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Consumer Financial Protection Bureau (CFPB)

Monday, December 11, 2017

When it comes to financial consumer protection state attorneys general wield an additional potentially powerful weapon.


A little-known provision of the 2010 Dodd-Frank law, which created the CFPB, gives them the authority to enforce the agency’s rules and its broad ban on “unfair, deceptive and abusive” practices beyond state lines.

States have rarely used those provisions while Richard Cordray, appointed by President Barack Obama and known for aggressively pursuing financial firms, was in charge of the watchdog.

 

Read more . . .


Tuesday, November 21, 2017

The vast majority of Americans -- across the political spectrum -- benefit from the protections of the Consumer Financial Protection Bureau. Here's one example from this piece:


In fact, the CFPB has emerged as that rare beast — a fast-moving agency that actually chalks up wins for average Americans. By the end of 2016, shortly before Trump took office, the 5 1/2 -year-old bureau’s enforcement actions against everyone from the country’s biggest banks to small-time debt collectors had already returned $11.9 billion to 29 million consumers. The CFPB had created a public database of consumer complaints against banks and other lenders, and had issued new rules governing everything from mortgages to student loans to the prepaid cards that millions of “unbanked” Americans carry in their wallets. A year ago, the bureau finalized new rules giving prepaid customers some of the same protections enjoyed by those who use credit cards.
Read more . . .


Monday, November 20, 2017

Trump likely to tap budget director Mulvaney as interim CFPB chief


Fox guarding the hen house.  Mulvaney was one of the agency's most vocal critics during his time in the House and voted in favor to kill the agency.

 

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Friday, November 17, 2017

Richard Cordray to step down as head of Consumer Financial Protection Bureau


A one-two punch. First the Congressional override of the CFPB's rule limiting mandatory arbitration clauses in certain consumer financial agreements. And now the loss of Cordray who has been an important advocate for consumer financial rights.

 

Read more . . .


Sunday, September 24, 2017

Despite Equifax hack, GOP lawmakers want to deregulate credit agencies


Clear partisan lines emerge in response to the Equifax breach. Last week, Democrats introduced the Freedom from Equifax Exploitation Act, barring credit bureaus the ability to charge a fee for freezing consumer credit. House Republicans, on the other hand, propose to undermine credit-industry regulations with new legislation. The Credit Services Protection Act, introduced by Ed Royce (R-Cal.), and the FCRA Liability Harmonization Act, spearheaded by Barry Loudermilk (R-Ga.
Read more . . .


Wednesday, September 13, 2017

143 Million Reasons Congress Shouldn’t Gut the Fair Credit Reporting Act


Congressman Barry Loudermilk’s proposal to weaken the Fair Credit Reporting Act (FCRA) entered the national discourse on the heels of Equifax’s potentially catastrophic data breach. Industry watchdogs highlight the sharp contrast between the need for credit-industry regulation (as evidenced by the Equifax breach) and the coziness with which some Congress members comport themselves to the credit bureaus.

Read more . . .


Tuesday, September 12, 2017

House Bill Would Let Companies Off the Hook for Known & Devastating Mistakes


For nearly half a century, the Fair Credit Reporting Act (FCRA) has empowered American consumers, serving as a deterrent against credit reporting and background check errors—nowadays an all-too-familiar feature of the credit reporting industry. The possibility of punitive damages (available in some matters) supplies the FCRA with a great deal of its bite. Georgia Congressman, Barry Loudermilk introduced a bill (H.R. 2359) to vote last week in the House, which amongst other things, would eliminate consumers’ ability to receive punitive damages, drastically weakening the FCRA.
Read more . . .


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