Consumer Financial Protection Bureau
U.S. Government: Agencies/Departments/Divisions | Federal Agencies
Recent News About Consumer Financial Protection Bureau
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CFPB recovers more than $24.5 million in restitution for illegal auto finance schemes
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) has announced its supervisory actions in the first four months of 2016 revealed illegal auto finance and payment activity that led to close to $24.5 million in restitution to more than 257,000 consumers. -
CFPB announces new thresholds for certain parts of Truth in Lending Act regulations
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) has announced annual adjustments to the dollar amounts of select thresholds existing within the Truth in Lending Act regulations. These regulations will take effect on certain consumer credit transactions in 2017. -
CFPB proposes new rules targeting payday loan fees
WASHINGTON (Legal Newsline) – The Consumer Financial Protection Bureau (CFPB) recently released proposed new rules designed to regulate payday, automobile title and some high-cost installment loans in an effort to protect consumers from the financial woes associated with frequent loan and overdraft fees. -
Arkansas attorney general reacts to recent actions undertaken by the CFPB
LITTLE ROCK, Ark. (Legal Newsline) – Arkansas Attorney General Leslie Rutledge has released comments about the Consumer Financial Protection Bureau’s (CFPB) decision to move forward with federal standards and limitations on credit lines, installment loans, deposit advances, automobile-title secured loans and payday loans. -
CFPB targets Intercept Corporation for alleged Dodd-Frank Act violations
FARGO, N.D. (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) has announced Intercept Corporation and company executives Bryan Smith and Craig Dresser have been charged with allegedly enabling unauthorized withdrawals from consumer accounts. -
CFPB charges former Wells Fargo employee with allegations of mortgage-fee shifting
WASHINGTON (Legal Newsline) – The Consumer Financial Protection Bureau (CFPB) announced that it took action against former Wells Fargo employee David Eghbali for an alleged illegal mortgage fee-shifting scheme. -
Attorney: Arbitration proposal fight likely not over after comments period
The Consumer Financial Protection Bureau has proposed a set of rules prohibiting arbitration clauses that prevent class action lawsuits on behalf of consumers -- a contentious proposal that has parties on both sides speaking out. -
CFPB using email between management in lawsuit
WASHINGTON (Legal Newsline) – The Consumer Financial Protection Bureau is pointing to a cartoon featuring a man using a gun that was sent in an email as it pursues litigation against two businesses. -
Intercept alleges Consumer Financial Protection Bureau's actions void
FARGO, N.D. (Legal Newsline) - A payroll processing company is suing the Consumer Financial Protection Board, alleging its director has unconstitutional power. -
Attorney: CFPB study shows arbitration more often benefits consumers
Defense attorney Matt Stromquist joins academics, industry and federal lawmakers in criticizing the Consumer Financial Protection Bureau’s set of proposed rules prohibiting mandatory arbitration clauses that prevent class action lawsuits and the study upon which they’re based. Stromquist also takes issue with how arbitration has been depicted in recent months. -
Arkansas AG requests CFPB to hold meeting about recent proposed federal rule changes
WASHINGTON (Legal Newsline) – Arkansas Attorney General Leslie Rutledge announced that she has asked Richard Cordray, the director of the Consumer Financial Protection Bureau (CFPB) to hold a conference of states to discuss the ideas in the March 26 outline of potential new standards and limitations on credit lines, installment loans, deposit advances, automobile-title secured loans and payday loans. -
Appeals court hears arguments against CFPB
WASHINGTON (Legal Newsline) — If the federal court of appeals in Washington, D.C., rules that the Consumer Financial Protection Bureau’s structure is unconstitutional, it could throw pending litigation and previous decisions by the agency into question. -
Discrimnatory pay accusations against CFPB reflective of trend, group says
WASHINGTON (Legal Newsline) – As the Consumer Financial Protection Bureau faces allegations of unequal pay for its minority employees, a national committee that monitors such cases says the CFPB needs to look hard at its practices before the situation gets worse. -
U.S. House committee to hold hearing on CFPB’s proposed arbitration rules ‘soon’
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. -
CFPB proposes prohibiting mandatory arbitration clauses
The Consumer Financial Protection Bureau’s release of its set of proposed rules coincided with a field hearing held in New Mexico Thursday. Under the bureau’s proposal, companies would still be able to include arbitration clauses in their contracts. However, for contracts subject to the proposal, the clauses would have to say explicitly that they cannot be used to stop consumers from being part of a class action in court. -
CFPB’s proposed arbitration rules could be released following field hearing next month
The Consumer Financial Protection Bureau announced last week it plans to hold a third field hearing May 5 on the rules banning the arbitration clauses that prevent class action lawsuits. -
CFPB takes action against co-founders of T3Leads
WASHINGTON (Legal Newsline) – The Consumer Financial Protection Bureau (CFPB) filed complaints in federal court against the two co-founders of T3Leads, alleging the defendants resold loan applications that contained sensitive personal data to lenders without assessing the source of the leads. -
CFPB analyzing hidden costs associated with payday loans
WASHINGTON (Legal Newsline) – The Consumer Financial Protection Bureau (CFPB) released a report that details the steep, hidden costs to online payday loans that come when online lenders debit payments from a consumer’s checking account. -
Know Before You Owe rule aims to bring clarity to mortgage loan process
WASHINGTON (Legal Newsline) - The Consumer Financial Protection Bureau says it is working with those who offer construction loans to ensure its new "Know Before You Owe" rule is implemented smoothly. -
CFPB institutes interim rule for small creditors in rural areas
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) has announced an interim final rule broadening the provisions for small creditors that operate in rural and under-served areas.