Today, the U.S. Chamber of Commerce, American Bankers Association, American Financial Services Association, Consumer Bankers Association, Financial Services Roundtable, and a coalition of associations located throughout Texas filed a legal challenge to the Consumer Financial Protection Bureau’s anti-arbitration rule. The complaint alleges that the rule violates the requirements of the Dodd-Frank Act because the CFPB […]
Author Archives: Allison Zieve
In a survey of nearly 1,700 vehicles for sale at eight CarMax locations – four in Massachusetts, two in California, and two in Connecticut – more than one in four vehicles (27 percent) were found to contain unrepaired safety recalls. The survey is described in a report released today by Consumers for Auto Reliability and […]
A new report examines the use of arbitration agreements in the workplace by the top 100 largest domestic United States companies, as ranked by Fortune magazine. The key finding: 80 of the top 100 largest companies in America, including subsidiaries or related affiliates, have used arbitration agreements in connection with workplace-related disputes since 2010. Of […]
Consumer Financial Protection Bureau Director Richard Cordray said today that the three credit ratings agencies — Equifax, Trans Union, and Experian — are going to be getting embedded regulators to prevent future breaches of private information. CNBC has the story, here.
The Consumer Financial Protection Bureau filed suit today against Top Notch Funding and two individuals associated with the company for lying in loan offerings to consumers who were awaiting payment from settlements in legal cases or from victim-compensation funds. These consumers included former National Football League players suffering from neurological disorders, victims of the Deepwater […]
The Consumer Financial Protection Bureau yesterday took action against the National Collegiate Student Loan Trusts and their debt collector, Transworld Systems, Inc., for illegal student loan debt collection lawsuits. Consumers were sued for private student loan debt that the companies couldn’t prove was owed or was too old to sue over. These lawsuits relied on […]
State and federal authorities are proposing tougher regulations against Equifax and the entire credit monitoring industry after the company announced that personal information like Social Security numbers of about 143 million Americans was exposed. The Washington Post has the story, here.
The New York Times reports that "[l]obbyists and Republican lawmakers are gearing up for battle over a new U.S. regulation that is likely to dent profits in the $6 billion short-term, high-interest "payday" loan industry. The Consumer Financial Protection Bureau (CFPB) is expected in coming days to release a long-anticipated rule curbing payday lending, now […]
The Washington Post reports: Tens of thousands of former students who say they were swindled by for-profit colleges are being left in limbo as the Trump administration delays action on requests for loan forgiveness, according to court documents obtained by The Associated Press. The Education Department is sitting on more than 65,000 unapproved claims as […]
Politico reports that, one after "regulators fined Wells Fargo $185 million for opening potentially millions of fake accounts, the bank is nowhere close to putting the scandal behind it. Congress is threatening new hearings, and some Democrats have called on regulators to remove the bank's board or for breaking up the lender entirely. In fact, […]