We stand in solidarity with the families of George Floyd, Breonna Taylor, Ahmaud Arbery, and the millions of Black people subject to racial oppression, violence, and murder at the hands of the police and of white supremacists.
The Consumer Financial Protection Bureau (CFPB) has finalized a rule allowing it to supervise larger nonbank companies that offer services like digital wallets and payment apps, also known as peer-to-peer or P2P apps. Supervision of these companies will make sure they comply with the law and do not facilitate fraud. Banks are already supervised for these same reasons, and this rule will level the playing field to make sure all payments are safe, whether offered by a bank or a nonbank company.
The Consumer Financial Protection Bureau’s (CFPB) new overdraft fee rule closes a paper-check era loophole that has promoted abusive practices and allowed the biggest banks to earn billions in profits off of the most vulnerable families. The rule will help everyone, but especially families that are struggling with high prices and making ends meet.
The Consumer Financial Protection Bureau’s (CFPB) Personal Financial Data Rights Rule (Rule 1033) helps create a more consumer-friendly and competitive financial services marketplace by allowing people to easily and securely move their personal financial data between financial institutions. Prior to this rule, many banks and financial institutions limited how consumers could use their financial data, which made it difficult for people to comparison shop, manage money, use new technology, or switch accounts and service providers. With Rule 1033, people who wish to switch financial service providers can share their banking history and data from previous transactions in a secure manner, helping them more easily move between service providers.
The Consumer Financial Protection Bureau’s (CFPB) final rule to remove medical bills from most credit reports will prohibit credit reporting companies like Equifax, TransUnion, and Experian from sharing medical debt information with lenders as well as barring lenders from considering these medical debts in underwriting decisions.
The Consumer Financial Protection Bureau (CFPB), created after the devastating 2008 financial crisis, exemplifies the government working for the people by vigorously protecting consumers and their families, including by reducing junk fees and holding corporations and financial institutions accountable when they engage in unfair and illegal conduct. Since its creation, the CFPB has stood up for the little guy against Wall Street, predatory lenders, and other financial services companies, by cracking down on junk fees, reducing the burdens of medical debt, fighting lending discrimination, and promoting banking competition, all while returning billions of dollars back into the pockets of everyday people.
The Department of Treasury’s Federal Insurance Office (FIO) released a report revealing how climate change is making homeowners insurance more expensive and harder to obtain across the United States. The report analyzes zip code level data—much of which was also released—obtained from insurers by FIO and the National Association of Insurance Commissioners (NAIC).
State policymakers and pension officials should use all the tools at their disposal to protect public pensions from federal threats and safeguard their ability to make investment decisions that promote retirement with dignity and economic security, according to a new policy roadmap released by the Americans for Financial Reform Education Fund.
The CFPB’s proposal would prohibit financial companies from forcing consumers to surrender their fundamental rights in take-it-or-leave-it contracts that are used for everyday services such as bank accounts, credit cards, and payment apps on smart phones.
“Trump ran as a populist,” [said Christine Chen Zinner, senior policy counsel at Americans for Financial Reform.] “So the Trump administration really has a decision to make about whether any of the populist rhetoric that came out of their campaign is meaningful or just a cover to let Wall Street take control of CFPB.”
But imposing a blanket national ban would still be a major boon to consumers, Christine Chen Zinner, chief policy counsel at Americans for Financial Reform, told Yahoo Finance. If it’s implemented, the rule would make it easier for Americans to dispute unfair or incorrect hospital bills by taking away the threat that their credit score could be harmed if the debt is sent to collections.
