Top News

D.C. Circuit's 'unusual' ruling says CFPB director can be fired

Karen Kidd Oct. 26, 2016, 10:34am

WASHINGTON (Legal Newsline) – An appeals court's ruling that the U.S. Consumer Financial Protection Bureau's structure is unconstitutional was surprising because of what it declared and for its language, two Washington, D.C.-based regulatory attorneys say.

Manhattan Institute: NLRB's stance on class action waivers wrong

Joe Dyton Oct. 26, 2016, 9:30am

WASHINGTON (Legal Newsline) - The National Labor Relations Board (NLRB) recently asked the U.S. Supreme Court to determine if arbitration agreements that prohibit employees from pursuing class or collective actions are unlawful under the National Labor Relations Act (NLRA) and unenforceable under the Federal Arbitration Act.

Navy Federal Credit Union to pay millions over allegations it made false threats to members

Mark Iandolo Oct. 20, 2016, 9:32am

WASHINGTON (Legal Newsline) – The Consumer Financial Protection Bureau (CFPB) announced this week that it took action against Navy Federal Credit Union after allegations the organization used false threats about debt collection.

Consumer board alleges Prime Marketing Holdings illegally charged consumers

Mark Iandolo Oct. 19, 2016, 9:00am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau has announced that it took action against Prime Marketing Holdings LLC, a credit repair company, suing for allegations the company charged consumers illegal advance fees.

Lead generators should be wary of federal oversight, CFPB legal specialist says

Karen Kidd Oct. 13, 2016, 1:21pm

WASHINGTON (Legal Newsline) – When set up properly, a consumer shouldn't notice it was a lead generator that connected them with a professional or service

Law professor: Consumer board justified in suit against payment processor

Robert Lawson Oct. 13, 2016, 11:35am

BISMARCK, N.D. — A pending District Court lawsuit may have broad implications for the entire payment processing industry, a third party and go-between for merchants and consumers. 

CFPB's class action ban likely to be challenged in court after finalized

Kristin Danley-Greiner Oct. 11, 2016, 10:15am

WASHINGTON (Legal Newsline) -- The Consumer Financial Protection Bureau (CFPB) has proposed a set of rules that would prohibit arbitration clauses designed to prevent class-action lawsuits on behalf of consumers.

Unnamed company wins ruling against Consumer Financial Protection Bureau

Dawn Geske Oct. 4, 2016, 4:40pm

A judge has ruled against the Consumer Financial Protection Bureau's efforts to release the identity of a John Doe company under investigation by the organization.

CFPB's victory over CashCall a win for consumers, expert says

Chad Birt Oct. 4, 2016, 3:06pm

A Los Angeles federal judge’s ruling against CashCall Inc. over alleged predatory lending practices is a win for consumers, an expert in responsible lending says.

Attorney: After five years, over-regulation by CFPB a concern

Kate Jacobson Sep. 30, 2016, 1:04pm

WASHINGTON (Legal Newsline) -- Five years after its inception, officials for the Consumer Finance Protection Bureau (CFPB) are looking back on its accomplishments.

Wells Fargo shareholders file class action, allege bank execs ‘concealed’ source of record sales

Jessica Karmasek Sep. 29, 2016, 2:23pm

On Tuesday, the bank, no doubt feeling the pressure from federal lawmakers and others, announced that the independent directors of its Board of Directors have launched an investigation into Wells Fargo’s retail sales practices and related matters. CEO John Stumpf will forfeit his salary and awards -- valued at more than $41 million -- amid the independent investigation.

CFPB targets Ariz. auto title lenders

Mark Iandolo Sep. 27, 2016, 3:46pm

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) has filed lawsuits against five title lenders in Arizona – Auto Cash Leasing LLC, Interstate Lending LLC, Oasis Title Loans LLC, Phoenix Title Loans LLC and Presto Auto Loans Inc.  

CFPB's press release misleading, attorney says

Tara Mapes Sep. 27, 2016, 11:45am

WASHINGTON (Legal Newsline) – A recent press release from the Consumer Financial Protection Bureau doesn't represent the actual allegations to which a for-profit education company has settled, a Philadelphia attorney says.

Members of Congress want safe harbor provision in CFPB’s final arbitration rule

Jessica Karmasek Sep. 20, 2016, 12:56pm

The federal lawmakers, in a letter sent to the head of the Consumer Financial Protection Bureau earlier this month, urged the bureau to consider including a provision in the final rule that allows financial companies to retain class action waivers in their arbitration clauses. Under the CFPB’s current proposal, companies would be prohibited from putting mandatory arbitration clauses in new contracts.

CFPB orders Bridgepoint Education to refund students after allegations of deception

Mark Iandolo Sep. 15, 2016, 3:50pm

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) has taken action against Bridgepoint Education Inc., a for-profit college chain, for allegations of deceiving students into loans that cost more than advertised.

CFPB fines Wells Fargo $100 million after alleged illegal practices

Mark Iandolo Sep. 13, 2016, 8:45am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) has announced a $100 million fine against Wells Fargo.

D.C. Circuit affirms SEC's use of administrative law judges

April Bamburg Sep. 1, 2016, 12:15pm

WASHINGTON (Legal Newsline) - On Aug. 9, the U.S. Court of Appeals for the District of Columbia rejected a petition for review of a decision by U.S. Securities and Exchange Commission (SEC) administrative law judges.

CFPB releases 'fix it form' to help student loan servicers improve level of service

Mark Iandolo Aug. 26, 2016, 11:52am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) Student Loan Omsbudman has released a report about consumer complaints of servicing problems that make it difficult to lower their payments in relation to their income.

CFPB proposes changes to Know Before You Owe rule to help provide clarity

Mark Iandolo Aug. 25, 2016, 7:10pm

WASHINGTON (Legal Newsline) – The Consumer Financial Protection Bureau (CFPB) announced proposed updates to its Know Before You Owe mortgage disclosure rule.

CFPB announces leadership changes within the Bureau

Legal News Line Aug. 25, 2016, 7:00pm

WASHINGTON (Legal Newsline) – The Consumer Financial Protection Bureau (CFPB) announced leadership changes within the agency, including new employees at the following positions – associate director for supervision, enforcement, and fair lending; principal deputy general counsel; and deputy chief operating officer.