America’s consumer watchdog says it’s uncovered deception and abuse in several consumer financial products. The Consumer Financial Protection Bureau (CFPB) released a report Wednesday (July 26) that found illegal tactics at work in the auto lending, medical debt and payday loan sectors. “Today’s report furthers...
America’s consumer watchdog says too many workers are falling into TRAPs. That stands for “training repayment agreement provisions,” a form of employer-driven debt the Consumer Financial Protection Bureau (CFPB) says is impeding worker mobility. “Employer-driven debt poses the risk of suppressing wages and forcing workers to stay...
As financial services become more digital, consumer advocates on both sides of the Atlantic are taking notice. To that end, Didier Reynders, commissioner for justice and consumer protection of the European Commission, and Rohit Chopra, director of the U.S. Consumer Financial Protection Bureau (CFPB) announced Monday (July 17) they...
A group of 132 members of Congress favor challenging the funding structure of the Consumer Financial Protection Bureau (CFPB). The group filed an amicus curiae brief to the Supreme Court in support of upholding a lower court’s decision that the CFPB’s funding structure is unconstitutional, and that the...
The grills are hot. The July Fourth fireworks are primed to sizzle in the night sky. For Big Tech, a long hot summer may give way to … … well, perhaps not all that much relief. At least not on Capitol Hill. And certainly not...
America’s consumer finance regulator has fined ACI Worldwide for processing more than $2 billion in unauthorized mortgage payments. The Consumer Finance Protection Bureau (CFPB) said Tuesday it had fined ACI $25 million over transactions that happened in 2021 and impacted close to half a million...
At the latest hearing focused on the Consumer Financial Protection Bureau, things got heated even before Director Rohit Chopra uttered a word. At the Wednesday (June 14) hearing before the U.S. House Committee on Financial Services, titled “The Semi-Annual Report of the Bureau of Consumer...
America’s consumer protection watchdog says it’s monitoring the banking sector’s use of AI-powered chatbots. The Consumer Financial Protection Bureau (CFPB) said Tuesday (June 6) that it had gotten a number of complaints from customers frustrated by their interactions with banks’ artificial intelligence (AI), used to...
The Consumer Financial Protection Bureau (CFPB) has advised consumers to transfer money stored on payment apps to insured banks and credit unions. “Your money is at greater risk when you hold it in a payment app, instead of moving it to an account with deposit insurance,” the...
