Yesterday, the CFPB announced that it has reached a settlement of a lawsuit filed in 2020 against Citizens Bank. The agency alleged that the bank failed to properly manage and respond to customers’ credit card disputes and fraud claims. The settlement includes a $9 million civil penalty, and an agreement that the bank will fix […]
Category Archives: Consumer Financial Protection Bureau
In the payday lending industry’s case challenging the CFPB’s funding as unconstitutional, the agency’s opening brief in the Supreme Court and the many amicus briefs in support of the agency have been filed. You can read all of them on the Court’s website, here. Public Citizen’s amicus brief is also posted on our website, here.
American Banker’s Penny Crosman has the story here (behind a paywall but available on Lexis), based on remarks at the Fintech Nexus conference. CFPB Director Rohit Chopra also spoke about how he wants to make it easier for consumers to switch banks so they can more readily take advantage of better prices or service and […]
Here. In brief, consumer advocacy groups tend to support the limits while industry advocates tend to oppose them. Not surprising.
The past two decades have seen the growth of Property Assessed Clean Energy (PACE) financing programs– which allow property owners to finance the costs of energy-efficiency-related improvements, secured by the property itself and paid as an addition to an owner’s property tax bill. In the residential market, there has been a concern that these loans […]
Claire Williams at the American Banker has the story here (behind a paywall but available on Lexis). The bills now go to the full House but are unlikely to go anywhere in the Senate unless SCOTUS finds the CFPB’s funding to be unconstitutional, in which case it isn’t clear how Congress will respond. The article […]
Payments Dive has the story here. Excerpt: “The biggest area we found of potential concern is disputes,” CFPB Program Manager Laura Udis said during a Monday panel discussion at the Nacha Smarter Faster Payments conference in Las Vegas. “We’ve seen that consumer concerns about disputes and billing is a high area of complaint to the […]
As automated systems spread throughout the economy, federal agencies announce that they will use existing authorities to ensure compliance with the law. “We take seriously our responsibility to ensure that these rapidly evolving automated systems are developed and used in a manner consistent with federal laws,” said the heads of the Consumer Financial Protection Bureau, […]
Samuel Becher of Victoria University of Wellington and Uri Benoliel of the College of Law and Business – Ramat Gan Law School have written Hidden Contracts, forthcoming in Brigham Young University Law Review. Here’s the abstract: Transparency is a promising means for enhancing democratic values, countering corruption, and reducing power abuse. Nonetheless, the potential of transparency […]
I’m finally getting around to listening to the House Financial Services Committee’s hearing March 9, 2023 on the CFPB. One of the witnesses at the hearing was Devin Watkins, an attorney at the conservative Competitive Enterprise Institute. Mr. Watkins’ testimony includes the following: The Seventh Amendment of the U.S. Constitution mandates that “In Suits at […]