On Monday, the CFPB announced that it had sued Walmart and Branch Messenger for practices with respect to its “last-mile” delivery drivers. The suit alleges that Walmart and Branch opened Branch accounts for drivers, and Walmart then deposited drivers’ pay into these accounts, without the drivers’ consent. The suit also alleges Walmart told the drivers […]
Category Archives: Consumer Financial Protection Bureau
Here, authored by Seth Frotman and Lorelei Salas. Here is a particularly intriguing excerpt: Now that companies are being held accountable for charging [certain] unlawful fees, they have switched to new, underhanded tactics to try to continue to extract junk fee revenue from people. For example, we have seen some debt collectors unlawfully amend consumers’ […]
The Consumer Bankers Association explains in a letter. They want to scuttle the CFPB’s overdraft rule, credit card late fees rule, open banking rule, and the BNPL and EWA interpretive rules. They also want to convert the Bureau to a commission, subject it to the annual congressional appropriations process, and “reform” its UDAAP authority.
As Christine reported, the Consumer Financial Protection Bureau issued a rule just yesterday to cap overdraft fees. Already, a group of banking associations have challenged it. The complaint, filed in Mississippi, is available here.
House Republicans have voted to make French Hill chair of the House Financial Services Committee. According to the NY Times, Hill’s first choice would be to abolish the C.F.P.B. But he believed there would be wider support for a milder change to how it was run, like restructuring its leadership to make it a bipartisan […]
The Consumer Financial Protection Bureau today issued a final rule to cap most overdraft fees at $5 for checking accounts offered by the largest banks with over $10 billion in assets. The bureau estimates the rule will save consumers up to $5 billion a year. The rule aims to close a loophole in the regulations […]
Recently we blogged about Elon Musk’s call to delete the CFPB. Musk was responding to an interview by Marc Andreesen on Joe Rogan’s podcast in which Andreesen attacked the CFPB as “sort of Elizabeth Warren’s personal agency that she gets to control … it’s an independent agency that just gets to . . . do what […]
. . . on Ballard Spahr’s Consumer Finance Monitor Podcast, here.
More information here. Guests include former CFPB director Kathy Kraninger and former CFPB senior staffer David Silberman. Ballard Spahr will conduct the sessions.
Earlier today, Elon Musk posted on X, formerly known as Twitter, that the CFPB should be deleted as a duplicative regulatory agency. I’m not sure why Musk considers the CFPB duplicative or what he thinks it is duplicative of (or if he himself knows), but it is simply wrong to call the CPB duplicative. Some […]