Reading the Thursday (May 16) Supreme Court ruling upholding the constitutionality of the Consumer Financial Protection Bureau’s funding mechanisms — and ensuring the agency’s survival — takes one through centuries of history. All the way back to England, Parliament and the Crown. All the way back to the inner workings of...
The Supreme Court ruled Thursday (May 16) that the Consumer Financial Protection Bureau’s funding mechanism is constitutional. The decision reversed a lower court ruling that threatened the very existence of the agency. Seven justices concurred with the decision, while two dissented. “The statute that authorizes the bureau to draw money from...
Eleven years ago, Think Finance was named one of Forbes’ most promising companies. Now, the online lender is bankrupt, with the Consumer Finance Protection Bureau (CFPB) saying it defrauded hundreds of thousands of consumers. The bureau on Tuesday (May 14) announced it had distributed more than $384 million from its...
For the Consumer Financial Protection Bureau (CFPB), the courts have been a hotbed of action, lawsuits, appeals and back-and-forth between lawyers. Almost everything boils down to the decision that will come down from the Supreme Court — a decision that will determine whether the agency can exist at all. In...
The Consumer Financial Protection Bureau (CFPB) said Thursday (May 9) that it will be monitoring credit card rewards programs and taking action as appropriate. This statement came as the agency released a report detailing consumers’ complaints about these programs. “Credit card companies promise upfront benefits...
Chime Financial will pay at least $1.3 million in redress to consumers and $3.25 million in penalties as part of a settlement with the Consumer Financial Protection Bureau (CFPB). The CFPB found that the nonbank company illegally delayed customer refunds when customers closed their accounts, withholding these balance...
The Consumer Financial Protection Bureau (CFPB) has filed a complaint against the National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency (PHEAA), alleging that they ignored student loan borrowers seeking payment relief. If entered by the court, the CFPB’s proposed stipulated final judgments would require the National Collegiate Student...
New government data shows 15 million Americans still have medical bills on their credit reports. That’s according to the Consumer Financial Protection Bureau (CFPB), which notes that these bills remain in spite of changes by the three major credit bureaus. Collectively, these Americans have more than $49 billion in...
America’s consumer finance watchdog is targeting “junk fees” in the mortgage industry. The Consumer Financial Protection Bureau (CFPB) published findings Wednesday (April 24) showing that mortgage servicers — the companies responsible for processing mortgage payments — had charged illegal fees, sent deceptive notices to homeowners and violated loss mitigation rules that...
