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The Latest Breaking News from CFPB

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.

Fortune

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

The Independent UK

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.

WEKU

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Miss a credit card payment? Federal regulators want to put new limits on late fees

The Consumer Financial Protection Bureau wants to cap late fees at $8. Banking groups say the proposal would result in higher costs for consumers.

WEKU

CFPB proposes lowering credit card late fees - Roll Call

The Biden administration says new regulations on credit card late fees could save consumers $9 billion a year.

Roll Call

White House directs FTC, CFPB to probe housing rental market practices

Landlords will face greater federal scrutiny from the Consumer Financial Protection Bureau, Federal Trade Commission and other agencies amid rapidly rising rents under a plan that President Joe Biden released Wednesday.

Tribune News Service

White House directs FTC, CFPB to probe housing rental market practices - Roll Call

The White House has directed the Consumer Financial Protection Bureau and the Federal Trade Commission to examine the housing rental market.

Roll Call

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What Is a Good Credit Score?

Having a good credit score can save you hundreds, even thousands of dollars on credit cards, mortgages and other loans.

Kiplinger

Michael Hiltzik: Wells Fargo got slammed with a $3.7-billion penalty. So why doesn't it sound sorry?

The Consumer Financial Protection Bureau left very little unsaid when it announced, a few days before Christmas, $3.7 billion in assessments against Wells Fargo Bank for more than a decade of legal violations harming its millions of customers.

Los Angeles Times

Wells Fargo to pay $3.7 billion in penalties, restitution over ‘widespread mismanagement’

CHARLOTTE, N.C. — Wells Fargo is facing $3.7 billion in fines and restitution after reaching a settlement with federal regulators Tuesday to resolve multiple issues related to auto lending, mortgages and consumer deposit accounts.

Tribune News Service

Wells Fargo to pay $3.7 billion settling charges it wrongfully seized homes and cars

The case marks the largest penalty ever imposed by the federal watchdog agency the Consumer Financial Protection Bureau. Customers who were harmed will receive $2 billion in restitution.

WEKU

Wells Fargo to pay $3.7 billion for mistreating customers

NEW YORK: Wells Fargo Co agreed to a $3.7 billion settlement with the Consumer Financial Protection Bureau to settle a variety of allegations of mistreating customers, including a $1.7 billion fine that’s the biggest in CFPB history.

The Times of India

Senate confirms Gruenberg as FDIC chair, two others to join board

In two votes Monday, the Senate confirmed three members of the FDIC board and one of them, Martin Gruenberg, to become chairman.

Roll Call

How your credit card companies decide your spending limit

Factors that credit card issuers consider include your income, credit utilization, and payment history.

Fortune

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The Independent UK

The problems with using buy now, pay later to fund travel

“Buy now, pay later” services like Affirm, Afterpay and Klarna can sometimes provide a cheaper, more accessible version of credit

Reason

The Federal Government Can't Seem to Decide How the CFPB Is Funded

The Solicitor General's brief defending how the CFPB is funded contradicts what the agency and others have said in the past.

The Independent UK

Millennial Money: How credit can beat buy now, pay later

With rising costs of goods and services, turning to “buy now, pay later” plans when you check out can be tempting

Ballotpedia

Checks and Balances November 2022

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.

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Tribune News Service

Appellate ruling may force another Supreme Court look at CFPB

WASHINGTON — An appeals court ruling that the Consumer Financial Protection Bureau’s funding structure is unconstitutional raises the stakes in a long battle over the agency, potentially setting the stage for a test the Supreme Court sidestepped only two years ago when it declined to find the entire agency unconstitutional.

Roll Call

Appellate ruling may force another Supreme Court look at CFPB - Roll Call

An appeals court ruling that the consumer bureau's funding structure is unconstitutional raises the stakes in a long battle over the agency.

The Independent UK

With inflation sticking around, Biden targets 'junk fees'

With time running out before the election, President Joe Biden highlighted his administration’s push to crack down on so-called junk fees that banks and other companies charge their customers

Roll Call

In administration campaign on 'junk fees,' CFPB targets banks - Roll Call

The administration is launching an effort to stop what President Joe Biden calls 'junk fees' in banking, travel and telecommunications.

Reason

The CFPB's Funding Mechanism: Misguided But Constitutional

analysis from Professor Zach Price

Tribune News Service

Noah Feldman: Conservative attack on consumer protection wins an illogical victory

Conservatives have never liked the Consumer Financial Protection Bureau, the brainchild of Massachusetts Sen. Elizabeth Warren. Now a conservative panel of the conservative U.S. Court of Appeals for the Fifth Circuit has struck down the CFPB’s rulemaking authority using a novel theory.

Reason

Why the Consumer Financial Protection Bureau's Funding Structure Is Unconstitutional

The Fifth Circuit Court of Appeals is right to notice that the CFPB is unique even among federal agencies that don't get their funding from Congress.

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