Tag Archives: CFPB
News Release: CFPB Lawsuit Highlights Need For Safeguards on Digital Transactions
Americans for Financial Reform applauds today’s announcement of action against the nation’s three largest banks, Bank of America, JPMorgan Chase, and Wells Fargo, for failing to protect consumers from widespread fraud and risky activity on Zelle, the most widely available peer-to-peer payment network.
News Release: CFPB Finalizes rPACE Rule to Protect Green Lending Consumers
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CPFB) issued an important final rule on residential Property Assessed Clean Energy (rPACE), a form of green lending used to cover the cost of home improvements which is most commonly used for energy efficiency improvements and solar panel installations.
In the News: Opinion: The Consumer Financial Protection Bureau has irked billionaires, but it serves the public well (The Los Angeles Times)
The billionaire Elon Musk and the California venture capitalist Marc Andreessen have started a debate about the role of government that we should be having — but it might not go the way they would hope. They don’t like government agencies that stop corporations like theirs from ripping off consumers.
In the News: New Federal Rule Limits Overdraft Fees at Large Banks (The New York Times)
“High overdraft fees make it harder for customers to be able to return back to a positive balance,” [said Christine Chen Zinner, senior policy counsel at Americans for Financial Reform.] “It contributes to involuntary account closures, even from customers being blocked out of the banking system altogether.”
News Release: New CFPB Protection Will Curb Big-Bank Overdraft Fees, Save Households Billions Annually
Today, the Consumer Financial Protection Bureau (CFPB) finalized new protections against overdraft fee abuses at the largest financial institutions, closing a decades-old loophole that allowed big banks to gouge their customers for an inexpensive service. The CFPB’s overdraft fee rule will reduce most overdraft fees from $35 per transaction down to $5, saving households in the United States $5 billion annually.
News Release: Senate Hearing Highlights CFPB Work in Protecting Consumers Against Wall Street
Today, the Senate Banking Committee will hold a hearing with Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), where lawmakers will hear testimony about the agency’s efforts to enforce and promote fairness, transparency, and competitiveness in the financial services that people rely on every day and hold accountable the Wall Street banks and financial predators that take advantage of vulnerable customers.
In the News: Consumer watchdog faces daunting future under Trump (The Hill)
“Signs are mounting that the second Trump administration will try, like the first iteration, to undermine the Consumer Financial Protection Bureau’s mission and capacity to safeguard the rights and wallets of families throughout the United States,” Americans for Financial Reform said in a statement last week.
News Release: CFPB Proposes Rule to Stop Data Brokers From Selling Sensitive Data
Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule to shield consumers from unscrupulous data brokers that sell sensitive personal and financial information, a vital step in both protecting online privacy and limiting fraud.
Blog: Holiday Wishes for Less Credit Card Gouging
We are now full-on into the mad rush of the busiest shopping season of the year and retail sales are expected to reach a record breaking $75 billion just from Black Friday through Cyber Monday. But can we really afford all of these purchases? Or are we being lured into an endless credit card debt trap that will take the rest of the year — or longer — to pay off the interest and fees and charges?