Tag Archives: CFPB

Blog: Trump CFPB Drops Case against Zelle, Siding with Banks Over Defrauded Users

The Trump-appointed CFPB leadership dropped its case against digital payment app Zelle, a joint venture between Wells Fargo, JPMorgan Chase, and Bank of America,  delivering a de facto pardon to the company for failing to protect its users from fraud and identity theft that cost customers more than $870 million over seven years. The move comes only a day before the Republican Senate is expected to vote on legislation to permanently weaken oversight of digital payment apps.

In the News: Consumers need the CFPB. Remember the Great Recession?

As Christine Chen Zinner, a senior policy counsel at the nonprofit Americans for Financial Reform, pointed out in an interview, the agency has been politically under siege since its creation. “We have a bad feeling about the direction that it’s going,” she said. “This is an agency that was created after a devastating financial crisis because there were regulatory gaps.”

sign for the CFPB outside a building

News Release: AFR Statement on Unlawful Step to Shut Down CFPB Headquarters

The Trump administration’s plan to shut down CFPB headquarters is the latest unlawful attack on a government agency that truly works for people. Following mass purges, forcing staff onto administrative leave, slashing funding, freezing regulatory activity, and halting enforcement actions, this step is a blatant attempt to irreversibly shutter the agency in utter defiance of the law, even as the Trump administration is losing court cases for its overreach.

CFPB

Blog: Predatory Fintechs Score as Trump-Musk CFPB Caves on Lawsuit

Today, the Consumer Financial Protection Bureau, which has been largely shut down by Elon Musk’s team and Acting Director Russell Vought, pulled the plug on a lawsuit against an online lender, SoLo Funds, that the agency had alleged was deceiving borrowers and imposing deceptive fees on more than half a million borrowers.