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The Latest Breaking News from CFPB

Banking giant Capital One restores service after days-long blackout

Capital One had a major service outage last week that left many without access to their accounts. Now, it also faces a lawsuit from CFPB.

Fortune

Will Trump kill the CFPB? What you need to know

The CFPB is widely seen as a key ally of American consumers, but critics say it costs too much and stifles innovation.

Fortune

With Trump 2.0, the balance of power shifts from banks to Silicon Valley

What the new administration could mean for financial technology—and beyond.

Fortune

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SEC enforcement blitz targets 7 financial firms as Biden administration winds down

The SEC disclosed 7 actions against alleged misbehavior with only three days left for the Biden administration.

Fortune

Equifax slapped with $15 Million fine: Is your credit report at risk?

The CFPB cited Equifax’s failure to investigate disputes and resolve errors as part of its crackdown on credit reporting.

Fortune

Regulation, Prohibition, and Litigation: Joe Biden's Busy Lame-Duck Period

Why should an unpopular president shape so much policy on his way out?

Reason

Got a Capital One savings account? Here's what to do

Capital One is under fire for offering paltry savings account rates to current customers. Here’s what you need to know.

Fortune

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Capital One Banking Outage Could Delay Some US Paychecks: When Will It Be Fixed?

Capital One customers faced significant disruptions Thursday due to a widespread outage impacting online banking services.

International Business Times UK

Block agrees to pay $120 million in refunds to resolve Cash App fraud

The Consumer Financial Protection Bureau announced the order on Thursday in the waning days of the Biden administration.

Fortune

Cash App Owner Hit With Over $100M Fine For Fraud And Customer Service Issues

The U.S. Consumer Financial Protection Bureau found that Block, which is owned by Twitter founder, Jack Dorsey, failed to give adequate customer service–including the absence of live telephone agents–for customers to get assistance.

International Business Times

Buy Now, Pay Later: The Debt Trap You Didn't See Coming

Those who opt for BNPL actually have more debts than those who steer clear of this scheme.

International Business Times

Overdraft fees could be capped at $5 thanks to a new CFPB rule

The CFPB has been fighting “junk fees” for years, but whether the ruling will stick has yet to be seen.

Fortune

Capital One Accused Of Cheating Consumers Out Of $2 Billion In Interest Earnings

The Consumer Financial Protection Bureau announced Tuesday that it has filed a lawsuit against Capital One Bank for misleading customers about their savings account interest rates.

International Business Times

CFPB Sues Capital One For Misleading High-Interest Savings Accounts

CFPB lawsuit alleges Capital One misled customers on savings account rates, causing B losses.

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The Independent UK

Capital One sued by US watchdog alleging bank cheated customers out of $2 billion

A U.S. watchdog is suing Capital One for allegedly misleading consumers about its offerings for high-interest savings accounts — and “cheating” customers out of more than $2 billion in lost interest payments as a result

Fortune

What is overdraft protection? Do you need it?

Despite proposed changes to banking regulations, overdraft fees remain an expensive reality for many Americans. Here’s how to protect yourself.

Roll Call

Biden administration finalizes rule on medical debt - Roll Call

The CFPB estimates $49 billion in medical bills will be removed from the credit reports of 15 million Americans under a new rule.

Fortune

Experian in hot water: CFPB alleges 'sham' credit report Investigations

The consumer watchdog alleges the credit reporting giant conducted inadequate error reviews, potentially harming millions of Americans.

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Al Jazeera

US bans medical debt from credit reports as Biden nears exit

Consumer Financial Protection Bureau says change will strike $49bn in medical debt from credit reports.

International Business Times UK

Harris Pushes to Remove Medical Debt from Credit Reports, Raising Credit Scores for 15M Americans

Kamal Harris announced that a new rule will remove medical debt from all Americans' credit reports, improving their chances of being approved for a car, home, or small-business loan.

The Independent UK

How removing unpaid medical bills from credit reports could help consumers

Lenders soon won't be able to consider unpaid medical bills as a credit history factor when they evaluate potential borrowers in the U.S. for mortgages, car loans or business loans

The Guardian - US

Biden administration bans medical debt from inclusion on credit reports

Kamala Harris announces removal of billions in medical debt from credit reports of 15 million Americans

Fortune

Biden administration bars medical debt from credit scores

The rules ban credit agencies from including medical debts on consumers’ credit reports and prohibit lenders from considering medical information in assessing borrowers.

Salon

Medical debt banned from credit reports

The bills can make it difficult or impossible for people to get mortgages, car loans or small business loans

Fortune

Fintech Yendo aims to 'stamp out' payday lending with vehicle-backed credit card

“The size of the U.S. population that is credit strapped is so much bigger than people realize. We’re trying to solve this.”

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