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The three judge panel of the U.S. Court of Appeals for the D.C. Circuit called the Bureau’s governance model a “gross departure” from the checks and balances normally imposed on regulatory agencies.
On October 5, the Consumer Financial Protection Bureau released its final rule extending an array of new substantive restrictions, upfront and ongoing disclosure obligations, and government reporting requirements on prepaid cards and a range of electronic non-bank accounts.
The Consumer Financial Protection Bureau filed a lawsuit against credit repair company Prime Marketing Holdings, LLC, which allegedly charged consumers a series of illegal advance fees as well as misrepresented the cost and effectiveness of its services.
A letter from CFPB Director Richard Cordray indicates discrimination on the basis of gender identity and sexual orientation will be a focus of CFPB fair lending supervision and enforcement.
The Consumer Financial Protection Bureau announced it has taken action against for-profit college chain Bridgepoint Education, Inc., for deceiving students into taking out private student loans that cost more than advertised.
The bank will pay a total of $190 million in penalties and restitution for thousands of employees opening unauthorized accounts in an effort to garner higher bonuses and better performance reviews. The bank has dropped product sales goals for its consumer bankers in the wake of the settlement.
A trade association representing payday and short-term lenders announced it has documentary evidence that the Consumer Financial Protection Bureau suppressed positive consumer testimonials about payday lending, even while it was moving to subject payday lenders to stringent new rules.
The Consumer Financial Protection Bureau has handled approximately 94,200 bank account or service complaints, somewhat less than one complaint for every 2,000 accounts.
The ruling means that tribal lenders cannot claim federal exemption from state laws, and that CFPB jurisdiction now extends to tribal lenders financed by third parties.
Hundreds of counties across the United States have implemented programs to combat elder financial abuse, according to a report from the Consumer Financial Protection Bureau.