Employees Say Consumer Watchdog Now Toothless
CFPB employees say they have been forbidden from doing any work by directive from the White House. Some bankers had accused the agency of overreach.
Nearly 90 Percent of CFPB Cut as Trump Tries to Eliminate Agency
President Donald Trump is drastically shrinking the workforce and mission of the Consumer Financial Protection Bureau, eviscerating an agency created after the Great Recession with the goal of protecting Americans from fraud, abuse and deceptive practices.
Bill Overturning Bank Overdraft Fee Limits Heads to Trump’s Desk
The House voted Wednesday to overturn a rule that would have limited bank overdraft fees to $5, following the Senate in moving to dismantle the regulation that the Biden administration had estimated would save consumers billions of dollars.
CFPB Drops Enforcement Against Capital One, Rocket Homes and More
The Consumer Finance Protection Bureau has dropped several enforcement actions against lenders, just weeks under new leadership and turmoil at the agency caused by orders from Trump administration.
Fed Chair Says Bank Accounts ‘Safe’ Despite Trump’s Teardown of CFPB
Jerome Powell, testifying before the Senate Banking Committee, said “bank accounts overall across the economy are safe” and backed by government deposit insurance.
New CFPB Head Moves to Shut Down Agency Without Congressional OK
A Sunday night email ordered the bureau to “cease all supervision and examination activity,” effectively shutting down an agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal.
What Does Halt to CFPB Work Mean for Mass. Banks?
The future of the nation’s top consumer financial regulator is in doubt, and that’s opening questions about the impact on local banks.
Overdraft Fee Rule Finalized, But Future Uncertain
President Joe Biden had called the fees, which can be as high as $35, “exploitative,” while the banking industry has lobbied extensively to keep the existing fee structures in place.
Don’t Miss the Chance to Refi
If the past is prologue, millions of homeowners with high-rate mortgages won’t refinance their loans, even as mortgage rates tumble.
CFPB Seeks $8 Credit Card Late Fee Cap
The Biden administration announced a rule Tuesday to cap all credit card late fees, the latest effort in the White House push to end what it has called “junk fees” and a move that regulators say will save Americans up to $10 billion a year.
Overdraft Fees Could Drop to as Low as $3 Under Biden Proposal
The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest effort by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck.
Megabank CEOs Warn New Regulations Could Harm the Economy
The heads of Wall Street’s biggest banks used an appearance on Capitol Hill on Wednesday to plead with senators to stop the Biden administration’s proposed changes to how banks are regulated.
CFPB Orders Bank of America to Pay $12M for False Reporting of Mortgage Data
The Consumer Financial Protection Bureau has ordered Bank of America to pay a $12 million penalty for falsely reporting mortgage applicants’ data from 2016 to 2020.
Citibank Fined $26M for Discrimination Against Armenian Immigrants
Citigroup intentionally discriminated against Armenian Americans when they applied for credit cards, the Consumer Financial Protection Bureau said Wednesday.
FTC Proposes Ban on ‘Junk Fees,’ Coupled with CFPB Action
The proposal is being coupled with the CFPB announcing that it will block large banks from charging “junk fees” to provide basic customer services.
Supreme Court Seemed Likely to Side with CFPB During Hearing
A conservative group’s lawsuit against the agency is being closely watched in parts of the banking industry to see whether it undermines a controversial rule that would require lenders to collect and report anonymized data about the small businesses they lend to.
Apple, Google Restrict Bank Apps on Mobile Devices, CFPB Warns
The Consumer Financial Protection Bureau is warning that Apple and Google restrictions on banking and other payment apps on mobile devices could hurt the growth of digital banking and payments in the US.
As Margins Shrink, Mass. Banks Wait for Clarity on Section 1071 Rule
A proposed bank regulation intended to highlight any existing racial discrimination in small business lending is being met with resistance by local and national banks who say their finances are under pressure.
Shopping for Mortgages Can Save Your Buyers Money
According to a new report from the CFPB, all buyers, not just rookies, can save a significant amount of money if they shop for the best deal on their mortgage.
BofA Hit with $250M Fines for Fees, Opening Accounts Without Consent
Bank of America must pay around $150 million to customers for doubling up on some fees, withholding reward bonuses and opening accounts without customer consent.
