News – Page 31 – CFPB Journal

Operation Choke Point abandoned, but CFPB tactics remain

The Department of Justice announced last week it was formally closing Operation Choke Point, a controversial regulatory program quietly undertaken in 2011.

Cordray’s political plans may run afoul of federal law

A national legal expert last week raised questions about the political future of Richard Cordray, director of the Consumer Financial Protection Bureau.

CFPB releases report on overdraft fees

The Consumer Financial Protection Bureau has issued a report detailing the impact of overdraft fees on American banks and credit union customers.

JP Morgan fined for account screening failures

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.

Congress moves to overturn CFPB arbitration rule

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.

Companies warned off excessive pay-by-phone fees

Financial services companies were cautioned against misleading consumers about some pay-by-phone fees by the Consumer Financial Protection Bureau.

Small firm prevails over CFPB in court

A small, family run real estate law firm in Kentucky last week prevailed in a lawsuit filed by the Consumer Financial Protection Bureau.

Enforcement actions drop off in second quarter

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.

CFPB proposes a public arbitration database

Last week, the Consumer Financial Protection Bureau issued the final version of its administrative rule concerning arbitration clauses in consumer contracts.

Treasury department recommends CFPB changes

The report comes as another voice in the debate currently roiling Washington over the bureau, with some calling for substantial reform or even abolition of the agency, and some championing it as essential.