The leadership chairs at the Consumer Financial Protection Bureau (CFPB) are moving once again. First, it was reported that Secretary of the Treasury Scott Bessent was acting Director. Then Russell Vought, the head of the OMB, became acting CFPB director last week. Yesterday, it was revealed that former FDIC Board… Read More
The Consumer Financial Protection Bureau (CFPB) has halted all regulatory activity. The X account affiliated with the CFPB no longer exists, and the homepage is not updating correctly. The CFPB has been a controversial agency since its inception. The creation of the Dodd-Frank Act, the CFPB,… Read More
This week, Rohit Chopra was booted from the Consumer Financial Protection Bureau (CFPB) and replaced by acting CFPB Director, Secretary of the Treasury Scott Bessent. The CFPB has been a controversial bureaucracy from its inception, and some supporters of Fintech innovation have chafed at the… Read More
Secretary of the Treasury Scott Bessent is picking up another leadership role as President Donald Trump named Bessent Acting Director of the Consumer Financial Protection Bureau (CFPB). As Bessent steps in, Rohit Chopra, the Director under the Biden Administration, is now without a job. Bessent… Read More
Yesterday, the Consumer Financial Protection Bureau (CFPB) issued a statement pertaining to an enforcement action against global Fintech Wise. The action arrived with a $2.5 million penalty for the firm. The CFPB claims that Wise failed to serve consumers sufficiently as it misled US customers… Read More
UK-based Fintech Wise (LON: WISE) has been penalized by the Consumer Financial Protection Bureau (CFPB). Wise has been ordered to pay $2.5 million for claims of failing to provide disclosures to consumers. The $2.5 million is split between $450,000 in redress for impacted individuals and… Read More
The Consumer Financial Protection Bureau (CFPB) took action against Equifax, the nationwide consumer reporting agency, for its failure to conduct “proper investigations” of consumer disputes. The CFPB found Equifax (allegedly) “ignored consumer documents and evidence submitted with disputes, allowed previously deleted inaccuracies to be reinserted… Read More
Capital One is probably best known for its pithy commercials featuring Jennifer Garner asking, “What’s in your wallet.” Unfortunately, the Consumer Financial Protection Bureau (CFPB) believes that Capital One has been cheating its customers, thus questioning if consumers should keep Capital One as a credit… Read More
Buy Now, Pay Later (BNPL) has emerged as a popular type of credit which may be less expensive than traditional credit cards. Today, it is very common for BNPL services to be made available at the point of sale, thus helping to ensure a shopping… Read More
The Consumer Financial Protection Bureau (CFPB) has sued Experian (LSE:EXP) – a firm best known for its credit reports. The CFPB claims that Experien “does not take sufficient steps to intake, process, investigate, and notify consumers about consumer disputes, resulting in incorrect information on consumer… Read More
The Consumer Financial Protection Bureau (CFPB) has issued final rules blocking medical bills from being included in credit reports. The CFPB estimates that this action will remove $49 billion from credit reports, impacting approximately 15 million individuals. The CFPB says the rule will increase privacy… Read More
CFPB Director Rohit Chopra has issued a statement on developments regarding large asset manager ownership of banks. Rohit Chopra noted that the US has understood the importance of preventing commercial interests from “gaining an unfair advantage by consolidating ownership of railroads, electric utilities, banks, and… Read More
The Consumer Financial Protection Bureau (CFPB) sued Walmart (NYSE: WMT) and Branch Messenger for forcing delivery drivers to use costly deposit accounts to get paid and for deceiving workers— “last mile” drivers in Walmart’s Spark Driver program—about how they could access their earnings. The CFPB’s… Read More
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Rocket Homes claiming kickbacks for real estate brokers and agents who steered customers to use the platform for mortgages. The CFPB reported that it had also sued Jason Mitchell, his real estate brokerage firm,… Read More
The following was provided by J.D. Power: As we approach the end of the year, the major storylines that have developed in the credit card industry are creating ripple effects through the entire financial landscape. Even as inflation has dropped to its lowest level since February… Read More
Earlier this week, the Consumer Financial Protection Bureau (CFPB) announced a lawsuit targeting the big banks that launched Zelle. Zelle was created by big banks in recognition of the rise of peer-to-peer payments and transfers. The banks wanted to keep pace with competitors and decided… Read More
As part of a push to maintain relevance in the digital finance world, several years ago big banks partnered up to launch their own instant payments and transfer system Zelle. The payments platform has emerged as a significant success – except for claims of fraud… Read More
The Consumer Financial Protection Bureau (CFPB) announced actions in order to protect consumers from “illegal” credit card practices and help people save money on interest and fees. In a circular to other law enforcement agencies, the CFPB warned that some credit card companies operating rewards… Read More
This week, Independent Community Bankers of America president and CEO Rebeca Romero Rainey spoke out against the Consumer Financial Protection Bureau’s final rule on overdraft services. Despite the Consumer Financial Protection Bureau’s overdraft rule’s exemption for community banks under $10 billion in assets, Rainey said… Read More
The Consumer Bankers Association (CBA), American Bankers Association (ABA), America’s Credit Unions, Mississippi Bankers Association, and other individual banks have joined in a lawsuit challenging the final rules issued by the Consumer Financial Protection Bureau impacting overdraft regulations. Yesterday, the CFPB issued rules that manage… Read More
Crowdfund Insider is the leading news website covering the emerging global industry of disruptive finance including investment crowdfunding, Blockchain, online lending, and other forms of Fintech.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it and agree to our terms of service.Ok