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The Latest Breaking News from Rohit Chopra

JPMorgan Chase, BofA and Wells Fargo Sued For 'Festering' Fraud On Zelle

Federal regulators said the nation's largest banks failed to put safeguards in place for consumers, creating a "gold mine for fraudsters."

International Business Times

Trump will destroy the government agencies that most help working people

For all its supposed ‘populism’, the new administration will probably target offices that protect consumers

The Guardian - US

New rule would make it much harder for data brokers to sell your personal info

The Consumer Financial Protection Bureau hopes to regulate data brokers the same way it does credit bureaus and background check companies.

Tom’s Guide

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CFPB's Future Uncertain: Bankers Anticipate Changes Under Trump Administration

Although the open banking regulation of the Consumer Financial Protection Bureau (CFPB) is intended to safeguard consumer rights, bankers anticipate changes under the Trump administration, which might curtail the agency's authority.

International Business Times

At the country’s biggest fintech conference, the U.S. election is the elephant in the room

CFPB’s Chopra gets rockstar welcome at Money20/20 just days after finalizing open banking rule

Fortune

US election: Why is Kamala Harris losing Indian American voters?

She could become the Indian American president. So why is she bleeding votes – to Trump’s advantage?

Al Jazeera

US Fines Apple And Goldman Sachs Over Apple Card

The United States fined Apple and Goldman Sachs a total of $89 million on Wednesday, accusing them of deceiving users of the iPhone maker's credit card.

International Business Times

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New 'Open Banking' Rule Enhances Consumer Choice, Simplify Switching Financial Services

The new rule aims to encourage competition and expand consumer choices, which is expected to lower loan prices and enhance customer service across the payments, credit, and banking sectors.

International Business Times

Retailers are no longer offering a popular service for free

Retail stores have found a new way to pad their profits at your expense.

The Street

US agency says apps that let workers access paychecks before payday are providing loans

The Consumer Financial Protection Bureau says apps that allow workers to access their paychecks in advance, often for a fee, are providing loans and therefore subject to the Truth in Lending Act

The Independent UK

Biden Administration To Ban Medical Debt From Credit Reports

The rule is projected to raise affected individuals' credit scores by an average of 20 points, potentially enabling them to qualify for better loan terms and financial products.

International Business Times

Biden rule would ban medical debt from credit reports - Roll Call

The rule aims to keep creditors from obtaining and using information about medical and dental debt to make credit eligibility determinations.

Roll Call

Vindicated by Court, CFPB Director Chopra says bureau will add staff, consider new rules on banks

Since its creation roughly 14 years ago, the Consumer Financial Protection Bureau has faced lawsuits, political and legal challenges to the idea of whether the Federal Government’s aggressive consumer financial watchdog agency should be allowed exist at all

The Independent UK

The U.S. sharply limits how much credit cards can charge you in late fees

The Consumer Financial Protection Bureau issued a new rule Tuesday capping late fees on credit cards, a move designed to save customers an estimated $10 billion a year. Critics promised a lawsuit.

WEKU

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The Street

New U.S. rule limiting annoying credit card penalty could save Americans $10 billion

Credit card debt in the US has surpassed $1 trillion, and a new law passed by the government is attempting to help Americans struggling to pay credit card bills out a bit.

Roll Call

Biden touts rule to curb credit card fees that Republicans will seek to block - Roll Call

The CFPB's rule to curb late fees on credit cards is likely to encounter a Republican move on Capitol Hill to nullify it.

WEKU

Why a financial regulator is going after health care debt

The Consumer Financial Protection Bureau, created after the Great Recession of 2007-09, has increasingly started policing the health care system.

Kiplinger

Your Favorite Payment Apps May Face Federal Scrutiny

A new payment app proposal would make PayPal, Apple Pay and more abide by some of the same rules as big banks and other financial institutions.

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WEKU

Medical debt could soon be barred from ruining your credit score

The Biden administration unveiled regulations that potentially would help tens of millions of people who have medical debt on their credit reports.

Tribune News Service

Top US consumer watchdog plots more regulation for AI in lending

The top U.S. consumer financial watchdog is sharpening his focus on lenders’ use of artificial intelligence when making credit decisions, signaling that fresh restrictions loom for financial firms.

Kiplinger

U.S., European Consumer Watchdogs Start Talks on Digitization Issues in Financial Sector

Pricing, customer service, competition and privacy to be scrutinized.

Chicago Sun-Times

Bank of America hit with $250M in fines, customer refunds for ‘double-dipping’ fees, fake accounts

It is one of the highest financial penalties in years against Bank of America, which has largely spent the last 15 years trying to clean up its reputation.

WEKU

Bank of America to pay $250 million for illegal fees, fake accounts

An investigation found that Bank of America raked in tens of millions of dollars in resubmitted insufficient funds fees. The bank also illegally opened credit cards without customers knowledge.

Tribune News Service

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.

Roll Call

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.

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