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The Latest Breaking News from CFPB

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

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

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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

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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

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

The Independent UK

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.

Reason

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

The Independent UK

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.

Ballotpedia

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.

Tribune News Service

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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

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news in one place.

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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.

WEKU

Appeals court says financial watchdog agency CFPB's structure is unconstitutional

Three federal appeals court judges appointed by President Trump have ruled that the funding structure of the Consumer Financial Protection Bureau is unconstitutional.

Los Angeles Times

Do you use Zelle? Here's how to spot increasingly common scams

Credit cards and digital payment apps such as PayPal offer some distinct advantages over cash, including the ability to recover money paid to scammers.

The Guardian - US

Inconvenience fee: how Biden is taking on companies’ sneaky charges

In a little publicized initiative, the Biden administration is seeking to tackle the ‘junk fees’ hitting Americans when they can’t afford it

The Independent UK

Kimberly Palmer: How to handle your medical bills

Medical bills can quickly become overwhelming, but consumers often have more power than they might think when it comes to navigating them

The Independent UK

Regions Bank to refund $141M for illegal overdraft fees

Regions Bank for a second time in a decade was found charging illegal overdraft fees in a settlement that will require the bank to repay $141 million to customers plus $50 million in fines

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