The Consumer Financial Protection Bureau (CFPB) has issued an order against coding bootcamp BloomTech, also known as the Bloom Institute of Technology, and its CEO, Austen Allred, alleging that they deceived students about the real cost of loans and made false claims about the hiring rates of the bootcamp’s graduates. The...
Consumer protection officials for the United States and the European Commission have met to discuss three shared priorities: buy now, pay later (BNPL), digital payments and artificial intelligence (AI). The three meetings followed a July 2023 announcement by U.S. Consumer Financial Protection Bureau (CFPB) and...
America’s leading consumer watchdog is reportedly weighing a sweeping change to the title insurance industry. As Bloomberg News reported Wednesday (April 10), the Consumer Financial Protection Bureau (CFPB) is considering whether to forbid mortgage bankers from charging homeowners for title insurance, ending a long-held practice....
The fight over credit card late fees may go to Capitol Hill. Sen. Tim Scott of South Carolina unveiled a joint resolution Monday (April 8) that would prevent the Consumer Financial Protection Bureau (CFPB) from instituting caps on credit card late fees. The joint resolution, which would require both...
A federal lawsuit challenging new credit card late fee limits will remain in Texas. The U.S. Court of Appeals for the Fifth Circuit ruled Friday (April 5) that the suit will be heard in Fort Worth, reversing an earlier decision by federal Judge Mark Pittman moving the...
The Consumer Financial Protection Bureau (CFPB) is monitoring the increasing payment of “discount points” by homebuyers and the potential risk this may pose to consumers. The percentage of homebuyers paying discount points doubled from 2021 to 2023, and the increase was even greater among those...
The Consumer Financial Protection Bureau (CFPB) is monitoring video games and virtual worlds to ensure their compliance with federal consumer financial protection laws. This monitoring comes as a growing number of these platforms add banking options and payments, and as the CFPB receives more complaints...
The Consumer Financial Protection Bureau (CFPB) has issued a circular warning remittance transfer providers about making false claims regarding the cost and speed of international money transfers. False advertising of that sort can violate federal law, the agency said in a Wednesday (March 27) press...
The Consumer Financial Protection Bureau (CFPB) is recruiting more technologists and conducting additional research to address the role of transformative technologies in consumer financial markets. The agency aims to help ensure that the rights of consumers are not being violated as the tech ecosystem evolves,...
