Payday Lender Ace Cash Express has been ordered by the Consumer Financial Protection Bureau to pay $10 million in restitution and penalties for deceptive debt-collection practices.
The Wall Street Journal reports that the Consumer Financial Protection Bureau has proposed expanding its online complaint system to capture more detailed narrative information from consumers
According to a report in the Wall Street Journal, Bank of America is near a deal with the Consumer Financial Protection Bureau to settle allegations that the lender pressured consumers into dubious credit card add-on products.
Three recent Freedom of Information Act (FOIA) requests have revealed highly questionable expenditures by the Consumer Financial Protection Bureau.
According to a recent financial statement issued by the Federal Reserve, spending by the Consumer Financial Protection Bureau rose by nearly half, to $563 million in 2013 from $385 million in 2012.
Last month, CFPB Director Richard Cordray came under sharp questioning at a House Financial Services Committee hearing by Chairman Jeb Hensarling (R-TX).
On February 12, the U.S. Chamber of Commerce sent a letter to CFPB Director Richard Cordray outlining three specific areas in which the Chamber is “seriously concerned that the bureau is not working toward clear, evenly applied, economically sound standards.”
On January 15, a federal district court in California rejected a constitutional challenge to the CFPB.
The Wall Street Journal recently reported that the Consumer Financial Protection Bureau has expanded an earlier probe into for-profit colleges.
Last month, the CFPB delivered preliminary results of a study into the use of arbitration clauses in consumer products.