The companies collecting Americans’ student loans, auto loans and medical payments have some work to do. That’s according to a report issued Tuesday (July 2) by the Consumer Financial Protection Bureau (CFPB), which found numerous failures in student and auto loan servicing, deceptive and abusive debt collection practices, and...
Last year marked a seismic shift in financial services — as five bank failures tested the ways and means at the disposal of government and industry to prevent wider contagion. Silicon Valley Bank, of course, was the arguably the headliner, representing the second largest bank...
Consumer Financial Protection Bureau Director Rohit Chopra took note during his Wednesday appearance before the Senate Banking Committee that companies including PayPal and JPMorgan are monetizing customers’ financial data — warning the country is moving toward an age of “financial surveillance.” The focus of the...
House Financial Services Committee (HFSC) Chairman Patrick McHenry, R-N.C., condemned a proposed rule announced Tuesday (June 11) by the Consumer Financial Protection Bureau (CFPB), saying it would upend the American credit and healthcare systems. McHenry’s statement came in response to the CFPB’s announcement that with...
June 10, 2024
Consumer Financial Protection Bureau Director Rohit Chopra is set to testify on Capitol Hill this week. He is scheduled to appear before the Senate Banking Committee Wednesday (June 12) and the House Financial Services Committee Thursday (June 13) to present “The Semi-Annual Report of the Consumer Financial Protection Bureau.” But there’s a chance that the […]
January 04, 2024
The calendar has barely turned to a new year — and the Consumer Financial Protection Bureau (CFPB) has already had a fair share of criticism. The most recent volley against...
October 19, 2023
The Consumer Financial Protection Bureau’s open banking rule is a rough draft. And much may change between the Thursday (Oct. 19) announcement of its new open banking proposal and what...
June 14, 2023
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...
July 10, 2024
The Consumer Financial Protection Bureau (CFPB) aims to require mortgage servicers to do more to help struggling homeowners before foreclosing. The regulator issued a proposed rule on this issue Wednesday (July 10) and will accept public comment on it until Sept. 9, the CFPB said in a Wednesday press release. “When struggling homeowners can get […]
July 02, 2024
The companies collecting Americans’ student loans, auto loans and medical payments have some work to do. That’s according to a report issued Tuesday (July 2) by the Consumer Financial Protection Bureau (CFPB), which found...
June 11, 2024
House Financial Services Committee (HFSC) Chairman Patrick McHenry, R-N.C., condemned a proposed rule announced Tuesday (June 11) by the Consumer Financial Protection Bureau (CFPB), saying it would upend the American...
May 22, 2024
The Consumer Financial Protection Bureau (CFPB) ruled Wednesday (May 22) that buy now, pay later (BNPL) vendors are credit card providers and must provide some key legal protections and rights...
