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The Latest Breaking News from CFPB

Is It Unamicable to Reject the Argument of a Friendly Amicus Brief?

The Solicitor General rejects an academic argument offered in defense of the Consumer Financial Protection Bureau.

Reason

The Supreme Court seems skeptical of a challenge to consumer agency

The case before the high court Tuesday examined how the Consumer Financial Protection Bureau is funded. A ruling in favor of payday lenders could gut the agency.

WEKU

Supreme Court sounds skeptical that Congress overstepped spending power - Roll Call

Several justices seemed hesitant to curtail the congressional power to make federal funding decisions in oral arguments Tuesday.

Roll Call

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Consumer watchdog agency's fate at Supreme Court could nix other agencies too

Payday lenders argue that the CFPB's funding structure is unconstitutional because it's not funded by money appropriated by Congress. The argument threatens the existence of other agencies, too.

WEKU

Abortion, guns, democracy: US rights at stake as supreme court term begins

As rightwing supermajority starts third term, legal experts ask how far it will go in reconfiguring the legal landscape of US

The Guardian - US

Rightwing activist helps fund ‘predatory payday lenders’ in supreme court case

Watchdog group says entities backed by Leonard Leo have invested over $9m in ‘dark web’ of special interest groups

The Guardian - US

Supreme Court to hear arguments on funding for financial protection agency - Roll Call

The Biden administration wants justices to overturn a ruling that invalidated the Consumer Financial Protection Bureau's funding structure.

Roll Call

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Taylor Swift, Junk Fees, and the 'Happy Meal Fallacy'

Thank Swifties, not Joe Biden, for Ticketmaster's consumer-friendly pricing policy.

Reason

Supreme Court to weigh cases on guns, regulations and redistricting in new term - Roll Call

The Supreme Court starts a new term Monday with cases that will test how far the conservative majority could reshape the nation’s laws.

Roll Call

Call for Clarence Thomas to recuse grow

Ethics violations by Justice Thomas and others on the Supreme Court keep piling up

Salon

Medical debt could soon be barred from ruining your credit score

The Biden administration unveiled regulations that potentially would help tens of millions of people who have medical debt on their credit reports.

WEKU

How Lehman's collapse 15 years ago changed the U.S. mortgage industry

The global financial crisis of 2008 ushered in a new era of consumer protection, but the future of the housing market is uncertain.

WEKU

Democrats tout fight over ‘junk fees’ in events across the country - Roll Call

Rep. Chris Deluzio's visit to downtown Bellevue, Pa., is one of many where Democrats tout fighting fees that hit consumers and businesses.

Roll Call

NOT REAL NEWS: A look at what didn't happen this week

Social media users shared a range of false claims this week

The Independent UK

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USAFacts

Are credit reporting complaints on the rise?

Through the first five months of 2024, an average of 145,000 credit reporting complaints were made each month.

Tribune News Service

Top US consumer watchdog plots more regulation for AI in lending

The top U.S. consumer financial watchdog is sharpening his focus on lenders’ use of artificial intelligence when making credit decisions, signaling that fresh restrictions loom for financial firms.

Kiplinger

CFPB Sues Snap Finance, Prehired for Allegedly Deceiving Consumers

The agency fires another warning shot over what it sees as deceptive practices.

Roll Call

Biden urged to tackle medical debt beyond credit cards - Roll Call

While consumer groups have lauded Biden's investigation into medical credit cards, they want him to move quickly and more broadly.

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Kiplinger

U.S., European Consumer Watchdogs Start Talks on Digitization Issues in Financial Sector

Pricing, customer service, competition and privacy to be scrutinized.

Kiplinger

Buried Under Medical Debt? The Government Wants to Know

Three federal agencies are seeking public input on specialty medical payment schemes.

Kiplinger

Mortgage Nightmare: Firm Made $2.3B in Illegal Home Payments, Affecting 500K Customers

The CFPB fined ACI millions of dollars for harming mortgage customers during a failed payments test.

Kiplinger

Bank of America Fined Over Junk Fees, Fake Accounts. Customers Get $100M Payout

Bank of America was ordered to pay more than $100 million to customers for 'double-dipping' junk fees and denying rewards bonuses.

Kiplinger

AI ChatBots Create Risks, Frustration for Bank Customers, Report Says

As AI chatbot usage rises among banks, risks to consumers rise as well, according to a CFPB report.

Chicago Sun-Times

Bank of America hit with $250M in fines, customer refunds for ‘double-dipping’ fees, fake accounts

It is one of the highest financial penalties in years against Bank of America, which has largely spent the last 15 years trying to clean up its reputation.

WEKU

Bank of America to pay $250 million for illegal fees, fake accounts

An investigation found that Bank of America raked in tens of millions of dollars in resubmitted insufficient funds fees. The bank also illegally opened credit cards without customers knowledge.

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