The rule requires payday lenders to determine upfront whether or not the consumer is capable of repaying the loan, among other restrictions.
The Office of the Comptroller of the Currency has released a report challenging the Consumer Financial Protection Bureau’s interpretation of an arbitration study.
Forty percent of U.S. adults struggle to make ends meet, according to a survey from the Consumer Financial Protection Bureau.
Upstart Network has received the first no-action letter from the Consumer Financial Protection Bureau for its use of alternative data in credit and pricing decisions.
The proposed order would permanently ban the company from doing business within the credit repair industry and require a $150,000 civil money penalty.
The Consumer Financial Protection Bureau issued a consent order against two American Express banking subsidiaries for unintentionally discriminating against consumers in Puerto Rico, the U.S. Virgin Islands, and other U.S. territories.
The Columbus, Ohio-based bank was fined $4.6 million by the Consumer Financial Protection Bureau for alleged failures related to information it provides for checking account screening reports.
The U.S. House of Representatives has passed a bill that would scrap the CFPB's arbitration rule while the Senate took up a similar measure expected to come to a vote next month.
Financial services companies were cautioned against misleading consumers about some pay-by-phone fees by the Consumer Financial Protection Bureau.
Enforcement actions fell to six in the second quarter at the Consumer Financial Protection Bureau, down from 17 in the first quarter of the year.