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.

In the News: ‘We are here to fight back’: hundreds protest suspension of US financial watchdog

Chants of “let us work!” rang out across the courtyard of the Consumer Financial Protection Bureau (CFPB) blocks away from the White House on Monday, as hundreds of angry protesters rallied against the Trump administration’s decision to suspend all operations at the US’s top financial watchdog – an agency that has clawed back more than $21bn from Wall Street for defrauded consumers.