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The Latest Breaking News from Consumer Financial Protection Bureau

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

Supreme Court to hear arguments on funding for financial protection agency - Roll Call

The Biden administration wants justices to overturn a ruling that invalidated the Consumer Financial Protection Bureau's funding structure.

Roll Call

Senators, CFPB director spar over proposed credit card fee limit

WASHINGTON — Consumer Financial Protection Bureau Director Rohit Chopra on Tuesday defended the agency’s proposal to lower credit card late fees against criticism from Republicans at a Senate Banking hearing.

Tribune News Service

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Senators, CFPB’s Chopra spar over proposed credit card fee limit - Roll Call

Consumer Financial Protection Bureau Director Rohit Chopra defended a proposal to lower credit card late fees against GOP criticism.

Roll Call

SCOTUS takes up Chevron

Ballotpedia

Second Circuit weighs in on CFPB funding structure

Ballotpedia

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.

Chicago Sun-Times

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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

News briefs

Supreme Court to decide fate of Obama-era Consumer Financial Protection Bureau

Tribune News Service

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

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

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

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Tribune News Service

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.

Roll Call

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.

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.

Tribune News Service

Upended: How medical debt changed their lives

Some lost their homes. Some emptied their retirement accounts. Some struggled to feed and clothe their families. Medical debt now touches more than 100 million people in America, as the U.S. health care system pushes patients into debt on a mass scale. Debtors are from all walks of life and…

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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.

The Times of India

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 Conversation

Buying gifts? Why ‘buy now, pay later’ could be a dangerous option for many holiday shoppers

Gift-givers hoping to splurge this holiday season despite the pinch of high inflation have an easy option: buy now, pay later.

Fortune

The Fair Credit Reporting Act: What it is and how it protects you

The Fair Credit Reporting Act protects the accuracy and privacy of the information in your credit file.

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

Chicago Sun-Times

Closed accounts, no money: Chime app users complain they were suddenly shut out of their online accounts

Consumers have filed hundreds of complaints saying accounts with the popular fintech app were closed without warning. The company says it can close them “for any reason or no reason.”

Ballotpedia

Checks and Balances November 2022

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