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The Latest Breaking News from The Consumer Financial Protection Bureau

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

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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

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...

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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.

Fortune

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.

Motor1

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

The Independent UK

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.

WEKU

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

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.

WEKU

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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.

Roll Call

Biden administration targets unexpected health costs - Roll Call

The White House announced a trio of steps Friday aimed at protecting patients from unexpected health care costs.

The Independent UK

Medical credit cards may lead patients to overpay for their health care, Democrats warn

A group of Democratic senators is asking the Consumer Financial Protection Bureau to take action against medical credit cards such as CareCredit, saying the cards’ deferred interest features are confusing and often lead to consumers paying high interest rates after a promotional period has ended

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The Independent UK

Money stored in Venmo, other payment apps could be vulnerable, financial watchdog warns.

Customers of Venmo, PayPal and CashApp should not store their money for the long term with these apps since their funds may not be covered by deposit insurance, the Consumer Financial Protection Bureau warned on Thursday

Kiplinger

Veterans Should Look Out for These Scams

What scams to look out for if you are a veteran.

WEKU

As some families learn the hard way, dementia can take a toll on financial health

Reckless behavior with money can be a warning sign of cognitive decline — and the condition can put people at risk of financial ruin. There are few institutional safeguards in place.

The Independent UK

Gov't to start looking for bias in small business lending

Banks will need to start reporting the demographics and income of small business loan applicants under new rules published by the Consumer Financial Protection Bureau on Thursday

Kiplinger

What Is a Good Credit Score?

Having a good credit score can save you hundreds, even thousands of dollars on credit cards, mortgages and other loans.

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