Consumer Financial Protection Bureau (CFPB)

Monday, January 7, 2019

USAA to Pay $12 Million in Restitution to Customers, $3.5 Million Fine


Settlement with Consumer Financial Protection Bureau cites failures with preauthorized electronic fund transfers, reopening closed accounts

https://www.
Read more . . .


Monday, April 23, 2018

Wells Fargo fined $1 billion for insurance and mortgage abuses

http://money.cnn.com/2018/04/20/news/companies/wells-fargo-regulators-auto-lending-fine/index.html
Read more . . .


Thursday, March 8, 2018

Trump is systematically backing off consumer protections, to the delight of corporations


Agencies under President Trump’s executive discretion have taken a laid back approach to consumer protections relative to previous administrations. The Washington Post writes: “At the [CFPB], for example, enforcement actions have dropped from an average of three-to-five each month during the past four years down to zero since a Trump appointee took charge of the agency in late November.” Under the guidance of Mick Mulvaney, the CFPB is reportedly deferring enforcement actions to state attorneys general and regulatory bodies.

 Read more . . .


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 . . .


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