Consumer Protection

The Consumer Financial Protection Bureau issued its long-awaited final rule to bring overdraft services under the umbrella of existing lending laws. The rule is controversial among financial industry advocates who have argued such a rule would limit consumer access to overdraft services, causing them to turn to risky alternatives to cover unexpected expenses. Read on »

Days after the Consumer Financial Protection Bureau (CFPB) issued an order establishing supervisory authority over Google Payment Corp. (GPC), the Google LLC subsidiary filed suit against the CFPB in the U.S. District Court for the District of Columbia. The tech company claimed the bureau attempted to coerce GPC into not contesting the designation with the threat of negative publicity. Read on »

As part of its effort to better utilize its supervisory authority over nonbank entities that pose risks to consumers, the Consumer Financial Protection Bureau issued an order establishing supervisory authority over Google Payment Corp. It is the second designation order issued by the bureau invoking its previously dormant authority to supervise nonbank entities under the Dodd-Frank Act. Read on »

Citing studies on the substantial, long-lasting harm of inaccurate credit reporting on abuse survivors, the Consumer Financial Protection Bureau announced an advance notice of proposed rulemaking to gather public input on potential amendments to the Fair Credit Reporting Act to help those impacted. Read on »

The Consumer Financial Protection Bureau sued Comerica Bank for impeding federal benefit payments to elderly consumers and people with disabilities by deliberately disconnecting customer service calls, charging illegal fees, and mishandling fraud complaints. Read on »

In what amounts to the largest distribution from its victims relief fund since the agency’s inception, the Consumer Financial Protection Bureau plans to distribute $1.8 billion to consumers harmed by deceptive and illegal practices by a conglomerate of credit repair companies. The bureau will reimburse 4.3 million people who were charged illegal advance fees or subjected to deceptive “bait-and-switch” tactics. Read on »

The Consumer Financial Protection Bureau (CFPB) announced it intends to reimburse 4.3 million people who were charged illegal advance fees or victimized by deceptive advertising practices. The bureau said it plans to distribute $1.8 billion from its victims relief fund – the largest such distribution in the agency’s history. Read on »

The Consumer Financial Protection Bureau took another step as part of the federal government’s broader initiative to protect consumers’ personal data by introducing a proposed rule to limit the types of personal identifying information data brokers can sell and to clarify the criteria for qualifying as a “consumer reporting agency” under the Fair Credit Reporting Act. Read on »

The Consumer Financial Protection Bureau introduced a proposed rule to limit the types of personal identifying information data brokers can sell and to clarify the criteria for qualifying as a “consumer reporting agency” under the Fair Credit Reporting Act. Read on »

Predatory lending is now a criminal offense punishable with jail time in California following the enactment of California Assembly Bill 3108 in September. The legislation expanded the legal definition of “mortgage fraud” to include any mortgage broker or person who originates a loan with the intent to defraud someone. Read on »