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The Latest Breaking News from CFPB

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.

Reason

Subprime car loan delinquencies are surging

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

Axios

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.

WEKU

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read the most diverse news in one place.

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.

Los Angeles Times

Supreme Court will consider constitutionality of CFPB

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

Axios

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.

Roll Call

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

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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

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

Feds Go After Goldman Sachs for Not Protecting Your Money

The Federal Reserve's investigation reportedly grew out of standard review of Goldman’s consumer business, which started in 2021, and intensified to an investigation last year.

The Street

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The Street

Wells Fargo Stock Slides As Analysts Weigh-In On Q4 Earnings Beat

A pair of analysts' downgrades has Wells Fargo stock trading lower Tuesday following last week's better-than-expected fourth quarter earnings.

Kiplinger

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.

The Street

Wells Fargo Stock Slides As Bigger Bad Loan Provisions Offset Q4 Earnings Beat

“Though the quarter was significantly impacted by previously disclosed operating losses, our underlying performance reflected the progress we are making to improve returns," said CEO Charles Scharf.

Los Angeles Times

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.

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The Street

Wells Fargo Avoids Another Big Mortgage Lawsuit

A summary judgement out of Illinois was largely missed amid more high-profile Wells Fargo news.

The Street

Democrat Sen. Warren Calls for Wells Fargo Breakup

The left-wing leader has been calling for strict penalties after Wells Fargo's many scandals.

Tribune News Service

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.

WEKU

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.

AFP

US agency orders Wells Fargo to pay $3.7 bn for shoddy banking practices

New York (AFP) - US officials announced Tuesday a $3.7 billion settlement with Wells Fargo over an array of "illegal activity" that burdened customers with wrongful home foreclosures and other problems.

The Street

Wells Fargo Hit With Massive $3.7 Billion Loan Mismanagement Fine

“Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of American families,” said Consumer Financial Protection Bureau Director Rohit Chopra.

The Street

Republicans Want Consumer Board to Back off Banks

An argument is brewing on Capitol Hill about the fees banks charge customers.

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