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The Latest Breaking News from Rohit Chopra

Banks' growing reliance on chatbots to handle customer service tasks worries consumer watchdog

Can you trust Erica, or Sandi or Amy to increasingly control parts of your financial life without giving you inaccurate information or sending money to the wrong place

The Independent UK

Medical Credit Cards Drive Up Cost of Care, Says CFPB

CFPB says medical credit cards are driving up the cost of care with more than $1 billion accrued in deferred interest.

Kiplinger

White House, states tackle 'junk fees' that cost consumers

The White House has brought together state lawmakers, federal officials and others for a virtual meeting where participants traded ideas about how to fight “junk fees” that inflate the cost to consumers for everything from hospital visits and airline tickets to student loans and concert seats

The Independent UK

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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

Apple and Google app stores get thumbs down from White House

The Biden administration is taking aim at Apple and Google for operating mobile app stores it says stifle competition

The Independent UK

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

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

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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 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.

The Street

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

Wells Fargo Faces Huge Fine After Latest Scandal

The bank is under investigation and the outcome could hurt more than just its pocket.

The Street

Concerns as US DHS hires leader of Hindu nationalist-linked group

Chandru Acharya’s appointment to the DHS body shows ‘ignorance’ of the US government, activists and academics say.

Al Jazeera

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 Guardian - US

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The Philadelphia Inquirer

The nation's top consumer watchdog wants to protect your personal data and digital wallet

Rohit Chopra heads the Consumer Financial Protection Bureau (CFPB), the federal agency tasked with protecting consumers and their money. The CFPB in recent years has sued student loan servicers, investigated redlining — or discriminatory lending — in mortgages and other loans, and is now focusing on "buy-now-pay-later" firms, payment apps,…

The Independent UK

Watchdog head: Bad actors should face more than big fines

The head of the nation’s financial watchdog is having second thoughts about using fines to deter illegal behavior in the financial industry, saying some companies have gotten so big that the money makes little difference

Tribune News Service

Fintechs question CFPB’s faith in innovation over ‘safe harbors’

WASHINGTON — The Consumer Financial Protection Bureau’s decision to end temporary “safe harbors” for two financial technology companies is raising eyebrows in the community, with some wondering if the agency is committed to promoting financial innovation.

Roll Call

Fintechs question CFPB’s faith in innovation over ‘safe harbors’ - Roll Call

Financial technology firms are worried about the ramifications of a regulator’s decisions to end two temporary safe harbor protections.

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The Guardian - UK

India bars Pulitzer-winning Kashmiri photojournalist from flying to France

Sanna Irshad Mattoo says she was stopped by immigration officials at Delhi airport despite holding a valid visa

WEKU

Some South Asian Americans believe caste-based prejudices exist in the U.S.

Some South Asians see the caste system as a reality in the United States and others do not. California State University and others have added caste as a protected category against discrimination.

Roll Call

Financial Services has a problem with remote members who can't find the mute button - Roll Call

Michigan Republican Bill Huizenga became frustrated at a House Financial Services hearing when remote attendees left their mics turned on.

Tribune News Service

Susan Tompor: Outraged by credit card, mortgage, bank fees? Here's who wants to hear from you

Shopping around for a deal on a credit card seems like one of those things that's pretty straight forward. Low, eye-catching rates are plastered all over websites for those doing research online and paper envelopes with special credit card offers pop up in the mail.

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