Policy battles over consumer protection often hinge on what’s better for consumers. That’s because consumer advocates often call for reforms that will aid consumers while the industry, which presumably doesn’t want to oppose proposals based simply on the position that they will cut into industry profits, instead attacks the claim that the reforms will actually […]
Category Archives: Consumer Financial Protection Bureau
Nearly a year after oral argument, the Third Circuit this morning released its opinion in CFPB v. National Collegiate Master Student Loan Trust. The case is a long-running enforcement action brought by the CFPB against investment trusts that were created for the purposes of acquiring and servicing student loans, seeking to enforce civil investigative demands. […]
Today, the CFPB released a final rule to ban excessive credit card late fees, closing what it refers to as a loophole in a 2010 Rule. The agency predicts typical fees will be reduced from $32 to $8. Update: The Chamber of Commerce has already committed to filing a challenge to the Rule.
. . . at the Consumer Finance Monitor Podcast. The episode also discusses the CFPB and discrimination.
A Consumer Financial Protection Bureau report on the first set of results from its newly updated Terms of Credit Card Plans survey reveals that large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk. In fact, the 25 largest credit card issuers charged customers […]
Here. Excerpt: [F]or the past three years, having incorrect information on a report has been the No. 1 complaint made to the Consumer Financial Protection Bureau, according to CFPB data compiled by Consumer Reports. What’s more, the number of complaints about credit report errors more than doubled in recent years, from 165,129 in 2021 to […]
. . . titled Is Discrimination Unfair? is now available. I would love to hear any comments anyone has. Here’s the abstract: Though multiple federal laws explicitly bar discrimination in consumer transactions, many consumer transactions fall in the gaps between those laws. But recently, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) have attempted […]
In a recent blog post, the Consumer Financial Protection Bureau offered a quick overview of its 2023 enforcement work. The agency reported that it filed 29 enforcement actions against financial institutions and resolved six prior lawsuits. Lenders, banks, and other entities that broke the law were ordered to pay approximately $3.07 billion to consumers and […]
The Consumer Financial Protection Bureau yesterday proposed a rule to block banks and other financial institutions from charging non-sufficient funds fees on transactions declined at the time the consumer swipes, taps, or clicks — that is, transactions that the financial institution declines in real time. These types of transactions include declined debit card purchases and […]
The Consumer Financial Protection Bureau has published a report on student-loan servicing practices since the resumption of federal student loan repayments in the fall, after a three-year payment pause in light of the COVID-19 pandemic. The CFPB report finds that borrowers are “encountering long hold times when trying to reach their student loan servicer, experiencing […]