In a sweeping move that effectively paralyzes the Consumer Financial Protection Bureau (CFPB), Acting Director Russell Vought issued a series of directives Saturday night, bringing enforcement, supervision, and regulatory activities to a standstill. The move has sparked fierce backlash from consumer advocates and lawmakers, who accuse the Trump administration of …
Read More »CFPB Sues Major Banks Over Fraud on Zelle Payment Platform
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against America’s three largest banks—JPMorgan Chase, Wells Fargo, and Bank of America—alleging widespread failures to protect customers from fraud on Zelle, the popular peer-to-peer payment platform they co-own. The suit, which also names Zelle’s operator Early Warning Services LLC, claims …
Read More »New Rule Under Biden Would Save Americans $10 Billion a Year in Credit Card Fees
Thor Benson, Common Dreams As part of the Biden’s administration’s efforts to eliminate so-called “junk fees,” the Consumer Financial Protection Bureau has finalized a rule that would cap credit card late fees at $8. The average credit card late fee is $32, so the savings for consumers could be huge. …
Read More »Overdraft Fees, Late Fees Could Be Slashed As White House Continues Attack On Junk Fees
Casey Quinlan The cost of overdrawing your bank account could ease considerably under a rule proposed last week by the Consumer Financial Protection Bureau. The proposed regulation is in line with a larger effort that the Biden administration has championed the past few years to crack down on “junk fees,” which are …
Read More »Proposed Federal Rule Would Lower Credit Card Late Fees
Casey Quinlan, Nevada Current As Americans continue to struggle with high credit card rates, the Consumer Financial Protection Bureau has proposed a rule to help lessen some of their financial burden — in the form of lower late fees. The new rule would limit late fees to $8. Currently credit …
Read More »Consumer Watchdog Launches Initiative To Crackdown On Hidden Fees For Banks, Credit Cards
The Consumer Financial Protection Bureau (CFPB) last week launched an initiative to save households billions of dollars a year by reducing exploitative junk fees charged by banks and financial companies. The federal agency, created in the wake of the 2008 financial crisis, is seeking consumers’ input on so-called junk fees …
Read More »Consumer Bureau Proposes A Ban On Foreclosures Until 2022
The Consumer Financial Protection Bureau is planning on banning foreclosures until 2022. According to the bureau, 3 million households are behind on their mortgage payments and almost 1.7 million will run out of their forbearance periods in September. “We are at really an unusual point in history,” Diane Thompson, a …
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