WEATHER ALERT
The head of a federal agency for consumers has packed up his office. But will Trump fire him?
Read full article: The head of a federal agency for consumers has packed up his office. But will Trump fire him?The director of the Consumer Financial Protection Bureau, Rohit Chopra, has been waiting for a phone call, letter, email, text — anything, really — from the Trump administration to say if he’s getting fired.
US agency says apps that let workers access paychecks before payday are providing loans
Read full article: US agency says apps that let workers access paychecks before payday are providing loansThe Consumer Financial Protection Bureau says apps that allow workers to access their paychecks in advance, often for a fee, are providing loans and therefore subject to the Truth in Lending Act.
Buy now, pay later companies must adhere to credit card standards, consumer agency says
Read full article: Buy now, pay later companies must adhere to credit card standards, consumer agency saysThe Consumer Financial Protection Bureau says in a new rule that buy now, pay later lenders are basically credit card providers and must provide the same protections and rights that apply to those lenders.
Vindicated by Supreme Court, CFPB director says bureau will add staff, consider new rules on banks
Read full article: Vindicated by Supreme Court, CFPB director says bureau will add staff, consider new rules on banksSince its creation roughly 14 years ago, the Consumer Financial Protection Bureau has faced lawsuits, political and legal challenges to the idea of whether the Federal Government’s aggressive consumer financial watchdog agency should be allowed exist at all.
Banks prepare to take on the Biden administration over billions of dollars in overdraft fees
Read full article: Banks prepare to take on the Biden administration over billions of dollars in overdraft feesThe Consumer Financial Protection Bureau is expected to propose rules this week that further rein in banks’ ability to charge customers a fee when they overdraw their bank account.
Banks' growing reliance on chatbots to handle customer service tasks worries consumer watchdog
Read full article: Banks' growing reliance on chatbots to handle customer service tasks worries consumer watchdogCan you trust Erica, or Sandi or Amy to increasingly control parts of your financial life without giving you inaccurate information or sending money to the wrong place.
Regulators take aim at AI to protect consumers and workers
Read full article: Regulators take aim at AI to protect consumers and workersAs concerns grow over increasingly powerful artificial intelligence systems like ChatGPT, the nation’s financial watchdog says it’s working to ensure that companies follow the law when using AI.
Gov't to start looking for bias in small business lending
Read full article: Gov't to start looking for bias in small business lendingBanks will need to start reporting the demographics and income of small business loan applicants under new rules published by the Consumer Financial Protection Bureau on Thursday.
Regulators try to stop unlawful nursing home debt collection
Read full article: Regulators try to stop unlawful nursing home debt collectionA federal report says nursing homes and debt collectors are flouting a law that prohibits them from requiring friends and family of care home residents to be responsible for costs of the facilities.
Watchdog head: Fines may not stop bad behavior by companies
Read full article: Watchdog head: Fines may not stop bad behavior by companiesThe head of the nation’s financial watchdog is having second thoughts about using fines to deter illegal behavior in the financial industry, saying some companies have gotten so big that the money makes little difference.
Biden consumer watchdog pick signals more aggressive stance
Read full article: Biden consumer watchdog pick signals more aggressive stance(AP Photo/Susan Walsh)CHARLOTTE, N.C. – President Joe Biden's nominee to run the federal consumer watchdog agency indicated Tuesday that if confirmed he would restore more aggressive enforcement actions against companies and banks that largely faded during the Trump administration. On his first day in office, Biden asked President Donald Trump's CFPB director, Kathy Kraninger, to resign. Part of the law that overhauled the entire financial industry, the CFPB was given the mission to be an aggressive regulator and a watchdog for American consumers. He left the bureau in in the final days of the Obama administration to work for an outside consumer advocacy group. In 2018, President Donald Trump nominated Chopra to the FTC to fill the Democratic seat on the regulator.
Biden picks Chopra, Gensler for financial oversight roles
Read full article: Biden picks Chopra, Gensler for financial oversight rolesPresident-elect Joe Biden is set to nominate Rohit Chopra as the director of the Consumer Financial Protection Bureau, tapping a progressive ally of Sen. Elizabeth Warren to helm the agency whose creation she championed. Gensler, a former Goldman Sachs banker, tightened oversight of the complex financial transactions that helped cause the Great Recession. Consumer and investor advocate groups praised the selections of Gensler and Chopra. Mulvaney had been a vocal critic of the consumer agency and made deep changes to it, softening regulations on payday loans, for example, and pulling back on enforcement efforts. As one of two Democratic commissioners on the five-member Federal Trade Commission, Chopra has been an outspoken critic of practices by big companies, especially tech giant Facebook.