Category Archives: Consumer Financial Protection Bureau (CFPB)

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

Richard Cordary

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.

Despite Equifax hack, GOP lawmakers want to deregulate credit agencies

Equifax Breach

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 […]

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

Equifax on a Billboard

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 […]

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

Magnifying Glass on a Credit Report

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, […]

CFPB Rule Fight Forces Senators to Choose: Military Families or Big Banks

CFPB Illustration

Earlier this year, the Consumer Financial Protection Bureau (CFPB) promulgated a long-awaited rule prohibiting banks and payday lenders from using forced arbitration clauses in their contracts. The rule was brought to a halt, however, by the House of Representatives–under the seldom used Congressional Review Act, an authority which enables Congress to “veto” executive-agency actions–and now […]

Trump and Cordray: Five Scenarios for the CFPB

cfpb logo

Here are five potential scenarios on what might happen to CFPB director Richard Cordray once the new president arrives. One: Bigger Fish Prevail Competing priorities may push back any big decisions about the CFPB or its director, even if the new administration ultimately plans an all-out assault on the agency, several sources predict. Two: Congress […]

Debt Collection Was the Most Complained About Financial Service Among Older Consumers for March

Calculator and Bill

For March 2017, debt collection was the most-complained-about financial product or service by consumers identifying as over the age of 62. Of the 2,169 older consumer complaints handled in March, there were 496 complaints about debt collection. The second most-complained-about consumer product was mortgages, which accounted for 486 complaints. Credit reporting was the third most-complained-about […]

Sloppy Credit Bureaus, Sketchy Credit Doctors Slammed by Trifecta of CFPB, State AGs, and Consumer Lawyers (4/4)

This is part four of a four-part series that looks at how inaccurate credit reporting is being fought by attorneys, the CFPB, and state AGs. CFPB Nails Credit Repair Doctors: The credit bureaus not only make mistakes, they fail to conduct adequate reinvestigations of disputes or remove inaccurate information. Instead of complying with these FCRA […]

House passes sweeping bill to strip back financial rules

Capitol Hill

The House of Representatives on Thursday passed sweeping legislation to strip and replace much of the financial regulations passed under former President Barack Obama after the 2008 financial crisis. The House passed the Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act, 233-186, along party lines. The bill is not expected to […]

Your consumer protections, on the brink of destruction in Congress

Wall Street

When Congress sought to make sure that abuses by the financial industry that put our economy on the brink of collapse would never be repeated, it created the Consumer Financial Protection Bureau. Since its founding in 2011, the CFPB has delivered resoundingly, providing $12 billion in relief to 29 million consumers wronged by banks and […]