While one might think an organization with the words “consumer protection” in the name would not have much of a PR mountain to climb, the Consumer Financial Protection Bureau has always been unique. Facing an increasing amount of criticism of late — not to mention...
The Consumer Bankers Association (CBA), a retail banking trade association, announced its support of the House Appropriations Committee’s fiscal year 2017 Financial Services and General Government Appropriations bill being passed. In a statement released on Thursday (June 9), CBA President and CEO Richard Hunt said:...
After mounting complaints from both banks and consumers about unauthorized withdrawals and other illicit activities, the accused payment processor is being taken to court. The Consumer Financial Protection Bureau (CFPB) announced on Monday (June 6) that it filed a lawsuit against Intercept Corporation and two...
As is their monthly custom, the Consumer Financial Protection Bureau released its monthly summary of consumer complaints. Once again, the credit reporting bureaus led the field with creating consumer dissatisfaction, with both false data appearing on consumer reports and difficulty in getting that data removed...
This month’s consumer complaint snapshot, released by the Consumer Financial Protection Bureau on Tuesday (May 24), shows credit reporting issues remain a serious pain point for consumers. According to the report, consumers continue to deal with incorrect information being included on their reports, as well as...
On Wednesday (May 18), the Consumer Financial Protection Bureau said that it, along with four other federal regulatory agencies, issued guidance covering the oversight of consumer deposit discrepancies. The agencies said that the interagency guidelines state that the banks should “avoid or reconcile” what is...
It’s official. The CFPB is moving toward a rule change that will make it much easier for consumers — or more specifically groups of consumers — to take banks and other financial institutions to court as part of class action lawsuits. The recently unveiled proposed rule change would...
Later this morning the CFPB will begin taking comments on proposed rules that would ban financial firms from placing mandatory arbitration clauses within consumer contracts. Said clauses ban consumers from seeking redress for potential issues in a court of law, in favor of disputes between...
The CFPB has its eye on the biggest marketplace lenders in the U.S., and it is leaning toward bringing those online businesses under its supervision within the next year or so. That transition would see this class of lenders facing — for the first time...
