Ward were paying off a debt dating back to the birth of their twins, Theo and Milo. They are among 100 million Americans with medical debt, according to a KHN/NPR investigation.

Medical debt affects millions, and advocates push IRS, consumer agency for relief

5:00am March 07, 2023

by Noam Levey

More than 50 consumer and patient groups want the Biden Administration to aggressively protect Americans from medical bills and debt collectors. The effort follows a KHN/NPR investigation.

The Consumer Financial Protection Bureau (CFPB) has ordered Wells Fargo to pay billions in fines and redress to mistreated consumers.

Economy

Wells Fargo to pay $3.7 billion settling charges it wrongfully seized homes and cars

4:34pm December 20, 2022

by Chris Arnold

The case marks the largest penalty ever imposed by the federal watchdog agency the Consumer Financial Protection Bureau. Customers who were harmed will receive $2 billion in restitution.

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Capital One has become the nation's largest bank to end overdraft fees for all of its customers. Federal regulators are taking a hard look at bank overdraft fees, which hit customers with lower incomes the hardest.

People hate overdraft fees. Banks are ditching or reducing them

1:10pm January 11, 2022

by Chris Arnold

Capital One says it will stop charging overdraft fees and Bank of America is reducing them. These hefty fees hit people with low incomes the hardest.

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Under President Trump, the Consumer Financial Protection Bureau weakened a rule that aimed to protect people who get payday loans. Consumer advocates say they are looking forward to a Biden administration strengthening the agency.

Financial Watchdog Expected To Get Its Teeth Back Under Biden

3:54pm November 18, 2020

by Chris Arnold

The Consumer Financial Protection Bureau is a powerful agency policing predatory or unfair practices. Trump hobbled it. But a court ruling allows Biden to appoint a new sheriff at the bureau.

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California Assembly member Monique Limón (foreground) introduced a bill to create a financial watchdog agency for the state.

New California Financial Watchdog Would Take Aim At Predatory Lenders Amid Pandemic

10:40am August 14, 2020

by Chris Arnold

California may be on the cusp of creating a watchdog agency. Proponents say federal regulators aren't doing their job, leaving leaving millions of Americans vulnerable during the coronavirus crisis.

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A manager of a financial services store in Ballwin, Mo., counts cash being paid to a client as part of a loan in 2018. Consumer groups blasted a new payday lending rule and its timing during a pandemic that has put tens of millions of people out of work.

Economy

CFPB Strips Some Consumer Protections For Payday Loans

5:11pm July 07, 2020

by Scott Horsley

Federal regulators issue a new rule that removes a key provision crafted during the Obama administration. Lenders no longer have to check that borrowers can repay a loan.

Democratic senators are demanding that the Consumer Financial Protection Bureau, led by Kathleen Kraninger, do its job supervising the student loan system.

Senators To CFPB: Why Are You Still Failing To Protect Student Loan Borrowers?

6:21pm January 30, 2020

by Chris Arnold

Democratic lawmakers sent a letter to the director of the nation's top consumer watchdog agency demanding that the Consumer Financial Protection Bureau do its job supervising the student loan system.

A nonprofit student loan group alleges that the Consumer Financial Protection Bureau has abandoned its duty to police widespread mismanagement of a loan forgiveness program for public service workers.

Consumer Agency Failed To Protect Student Loan Borrowers, Lawsuit Says

7:46pm November 25, 2019

by Chris Arnold

A nonprofit student loan group alleges that the Consumer Financial Protection Bureau has abandoned its duty to police widespread mismanagement of a loan forgiveness program for public service workers.

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