News – Page 51 – CFPB Journal

The CFPB and ‘Operation Choke Point’

Details continue to emerge about “Operation Choke Point,” a Justice Department program targeting businesses that it feels are at high risk for fraud.

Military allotment servicer to repay $3.1 million

Kentucky-based Fort Knox National Company and its subsidiary, Military Assistance Company, have been required by the Consumer Financial Protection Bureau to repay $3.1 million.

Fair Credit Reporting Act: Reading the CFPB Tea Leaves

The Consumer Financial Protection Bureau and the Office of the Solicitor General have filed an amicus brief with the Supreme Court in connection with a case pending review.

Due process challenge to the CFPB rejected

A federal court has denied a motion from ITT Educational Services to dismiss a lawsuit filed last year by the Consumer Financial Protection Bureau.

CFPB finalizes consumer narrative expansion for complaint portal

The Consumer Financial Protection Bureau has finalized the expansion of the consumer narrative portion of its online complaint database.

CFPB launches review of the credit card market

The Consumer Financial Protection Bureau is seeking comment from consumers, industry, advocates and other stakeholders on how the credit card market is functioning for consumers.

CFPB offers insight into regulation decisions

Last month, Consumer Financial Protection Bureau Deputy Director Steven Antonakes delivered remarks at a financial industry function.

Fears of CFPB overreach on auto loans prompt Congressional action

The Dodd-Frank law of 2010 that created the Consumer Financial Protection Bureau included an amendment that specifically exempted auto dealers from regulation by the new entity. Despite that prohibition, the CFPB has taken steps to indirectly regulate the industry by proposing new rules applicable to the banks that work with auto dealers to provide auto financing.

‘Abusive Acts and Practices’ language key to CFPB enforcement

The Dodd-Frank Act authorizes the Consumer Financial Protection Bureau to enforce more than a dozen existing statutes in defense of consumers.

Subprime card company ordered to repay $2.7 million in fees ruled illegal

Continental Finance Company, a subprime credit card servicer, has agreed to refund $2.7 million to customers, according to a consent decree signed with the Consumer Financial Protection Bureau.