Consumer Financial Protection Bureau
U.S. Government: Agencies/Departments/Divisions | Federal Agencies
Recent News About Consumer Financial Protection Bureau
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CFPB's class action ban likely to be challenged in court after finalized
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
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
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
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
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
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
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
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
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
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
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
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
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
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. -
Federal court: Debt relief law firms not exempt from CFPB’s authority
A Wisconsin federal judge recently ruled that the owners of two law firms offering debt relief services may be held liable by the Consumer Financial Protection Bureau for allegedly violating federal consumer protection laws. -
CFPB receives thousands of comments on proposed arbitration rules
The Consumer Financial Protection Bureau, an independent agency of the federal government responsible for consumer protection in the financial sector, published its proposal in the Federal Register on May 24, with a 90-day comment period. All comments were due no later than Monday. -
18 state attorneys general support rule to limit mandatory pre-dispute arbitration clauses
BOSTON (Legal Newsline) — Massachusetts Attorney General Maura Healey has announced she is leading a coalition of 17 states and the District of Columbia in supporting the Consumer Financial Protection Bureau’s (CFPB) proposed rule to limit the use of mandatory pre-dispute arbitration clauses in contracts for financial products and services. -
CFPB outlines possible proposals to overhaul debt collection market
The Consumer Financial Protection Bureau (CFPB) recently outlined a set of proposals it is considering as part of a plan to overhaul the debt collection market — capping collector contact attempts and helping ensure companies collect the correct debt. -
CFPB takes action against Santander Bank for alleged illegal overdraft services
The Consumer Financial Protection Bureau (CFPB) announced that Santander Bank N.A. will pay $10 million for its alleged illegal overdraft service practices. -
CFPB announces intent to implement congressional changes to GLBA
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) has announced it has proposed to implement recent congressional legislation allowing certain financial institutions to be exempt from sending annual privacy notices to consumers.