Welcome to the CFPB Journal, your online publication for information about the Consumer Financial Protection Bureau.
If you work in financial services, you need CFPB Journal. Our team of seasoned reporters and editors brings you original coverage of the Bureau you won’t find anywhere else. Created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Federal Reserve-housed Bureau has unprecedented authority, jurisdiction and power. Follow CFPB developments, learn how others are complying with CFPB rules, and monitor general public reaction to the Bureau by checking in often with the CFPB Journal.
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Spotlight
The Consumer Financial Protection Bureau fined Providence, R.I.-based Citizens Financial Group $9 million for violating consumer financial protection standards on disputed credit card transactions. According to the CFPB, Citizens violated the Truth in Lending Act by improperly denying customers’ requests for reports of fraud and errors and requiring them to “jump through unnecessary and burdensome hoops, which are not required under the Truth in Lending Act, to report fraud.”
News
Money held in nonbank, peer-to-peer digital payment apps often lack the deposit insurance protections at traditional banks and are more susceptible to losses, according to a Consumer Financial Protection Bureau report.
The American Bankers Association and Texas Bankers Association are suing the Consumer Financial Protection Bureau to prevent the agency from implementing Section 1071 of the Dodd-Frank Act.
Banks could violate the Consumer Financial Protection Act by unilaterally reopening consumer deposit accounts to process transactions, according to a May 10 Consumer Financial Protection Bureau circular.
Financial institutions are issuing medical installment loans and credit cards to patients with exorbitant interest rates, according to a May 4 Consumer Financial Protection Bureau report.
The Consumer Financial Protection Bureau is suing James Carnes and Melissa Carnes, after the couple allegedly hid money through a series of fraudulent transfers to avoid paying more than $40 million in fines.
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