Top News

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.

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.

U.S. House committee to hold hearing on CFPB’s proposed arbitration rules ‘soon’

Jessica Karmasek May 11, 2016, 3:57pm

The House Financial Services Committee has launched an investigation into the Consumer Financial Protection Bureau’s proposed regulation of pre-dispute arbitration agreements, requesting various information from the bureau.

U.S. House committee report slams CFPB for campaign against vehicle finance companies

Jessica Karmasek Dec. 3, 2015, 9:30am

The report, released last week by the House Financial Services Committee, includes internal documents showing that the “disparate impact” theory being used by the bureau to build discrimination cases against auto lenders is weak.