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The Latest Breaking News from CFPB

Regions Bank to refund $141M for illegal overdraft fees

Regions Bank for a second time in a decade was found charging illegal overdraft fees in a settlement that will require the bank to repay $141 million to customers plus $50 million in fines

The Independent UK

Nation's consumer watchdog taking aim at 'buy now, pay later' lenders

The nation's consumer watchdog plans to start regulating the booming "buy now, pay later" industry, voicing concerns about potential abuses, data mining and consumers being enticed to overextend themselves.

Tribune News Service

Buy Now, Pay Later Payments: New Rules Consumers Should Know

Big changes are ahead for Buy Now Pay Later

The Street

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Millennial Money: Why you should increase credit limits now

Credit limits aren’t always there when you need them

The Independent UK

The nation's top consumer watchdog wants to protect your personal data and digital wallet

Rohit Chopra heads the Consumer Financial Protection Bureau (CFPB), the federal agency tasked with protecting consumers and their money. The CFPB in recent years has sued student loan servicers, investigated redlining — or discriminatory lending — in mortgages and other loans, and is now focusing on "buy-now-pay-later" firms, payment apps,…

The Philadelphia Inquirer

Watchdog head: Bad actors should face more than big fines

The head of the nation’s financial watchdog is having second thoughts about using fines to deter illegal behavior in the financial industry, saying some companies have gotten so big that the money makes little difference

The Independent UK

Fintechs question CFPB’s faith in innovation over ‘safe harbors’

WASHINGTON — The Consumer Financial Protection Bureau’s decision to end temporary “safe harbors” for two financial technology companies is raising eyebrows in the community, with some wondering if the agency is committed to promoting financial innovation.

Tribune News Service

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Fintechs question CFPB’s faith in innovation over ‘safe harbors’ - Roll Call

Financial technology firms are worried about the ramifications of a regulator’s decisions to end two temporary safe harbor protections.

Roll Call

Banks are scaling back overdraft fees, but lawmakers push for federal restrictions

Democrats have renewed their bid to restrict overdraft fees through federal legislation.

Fortune

Liz Weston: Is medical debt vanishing from credit reports?

The three credit bureaus have promised to remove nearly 70% of medical debts from consumer credit reports within the next year

The Independent UK

BofA Slapped With $10M Fine After Garnishing Customers Illegally

The Consumer Financial Protection Bureau found illegal garnishment orders and ordered the bank to pay customers back.

The Street

Financial Services has a problem with remote members who can't find the mute button - Roll Call

Michigan Republican Bill Huizenga became frustrated at a House Financial Services hearing when remote attendees left their mics turned on.

Roll Call

Liz Weston: Find Out and Fix What Big Data Says About You

Information about you — things you may have thought were private — is stored in databases operated by consumer reporting agencies

The Independent UK

Housing Beat: Mortgage Rates Hit 5% Level While Property Taxes Inch Higher

The week in housing was one of great challenges, with mortgage rates cracking the 5% level while homeowners faced an uptick in property taxes and state attorneys general demanded that mortgage servicers drop their convenience fees charged to borrowers.

Benzinga

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Los Angeles Times

Mortgage interest rates are rising. If you’re looking at adjustable-rate loans, know the risks

A few years after risky mortgages and related investments led to a global financial collapse, the Federal Reserve put out a handbook to help consumers make smarter choices about their home loan options. The focus was on adjustable-rate mortgages, whose exotic variants were among the prime culprits in the meltdown.

Tribune News Service

Medical debt to come off millions of credit reports

In late March, the three major credit bureaus announced significant changes to how medical debt will affect Americans’ credit scores. On July 1, paid medical collections will disappear from Equifax, Experian and TransUnion credit reports. Previously, these could have remained for up to seven years. Also, unpaid medical collections will…

Benzinga

The Crisis In Housing, Part 3: Unequal Opportunities

The old cliché that “a rising tide lifts all boats” is not applicable to the U.S. housing market. Two demographics within the U.S. population, Black Americans and the LGBTQ community, have painful histories of real estate disenfranchisement. Even today, obstacles remain for these groups to enjoy the opportunities that others…

Tribune News Service

Susan Tompor: Outraged by credit card, mortgage, bank fees? Here's who wants to hear from you

Shopping around for a deal on a credit card seems like one of those things that's pretty straight forward. Low, eye-catching rates are plastered all over websites for those doing research online and paper envelopes with special credit card offers pop up in the mail.

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Fortune

Donald Trump Is Targeting an Agency That Has Recovered $11.8 Billion for Consumers

He may kill an agency that got results.

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