Tag Archives: CFPB

Blog: Navy Federal Credit Union Case Highlights Need to Lower Overdraft Fees

Last week, the Consumer Financial Protection Bureau (CFPB) ordered the largest credit union in the United States to stop charging its customers illegal overdraft fees. Navy Federal Credit Union has been ordered to refund $80 million back to its customers, many of whom are active duty servicemembers, veterans, and Department of Defense civilian employees. Additionally, the credit union must pay a $15 million penalty to the agency’s victims relief fund. 

Blog: Rethinking Remittances 

Rethinking Remittances When Changing a Little Changes a Lot The United States is one of the top sources of remittances in the world, with $79.15 billion in remittances sent to family and friends outside the country in 2022 alone. Despite this huge volume, the costs

News Release: CFPB Enforcement Action Challenges Abusive Forced Arbitration Practice

The Consumer Financial Protection Bureau’s (CFPB) recent enforcement action against Ejudicate, a forced arbitration platform, highlights the urgent need to restrain a practice that hurts millions of consumers. The agency found Ejudicate had misled student borrowers about its neutrality in arbitration and illegally started sham forced arbitrations against those borrowers.

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Blog: Can Ordering a Pizza Invalidate Your Fundamental Rights?

Last week, a New Jersey court ruled that a couple who had been seriously injured in an accident riding in an Uber forfeited their right to sue Uber because their 12-year-old had clicked on a pop-up box in order to track her Uber Eats pizza order a year earlier. The food delivery app contained a forced arbitration clause that the court said invalidated their right to hold Uber accountable in court.

New Poll Shows Voters Across Party Lines Want CFPB Action to Curb Junk Fees, Tame Wall Street

As the focus on the American voter intensifies with the coming election, a new poll released today shows voters across the political spectrum overwhelmingly support the mission of the Consumer Financial Protection Bureau (CFPB), financial regulation generally, and a variety of specific CFPB actions, including efforts to limit credit card late fees, reduce overdraft charges, and prohibit medical debt from appearing on credit reports.

CFPB

News Release: 160+ Groups Urge Clear Fee Disclosures for Paycheck Advance Apps in Letter to the CFPB

More than 160 consumer, labor, civil rights, faith-based, and community organizations submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) in support of its proposed interpretive rule ensuring important legal protections for consumers who use earned wage advance (EWA) or other fintech cash advance products that need to be repaid with the borrower’s next paycheck. The letter calls for clearer cost and fee disclosures for these workplace payday loans. 

Amicus Brief: Chamber of Commerce v. CFPB Amicus Brief filed

Americans for Financial Reform recently joined several consumer protection organizations in an amicus brief in Chamber of Commerce v. CFPB, which was filed by Democracy Forward in the 5th Circuit in August 2024. This brief supports the CFPB’s 2022 clarification in its Supervision and Examination Manual that “discriminatory acts or practices” in the provision of financial services may be “unfair” under the Dodd-Frank Act. The brief asks the 5th Circuit to reverse the judgment of the district court, and hold that the CFPB has statutory authority to consider discriminatory conduct an “unfair” practice.

News Release: 35 Groups Call on Next Administration to Carry On Fight Against Junk Fees 

Today, 35 community, civil rights, consumer, and advocacy organizations called on  presidential candidates to confront junk fees as a part of any future economic agenda. As President Biden highlights the success of his crackdown on junk fees – especially credit card late fees – presidential candidates should promise to protect people from unfair, undisclosed fees. Junk fees cost families tens of billions yearly. They inhibit competition and hurt consumers, workers, small businesses, and entrepreneurs. Fighting them is immensely popular.