Consumer Complaints Rise over Credit Monitoring Services
According to American Banker, there has been a sudden rise in the number of consumer complaints in the Consumer Financial Protection Bureau’s (CFPB) complaint database over credit monitoring services provided by the three major credit bureaus. In 2019 alone, 86 people...
OCC Announces Appeal to Judge’s Decision on Fintech Charter
The Office of the Comptroller of the Currency (OCC) announced today that it will appeal a district judge’s ruling that the federal regulator cannot issue a special-purpose fintech charter to a nonbank entity that is ineligible for federal deposit insurance. “The...
Kraninger-led CFPB Finds Middle Ground in Enforcement
The Consumer Financial Protection Bureau (CFPB) under the leadership of Kathy Kraninger has found a middle-ground in policing the financial services sector, initiating more enforcement actions than her predecessor Mick Mulvaney but less than Obama-appointed Richard...
Supreme Court Agrees to Review Constitutionality of CFPB
The U.S. Supreme Court recently agreed to review Seila Law v. Consumer Financial Protection Bureau (CFPB), a case that centers on the constitutionality of the CFPB. The dispute originated when Seila Law, a law firm, refused to turn over documents to the CFPB when...
Disagreements Arise within the Trump Administration over Student Loans
Over the past year, there has been a quiet battle brewing between the Department of Education and the Consumer Financial Protection Bureau (CFPB) over the student loan industry. Kathy Kraninger, Director of the CFPB, sent a letter to Senator Elizabeth Warren stating...
Congressional Democrats Grill Kraninger
House and Senate Democrats grilled the Consumer Financial Protection Bureau’s (CFPB) Director Kathy Kraninger during her semi-annual report to Congress on Wednesday and Thursday. The congressional hearings were expected to be contentious, and they certainly lived up...
CFPB Announces New Taskforce on Federal Consumer Finance Law
Last week, the Consumer Financial Protection Bureau (CFPB) announced a new taskforce that will review federal consumer financial laws with the ultimate responsibility of proposing ways to harmonize and update those laws. “An objective and independent evaluation of...
California Governor Signs Loan Bill
← Previous Article California Governor Gavin Newsom signed into law last week the Fair Access to Credit Act, or AB-539, which sets an interest rate cap of 36 percent on loans between $2,500 and $10,000. The bill would also prohibit prepayment penalties and would... 