Last week’s ruling by the D.C. Circuit that the CFPB’s structure is unconstitutional sets the stage for a hearing by the Supremes. At least, that’s the opinion of Columbia University law professor Ron Mann. You agree?
The Navy Federal Credit Union has been fined $28.5 million following civil charges that it threatened credit union members over debt collection, according to the Consumer Financial Protection Bureau (CFPB). The announcement was made on October 11, and a report by the CFPB found that...
The Consumer Financial Protection Bureau said on Tuesday (Oct. 11) it ordered Navy Federal Credit Union to pay $28.5 million in fines and restitution over civil charges it allegedly made fake threats about debt collection to members of the credit union. According to the report, the...
The Consumer Finance Protection Bureau suffered a major blow in Federal Appeals Court yesterday when a three judge panel ruled that parts of its leadership structure are unconstitutional. This decision was taken as part of mortgage lender’s PHH Corp. appeal of the 2014 $109M financial penalty imposed by the CFPB....
A little over five years in, the CFPB has collected over 670,000 consumer complaints about just about any financial services-related topic there is. Beyond those raw numbers, though, what do all those complaints in the database really mean? PYMNTS/What’s Next In Data Analytics Collaboration took...
The use of prepaid cards has exploded over the last decade or so — in 2003 consumers put less than $1 billion on prepaid cards annually, but by 2012 that figure had grown to $65 billion and by 2018 that figure is projected to reach as...
In a rare moment of bi-partisan agreement, House members sent the CFPB a letter last week to explicitly request the agency rethink some of its proposals to rein in payday lenders (and other providers of short terms loan offerings) as they fear the net result...
Consumers will save, if you incentivize them to save. That’s according to a new report from the Consumer Financial Protection Bureau. The CFPB released its findings on its Project Catalyst research project, which included that offering an incentivize and asking customers to put some of their...
Five years in and a million complaints down. That is the story the CFPB is putting out today — since having been founded in 2011, the Consumer Finance Protection Bureau has handled over one million consumer complaints, a milestone they sailed past earlier this month. The news...
