Consumer Financial Protection Bureau
U.S. Government: Agencies/Departments/Divisions | Federal Agencies
Recent News About Consumer Financial Protection Bureau
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Consumer board alleges financial company collected on loans not owed
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau announced a lawsuit Nov. 15 against Think Finance for allegedly deceiving consumers into repaying loans that they never actually owed. -
Richard Cordray won't be around to see the court decision that would have got him fired
Richard J. Andreano Jr., an attorney at Ballard Spahr LLP, said the U.S. Court of Appeals for the District of Columbia’s pending decision in PHH Corporation v. CFPB, which could be handed down any day, likely will strongly influence how other courts address the Consumer Financial Protection Bureau structure issue. -
Virginia companies' lawsuit accuses CFPB of regulatory overreach
WASHINGTON (Legal Newsline) – Two Virginia companies are suing the Consumer Financial Protection Bureau over its investigatory practices, alleging that the federal agency exceeded its authority and engaged in bullying tactics. -
Cordray plans to step down as CFPB head at month’s end
Richard Cordray, who has served as the executive director of the Obama-era watchdog agency since its creation in 2010, made the announcement in an email message to colleagues Wednesday. -
Consumer board accuses Freedom Debt Relief of alleged deception
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Nov. 8 that it has filed a lawsuit against Freedom Debt Relief, the biggest debt settlement company in the United States, for allegations of deceiving consumers. The lawsuit also named co-CEO Andrew Housser as a defendant. -
Senate urged to pass legal reform bills; Dems opposed, still mourning arbitration rule
WASHINGTON (Legal Newsline) - A two-hour hearing on frivolous lawsuits before a U.S. Senate committee may have lacked focus on pending legislation but did produce a few noteworthy moments - including Sen. Al Franken’s assertion that there are “bad actors” filing meritless lawsuits, though he is opposed to the reforms presented. -
CFPB seeks order for Nexus to comply with civil investigative demand
WASHINGTON (Legal Newsline) – Two Virginia companies are alleged to have failed to comply with a federal bureau's request for information. -
Banking industry leaders applaud Senate vote against CFPB arbitration rule
WASHINGTON (Legal Newsline) – Financial institutions and free-market advocates generally applauded the recent U.S. Senate vote striking down a federal rule that would have eliminated mandatory arbitration clauses in consumer credit contracts. -
U.S. Senate, in late-night narrow vote, rolls back CFPB’s anti-arbitration rule
A resolution of disapproval, striking down the Consumer Financial Protection Bureau’s new anti-arbitration rule, passed 51-50 Tuesday, with Vice President Mike Pence casting the tie-breaking “yes” vote. Only one Republican voted against the resolution. -
Attorney: Lawsuit against CFPB's 'unfortunate' arbitration rule helps protect businesses
Joe Rubin, who recently was named senior vice president of government relations and public affairs at Washington, D.C.-based public relations firm MWWPR and who previously served as senior counsel at Arnall Golden Gregory LLP, said the plaintiff groups’ arguments are “very strong.” -
'Secret analysis' pushing CFPB's lawyer-friendly rule, U.S. senators told
WASHINGTON (Legal Newsline) - A federal agency is keeping its research secret as it forces a controversial rule that will harm consumers and businesses alike, a fellow regulator is telling members of a U.S. Senate committee. -
Controversial rule would increase interest rates to create lawsuits, OCC head tells CFPB
WASHINGTON (Legal Newsline) – A battle of opinions has broken out between the heads of two regulatory bodies, with the Comptroller of the Currency criticizing a controversial rule that he says will increase costs in the financial services industry for the sake of creating lawsuits. -
Lawsuit: CFPB’s anti-arbitration rule will mean ‘significant’ costs for businesses
More than a dozen groups, including the U.S. Chamber of Commerce, American Financial Services Association and Financial Services Roundtable, filed a lawsuit Sept. 29 in the U.S. District Court for the Northern District of Texas, Dallas Division, against the Consumer Financial Protection Bureau’s new rule, finalized in July. -
Trustee, U.S. Bank poke noses in CFPB's $21M student loan settlement
WILMINGTON, Del. (Legal Newsline) – Two financial agencies have filed motions to intervene in a federal agency's $21.6 million settlement with student loan trusts over allegations of illegal debt collection. -
Ocwen Financial on CFPB suit: Complaint 'riddled with pleading deficiencies,' should be dismissed
WEST PALM BEACH, Fla. (Legal Newsline) – A mortgage company under fire for its loan practices has filed a motion to dismiss, alleging the Consumer Financial Protection Bureau (CFPB) has abused its authority in filing the suit. -
Consumer board orders Meridian Title to pay $1.25 million after allegedly deceiving customers
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Sept. 27 that it took action against Meridian Title Corporation, a real estate settlement services company, for allegations of steering consumers to an affiliated business. -
New York court sends question in 9/11 responders, NFL players case to Pennsylvania court
A question in a lawsuit against a legal funding company that allegedly scammed 9/11 responders and former NFL players has swapped judges’ hands. -
Arbitration ban would boost credit costs 25 percent, federal analysis finds
A rule banning mandatory arbitration in consumer financial agreements would raise the cost of consumer credit by nearly 3.5 percent annually, a newly released federal analysis says. -
Letters urging fight against CFPB's arbitration rule could persuade senators
WASHINGTON (Legal Newsline) – Letters sent to various Congress members regarding a proposed Consumer Financial Protection Bureau rule, which has been called a gift to plaintiffs lawyers, may hold some sway, according to one conservative think tank. -
Financial board targets online lead aggregator for allegedly abusive practices
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Sept. 6 that it took action against Zero Parallel, an online lead aggregator, for allegedly steering consumers toward lenders that offered illegal or unlicensed loans that were void in the consumer’s state.