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The Latest Breaking News from CFPB

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

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

From analysis to the latest developments in health,
read the most diverse news in one place.

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

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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

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.

Reason

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.

Tribune News Service

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.

Roll Call

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.

Tribune News Service

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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

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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.

Axios

Supreme Court will consider constitutionality of CFPB

This case may be the most serious challenge yet to the decade-plus-old agency.

Roll Call

Supreme Court to decide case over consumer agency funding - Roll Call

The Supreme Court will decide a case that challenges the way Congress chose to fund the Consumer Financial Protection Bureau.

Fortune

Republican regulator rips Lina Khan in ‘noisy exit,’ accuses ‘hipster antitrust’ boss of breaking the law by having opinions on Mark Zuckerberg

Khan once wrote that Zuckerberg should never be allowed to make another acquisition. Now we know the strength of internal dissent over that.

The Independent UK

18% drop since 2020 in people reporting medical debt

The number of people with medical debt on their credit reports fell by 8.2 million — or 17.9% —between 2020 and 2022

WEKU

Biden calls for passage of a bill to stop 'junk fees' in travel and entertainment

In his State of the Union speech, President Biden addressed the Junk Fees Prevention Act, which aims to limit the hidden fees and charges that exist in the entertainment and travel industries.

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