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The Latest Breaking News from CFPB

America’s big banks are hiding behind racial equity to avoid new capital standards–but refuse to disclose the demographics of their small business lending

By wrapping their arguments against capital standards under a cloak of racial equity, the banking lobby is preserving the status quo.

Tech Giants Reject US Consumer Watchdog's Digital Wallet Oversight

Tech Giants Reject US Consumer Watchdog's Digital Wallet Oversight

Big Tech giants give a cheeky thumbs-down to US consumer watchdog's attempts to regulate digital wallets, raising eyebrows and shaking things up in the pay...

Missed payments, inaccurate statements, and long delays: The return of monthly federal student loan bills is going as well as everyone expected

Missed payments, inaccurate statements, and long delays: The return of monthly federal student loan bills is going as well as everyone expected

The past few months have been marked by headache after headache for federal student loan borrowers.

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CFPB Shuts Down Medical Debt Collection Agency Over Several Violations

CFPB shuts down medical collection agency over violations including trying to collect unverified debts.

SCOTUS hears oral argument in constitutional challenge to SEC enforcement proceedings

The Checks and Balances Letter delivers news and information from Ballotpedia’s Administrative State Project, including pivotal actions at the federal and state levels related to the separation of powers, due process, and the rule of law.

U.S. Bank slapped with million-dollar fines for ‘illegal conduct’

Two government agencies found that thousands of consumers were negatively affected by the bank’s actions.

Atlantic Union to Refund Consumers $5M In Overdraft Fees

Atlantic Union Bank must refund at least $5 million to people who were illegally enrolled in checking account overdraft programs, the CFPB says.

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Amazon To Quit PayPal's Venmo in January

Amazon To Quit PayPal's Venmo in January

Amazon.com and Amazon mobile app users won't be able to use Venmo as a payment option starting next month.

Stocks Push Higher on Strength in Chip Stocks

Stocks Push Higher on Strength in Chip Stocks

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is up +0.07%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.19%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.43%. Stocks this morning are modestly higher, with the Dow...

Sen. Robert Menendez, facing bribery charges, stumps bank CEOs by asking how much their firms paid in settlements for allegedly ripping off consumers

Sen. Robert Menendez, facing bribery charges, stumps bank CEOs by asking how much their firms paid in settlements for allegedly ripping off consumers

The indicted senator expressed staunch support for the CFPB, which is under a legal threat of its own.

Why this ex-collections agent wants to forgive US veterans’ medical debt

Why this ex-collections agent wants to forgive US veterans’ medical debt

After helping dismiss $10bn for average Americans, Jerry Ashton moves toward a community dear to his heart

The Guardian - US

'Buy Now, Pay Later' is more popular, and riskier, than ever

'Buy Now, Pay Later' is more popular, and riskier, than ever

Experts tell TheStreet that there is still a lack of regulation in BNPL that puts lenders at risk.

Bank of America Fined $12M for Reporting False Mortgage Data

Bank of America Fined $12M for Reporting False Mortgage Data

Bank of America fined over routinely filing false mortgage lending data to the government, the CFPB says.

Bank of America To Pay $12 Million Fine For Inacurate Mortgage Data

The bank failed to accurately reported answers on demographic data that can be used to identify possible discriminatory practices, CFPB said.

International Business Times

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Toyota Financing Arm Fined $60 Million for Multiple Violations

Toyota Motor Credit operated a dead-end cancellation hotline, withheld refunds, and hurt consumers’ credit reports, the CFPB says.

Online Lender Enova Banned From Offering Short-Term Loans

Enova has agreed to pay a $15 million fine to settle charges, including illegally withdrawing funds from consumer bank accounts, the CFPB says.

Feds Fine Toyota $60M For Sketchy Lending Practices, False Credit Report Claims

Toyota Motor Credit allegedly made it difficult or impossible to cancel unwanted extras during financing, among other things.

Citi Fined For Denying Credit Cards To Armenian Americans

Citi to pay $25.9 million for discrimination issues including lying to Armenian Americans about why they were denied credit cards, CFPB says.

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Your Favorite Payment Apps May Face Federal Scrutiny

A new payment app proposal would make PayPal, Apple Pay and more abide by some of the same rules as big banks and other financial institutions.

Bank Deposit Delays Impact Customers

Bank deposit delays after a processing error at Clearing House are still impacting customers.

The Independent UK

Citigroup discriminated against Armenian Americans, federal regulator says; bank fined $25.9 million

Citigroup intentionally discriminated against Armenian Americans when they applied for credit cards, the Consumer Financial Protection Bureau said Wednesday

Consumers have been propping up the U.S. economy when no one else could—now the debts are being called and they can’t pay their bills

Americans’ credit card balances have hit a record high.

High Healthcare Costs Can Cause Even the Insured To Skip Care

People are struggling with healthcare costs regardless of their insurance status, a new study from The Commonwealth Fund finds.

PayPal Receives SEC Subpoena Over PYUSD Stablecoin

SEC's enforcement division requests documents from PayPal regarding its USD-pegged stablecoin

Two senators are looking to end airline loyalty programs as you know them

“There are troubling reports that airlines are engaged in unfair, abusive, and deceptive practices,” the bipartisan letter reads.

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