CFPB Hits Payday Lenders with Small Dollar Rule, Continues Disregard for Tribal Sovereignty
Earlier today the Consumer Financial Protection Bureau (CFPB) announced its long-awaited rule on “Payday, Vehicle Title, and Certain High-Cost Installment Loans.” The new rule, informally referred to as the Small Dollar Rule, is expected to take effect 21 months from...
Dems Turn to CFPB to Control Overdraft Fees
Rep. Carolyn Maloney (D- N) lamented this week that her proposed bill to reform bank overdraft fees will likely stall in the House as partisan politics continue to hamper Congress. In light of Congressional inaction, Rep. Maloney is encouraging the Consumer Financial...
Projections Show Credit Card Debt Will Top $1 Trillion by End of 2017
Projections based on recent and historical credit card trends by WalletHub, a credit monitoring service, found that Americans added $33 billion in credit card debt over the second quarter of 2017. By the end of the year, WalletHub projects an additional $60 billion in...
Acting Comptroller Warns of Rising Costs with Arbitration Rule
Speaking to a fintech conference at the Federal Reserve Bank of Philadelphia earlier this week, Acting Comptroller of the Currency Keith Norieka informed attendees that the Consumer Financial Protection Bureau’s (CFPB) recently published arbitration rule would...
CFPB Survey Finds More Than 40 Percent Struggle with Financial Well-Being
A newly published survey by the Consumer Financial Protection Bureau (CFPB) finds that 43% of consumers struggle to pay bills each month. The study, titled “Financial Well-being in America,” is a survey of more than 6,000 people across the United States in an attempt...
Cordray Proposes On-Site Monitoring for Big 3 Credit Bureaus
On the heels of news that Equifax, a credit bureau, had sensitive information for more than 143 million Americans stolen in a massive security breach, the Director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray, announced the big 3 credit...
Fed OIG Criticizes CFPB in Two New Reports
The Federal Reserve’s Office of the Inspector General (OIG), which also oversees the Consumer Financial Protection Bureau (CFPB), published two separate reports late last week on the CFPB’s supervisory and enforcement divisions. The first report reviewed the Bureau’s...
Opinions Abound on the Future of the CFPB
As many wait anxiously for the en banc D.C. Circuit Court to rule on the constitutionality of the agency, there is no shortage of highly-respected industry leaders, former government officials, current members of Congress, and interest groups weighing in on the...
