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The Latest Breaking News from Consumer Financial Protection Bureau

Michael Hiltzik: Wells Fargo got slammed with a $3.7-billion penalty. So why doesn't it sound sorry?

The Consumer Financial Protection Bureau left very little unsaid when it announced, a few days before Christmas, $3.7 billion in assessments against Wells Fargo Bank for more than a decade of legal violations harming its millions of customers.

Los Angeles Times

Upended: How medical debt changed their lives

Some lost their homes. Some emptied their retirement accounts. Some struggled to feed and clothe their families. Medical debt now touches more than 100 million people in America, as the U.S. health care system pushes patients into debt on a mass scale. Debtors are from all walks of life and…

Tribune News Service

Wells Fargo to pay $3.7 billion settling charges it wrongfully seized homes and cars

The case marks the largest penalty ever imposed by the federal watchdog agency the Consumer Financial Protection Bureau. Customers who were harmed will receive $2 billion in restitution.

WEKU

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Buying gifts? Why ‘buy now, pay later’ could be a dangerous option for many holiday shoppers

Gift-givers hoping to splurge this holiday season despite the pinch of high inflation have an easy option: buy now, pay later.

The Conversation

The Fair Credit Reporting Act: What it is and how it protects you

The Fair Credit Reporting Act protects the accuracy and privacy of the information in your credit file.

Fortune

Millennial Money: How credit can beat buy now, pay later

With rising costs of goods and services, turning to “buy now, pay later” plans when you check out can be tempting

The Independent UK

Closed accounts, no money: Chime app users complain they were suddenly shut out of their online accounts

Consumers have filed hundreds of complaints saying accounts with the popular fintech app were closed without warning. The company says it can close them “for any reason or no reason.”

Chicago Sun-Times

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Checks and Balances November 2022

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.

Ballotpedia

Appellate ruling may force another Supreme Court look at CFPB

WASHINGTON — An appeals court ruling that the Consumer Financial Protection Bureau’s funding structure is unconstitutional raises the stakes in a long battle over the agency, potentially setting the stage for a test the Supreme Court sidestepped only two years ago when it declined to find the entire agency unconstitutional.

Tribune News Service

Noah Feldman: Conservative attack on consumer protection wins an illogical victory

Conservatives have never liked the Consumer Financial Protection Bureau, the brainchild of Massachusetts Sen. Elizabeth Warren. Now a conservative panel of the conservative U.S. Court of Appeals for the Fifth Circuit has struck down the CFPB’s rulemaking authority using a novel theory.

Tribune News Service

Why the Consumer Financial Protection Bureau's Funding Structure Is Unconstitutional

The Fifth Circuit Court of Appeals is right to notice that the CFPB is unique even among federal agencies that don't get their funding from Congress.

Reason

Appeals court says financial watchdog agency CFPB's structure is unconstitutional

Three federal appeals court judges appointed by President Trump have ruled that the funding structure of the Consumer Financial Protection Bureau is unconstitutional.

WEKU

Medical debt sunk her credit. New changes from the credit reporting agencies won’t help

CHARLOTTE, North Carolina — After a year of chemo and radiation, doctors told Penelope “Penny” Wingard in 2014 that her breast cancer was in remission. She’d been praying for this good news. But it also meant she no longer qualified for a program in her state that offers temporary Medicaid…

Tribune News Service

Medical debt ruined her credit. 'It's like you're being punished for being sick'

New policies to keep medical bills from sinking credit ratings sound good but will likely fall short for many hit hardest by debt — especially Black Americans in the South, such as Penelope Wingard.

WEKU

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Chicago Sun-Times

Chime refunds $977 amid Sun-Times questions, as neo-bank apps face thousands of consumer complaints

Roderick Woodson of Morgan Park saw $997 mysteriously drained from his Chime Financial account in minutes. The company restored his money after a Sun-Times reporter asked: What happened?

The Independent UK

Millennial Money: Why you should increase credit limits now

Credit limits aren’t always there when you need them

The Philadelphia Inquirer

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,…

Tribune News Service

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.

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Benzinga

Merger Arbitrage Mondays – Blackstone Acquires American Campus Communities (ACC)

Merger activity decreased last week with four new deals announced and one deal completed. One of the four deals announced was a potential deal in the works. American Campus Communities (NYSE: ACC)

The Independent UK

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

Tribune News Service

Biden to nominate crisis veteran Barr as fed banking supervisor

President Joe Biden will nominate Michael Barr, a Treasury Department veteran and one of the architects of the Dodd-Frank Act of 2010, as the U.S. Federal Reserve’s chief banking supervisor.

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.

Los Angeles Times

Michael Hiltzik: Here are all the reasons CBS News should never have hired Trump aide Mick Mulvaney

Staff members at CBS News are in an uproar over the venerable news department's hiring of former Trump White House chief of staff Mick Mulvaney as a news commentator.

Los Angeles Times

Consumer Confidential: A new law aims to protect you from surprise (read: bonkers) medical bills

The Consumer Financial Protection Bureau warned debt collectors and credit agencies last week that they need to step more carefully when it comes to trashing people's credit scores because of stratospheric medical bills.

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