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The Latest Breaking News from The Consumer Financial Protection Bureau

Biden Administration advances plan to remove medical debt from credit scores

The Consumer Financial Protection Bureau proposed federal regulations that would prevent unpaid medical bills from being counted on consumers’ credit reports

Fortune

Biden Administration Aims To Remove Medical Debt Impact

Learn how the Biden administration plans to protect individuals from the impact of medical debt on credit reports and loan assessments.

Top News

How to Fix Errors in Your Credit Report

Complaints about errors in credit reports have shot up. Here’s why — and how to fix them.

Kiplinger

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Buy now, pay later companies must adhere to credit card standards, consumer agency says

The Consumer Financial Protection Bureau says in a new rule that buy now, pay later lenders are basically credit card providers and must provide the same protections and rights that apply to those lenders

The Independent UK

Credit Score vs. Credit Report: What's the Difference?

Credit score vs credit report: What's the difference? Here's what you need to know.

Kiplinger

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

Supreme Court sides with the Consumer Financial Protection Bureau, spurning a conservative attack

The Supreme Court has rejected a conservative-led attack that could've undermined the Consumer Financial Protection Bureau

The Independent UK

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Supreme Court upholds financial agency's 'novel' funding structure - Roll Call

The Supreme Court upheld the funding structure for the Consumer Financial Protection Bureau on Thursday as constitutional.

Roll Call

Federal Judge Blocks Biden Rule On Credit Card Late Fees

Federal judge blocks Biden administration's rule to cap credit card late fees at , saving consumers billion annually. Legal battle continues.

Top News

Congress Could Overturn a New Rule Limiting Credit Card Late Fees. Good.

Sen. Tim Scott introduced a bill Monday to block the Consumer Financial Protection Bureau's action by invoking the Congressional Review Act.

Reason

Texas judge moves late fee case to DC, accusing banks of venue shopping for favorable ruling

A federal judge in Texas has accused the major banking industry groups and the U.S. Chamber of Commerce of forum shopping in their lawsuit against the Consumer Financial Protection Bureau

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

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.

WEKU

Are US Banks Redefining Overdraft Practices? Revenue Declines Hint At Shifting Trends

Major U.S. retail banks experienced a significant decline in overdraft revenue last year, signaling a shift towards more consumer-friendly practices.

International Business Times

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Top News

White House Proposes Reduction in Bank Overdraft Fees to

The White House proposes a reduction in bank overdraft fees to as low as , aiming to alleviate financial burdens on consumers living paycheck to paycheck...

Top News

CFPB Plans to Rein in Overdraft Fees Amid Banking Industry Opposition

Discover the intensifying debate over overdraft fees in America as the Consumer Financial Protection Bureau proposes rules to rein them in. Learn more here.

Fortune

Sen. Robert Menendez, facing bribery charges, stumps bank CEOs by asking how much their firms paid in settlements for allegedly ripping off consumers

The indicted senator expressed staunch support for the CFPB, which is under a legal threat of its own.

Motor1

Feds Fine Toyota $60M For Sketchy Lending Practices, False Credit Report Claims

Toyota Motor Credit allegedly made it difficult or impossible to cancel unwanted extras during financing, among other things.

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The Independent UK

Citigroup discriminated against Armenian Americans, federal regulator says; bank fined $25.9 million

Citigroup intentionally discriminated against Armenian Americans when they applied for credit cards, the Consumer Financial Protection Bureau said Wednesday

WEKU

The Supreme Court seems skeptical of a challenge to consumer agency

The case before the high court Tuesday examined how the Consumer Financial Protection Bureau is funded. A ruling in favor of payday lenders could gut the agency.

Roll Call

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.

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.

WEKU

How Lehman's collapse 15 years ago changed the U.S. mortgage industry

The global financial crisis of 2008 ushered in a new era of consumer protection, but the future of the housing market is uncertain.

Chicago Sun-Times

Wire transfer scam victims say banks could stop the fraud — but don’t

Consumers have lost billions through unwanted wire transfers, which don’t carry the same legal protections as debit or ATM transactions. The banks say they’re doing all they can to warn people about scams.

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.

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