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The Latest Breaking News from CFPB

Storing Money in PayPal, Venmo or Cash App Carries Hidden Risks, CFPB Says

A Consumer Financial Protection Bureau issue says PayPal and other popular payment apps often sidestep key government protections for your funds.

Kiplinger

Senators, CFPB director spar over proposed credit card fee limit

WASHINGTON — Consumer Financial Protection Bureau Director Rohit Chopra on Tuesday defended the agency’s proposal to lower credit card late fees against criticism from Republicans at a Senate Banking hearing.

Tribune News Service

Why You Should Check Your Credit Report

If you’ve ever had difficulty getting incorrect information removed from your credit report, you’ve got plenty of company.

Kiplinger

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Banks' growing reliance on chatbots to handle customer service tasks worries consumer watchdog

Can you trust Erica, or Sandi or Amy to increasingly control parts of your financial life without giving you inaccurate information or sending money to the wrong place

The Independent UK

What to Do When Your Rent is Too High

If your rent is too high, options for consumers are limited, but there are some things you can do if you're facing a rent increase.

Kiplinger

Money stored in Venmo, other payment apps could be vulnerable, financial watchdog warns.

Customers of Venmo, PayPal and CashApp should not store their money for the long term with these apps since their funds may not be covered by deposit insurance, the Consumer Financial Protection Bureau warned on Thursday

The Independent UK

SCOTUS takes up Chevron

The Checks and Balances Letter delivers news and information from Ballotpedia’s Administrative State Project, including pivotal actions at the federal and state levels related to the separation of powers, due process, and the rule of law.

Ballotpedia

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Welcome to America! Now learn to be in debt

The U.S. economy counts on you to borrow money and stay in debt for a credit score. But what if you were taught to never owe anybody anything?

WEKU

Medical Credit Cards Drive Up Cost of Care, Says CFPB

CFPB says medical credit cards are driving up the cost of care with more than $1 billion accrued in deferred interest.

Kiplinger

Beware 'Junk Fees' When Buying a Home

Junk fees could add thousands to the cost of a property. Here’s what you need to know about these hidden mortgage costs.

Kiplinger

Biden administration warns consumers to avoid medical credit cards

Americans paid an estimated $1 billion in interest on medical debt in just three years, a federal agency finds. This includes use of credit cards often pitched in doctors' and dentists' offices.

WEKU

The Government Wants To Cap Credit Card Late Fees. It Will Hurt the Poor.

Delayed payments will increase, and companies will respond by raising interest rates—or denying low-income applicants outright.

Reason

Second Circuit weighs in on CFPB funding structure

Ballotpedia

CFPB employee sent data of 250,000 customers to personal email - Roll Call

A GOP lawmaker said in a letter the breach involved could have implicated more than 50 financial institutions' "sensitive information."

Roll Call

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Reason

Federal Courts Clash Over Financial Watchdog's Constitutionality

The CFPB funding scheme is constitutional, the 2nd Circuit says.

Reason

Short Circuit: A Roundup of Recent Federal Court Decisions

Anti-Muslim tweets, inactive warrants, and anti-Muslim prison guards.

Tribune News Service

Supreme Court case features twist on appropriations power

WASHINGTON — Congress has used a clause in the Constitution for more than two centuries to control how the federal government spends funds, but the Supreme Court is poised to decide whether that same language also limits what lawmakers can do.

Roll Call

Supreme Court case features twist on appropriations power - Roll Call

The Supreme Court is poised to decide whether the Appropriations Clause in the Constitution limits what lawmakers can do.

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Tribune News Service

Biden administration urged to take more aggressive steps to relieve medical debt

Dozens of advocates for patients and consumers, citing widespread harm caused by medical debt, are pushing the Biden administration to take more aggressive steps to protect Americans from medical bills and debt collectors.

WEKU

Medical debt affects millions, and advocates push IRS, consumer agency for relief

More than 50 consumer and patient groups want the Biden Administration to aggressively protect Americans from medical bills and debt collectors. The effort follows a KHN/NPR investigation.

Chicago Sun-Times

Protect consumers by safeguarding the Consumer Financial Protection Bureau

It’s important the U.S. Supreme Court puts aside its politics and gets a ruling right on a case challenging the CFPB.

Reason

Congress Should Not Give Any Government Agency Financial Free Rein

Lawmakers should proactively retake the power of the purse from the Consumer Financial Protection Bureau, regardless of how the Supreme Court rules.

Axios

Subprime car loan delinquencies are surging

Despite the strong job market, the rising cost of everything is pressuring lower-income families

WEKU

Supreme Court to hear case that threatens existence of consumer protection agency

At issue is how the CFPB is funded: It gets its money from the Federal Reserve, which in turn is funded by bank fees, and not through congressional appropriations.

Los Angeles Times

Supreme Court to decide fate of Obama-era Consumer Financial Protection Bureau

WASHINGTON — The Supreme Court agreed Monday to decide on the constitutionality of the Consumer Financial Protection Bureau, created in the wake of the 2008 Wall Street collapse and funded directly by the Federal Reserve.

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