CFPB

Rohit Chopra, director of the CFPB, testifies during the Senate Banking, Housing and Urban Affairs Committee hearing titled "The Consumer Financial Protection Bureau's Semi-Annual Report to Congress," in the Dirksen Building on Nov. 30, 2023.Tom Williams | Cq-roll Call, Inc. | Getty ImagesThe Consumer Financial Protection Bureau unveiled a new rule on Tuesday that it said would cap the typical late fee that banks charge customers at $8 per incident.By cutting late fees to $8 from an average of around $32, more than 45…

Hannah Lang / Reuters: In a major policy change, banks on the payment app Zelle have started refunding scam victims as of June 30, 2023 after pressure from US lawmakers and the CFPB — Banks on the payment app Zelle have begun refunding victims of imposter scams to address consumer protection concerns raised … Hannah Lang / Reuters: In a major policy change, banks on the payment app Zelle have started refunding scam victims as of June 30, 2023 after pressure from US lawmakers and the…

WASHINGTON—A Consumer Financial Protection Bureau employee forwarded to a personal email account confidential information on thousands of consumers and dozens of financial firms, in what the agency has described to U.S. lawmakers as a major incident. The employee, who no longer works at the CFPB, made an unauthorized transfer of records containing personal information on approximately 256,000 consumers at one institution, as well as confidential supervisory information on 45 institutions, a CFPB…

Last October, an especially right-wing panel of the United States Court of Appeals for the Fifth Circuit effectively declared the entire Consumer Financial Protection Bureau unconstitutional. On Monday, the Supreme Court announced that it will review this decision. The case is CFPB v. Community Financial Services Association of America. Realistically, a majority of the justices are likely to reverse the Fifth Circuit’s decision — indeed, it would be shocking if five justices embraced the Fifth Circuit’s poorly reasoned…

WASHINGTON—The Consumer Financial Protection Bureau is weighing new restrictions tied to the fees money-transfer companies charge for wiring money abroad, as the bureau scrutinizes fees across the financial system. Bureau officials say they are studying whether differences in the way providers of overseas money transfers disclose exchange rates and certain fees can make it difficult for consumers to choose the lowest-cost option. Immigrants and other workers send billions of dollars from the U.S. to other countries each…

WASHINGTON—An appellate court ruling that the U.S. Consumer Financial Protection Bureau is unconstitutionally funded could undermine the agency’s work over its nearly 12 years of existence, legal experts said, including rules that ensure smooth functioning of the $13 trillion mortgage market. The decision, by a three-judge panel of the Fifth U.S. Circuit Court of Appeals in New Orleans, is the latest blow to hit the consumer financial regulator that has long been politically polarizing.  If upheld, the decision would…

Three judges appointed by former President Donald Trump handed down an astonishing decision on Wednesday, effectively holding that the Consumer Financial Protection Bureau, the federal agency charged with protecting consumers from a wide range of predatory activity by lenders and other financial services, is unconstitutional and must be stripped of its authority. The decision by the conservative United States Court of Appeals for the Fifth Circuit relies on a novel reading of an obscure provision of the Constitution,…

WASHINGTON—A federal appeals court found the U.S. Consumer Financial Protection Bureau is funded through an unconstitutional method, a ruling that threw out the agency’s regulation on payday lenders and struck a blow against how the agency operates.The decision, by a three-judge panel of the Fifth U.S. Circuit Court of Appeals in New Orleans, found the CFPB’s funding structure violated the Constitution’s doctrine of separation of powers, which sets the authority of the three branches of government. Congress has the sole…

WASHINGTON–Business groups sued the Consumer Financial Protection Bureau over a recent move by the agency to combat potential discrimination in banking services, as legal battles between industry and Biden administration regulators are beginning to intensify. The U.S. Chamber of Commerce, American Bankers Association and four other trade groups Wednesday asked a federal court in Texas to stop the CFPB from looking for discriminatory behavior when conducting routine examinations of…

A top-ranking Democrat is calling on a federal regulator to take action against Equifax Inc. EFX 3.50% for its erroneous credit scores. Maxine Waters, chairwoman of the House Financial Services Committee, asked the Consumer Financial Protection Bureau to stop Equifax from selling credit scores to lenders until the credit-reporting firm can prove it has the controls in place to ensure its scores are…