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The Latest Breaking News from Rohit Chopra

US agency says apps that let workers access paychecks before payday are providing loans

The Consumer Financial Protection Bureau says apps that allow workers to access their paychecks in advance, often for a fee, are providing loans and therefore subject to the Truth in Lending Act

The Independent UK

Biden Administration To Ban Medical Debt From Credit Reports

The rule is projected to raise affected individuals' credit scores by an average of 20 points, potentially enabling them to qualify for better loan terms and financial products.

International Business Times

Biden rule would ban medical debt from credit reports - Roll Call

The rule aims to keep creditors from obtaining and using information about medical and dental debt to make credit eligibility determinations.

Roll Call

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Vindicated by Court, CFPB Director Chopra says bureau will add staff, consider new rules on banks

Since its creation roughly 14 years ago, the Consumer Financial Protection Bureau has faced lawsuits, political and legal challenges to the idea of whether the Federal Government’s aggressive consumer financial watchdog agency should be allowed exist at all

The Independent UK

The U.S. sharply limits how much credit cards can charge you in late fees

The Consumer Financial Protection Bureau issued a new rule Tuesday capping late fees on credit cards, a move designed to save customers an estimated $10 billion a year. Critics promised a lawsuit.

WEKU

New U.S. rule limiting annoying credit card penalty could save Americans $10 billion

Credit card debt in the US has surpassed $1 trillion, and a new law passed by the government is attempting to help Americans struggling to pay credit card bills out a bit.

The Street

Biden touts rule to curb credit card fees that Republicans will seek to block - Roll Call

The CFPB's rule to curb late fees on credit cards is likely to encounter a Republican move on Capitol Hill to nullify it.

Roll Call

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Why a financial regulator is going after health care debt

The Consumer Financial Protection Bureau, created after the Great Recession of 2007-09, has increasingly started policing the health care system.

WEKU

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.

Kiplinger

Medical debt could soon be barred from ruining your credit score

The Biden administration unveiled regulations that potentially would help tens of millions of people who have medical debt on their credit reports.

WEKU

Top US consumer watchdog plots more regulation for AI in lending

The top U.S. consumer financial watchdog is sharpening his focus on lenders’ use of artificial intelligence when making credit decisions, signaling that fresh restrictions loom for financial firms.

Tribune News Service

U.S., European Consumer Watchdogs Start Talks on Digitization Issues in Financial Sector

Pricing, customer service, competition and privacy to be scrutinized.

Kiplinger

Bank of America hit with $250M in fines, customer refunds for ‘double-dipping’ fees, fake accounts

It is one of the highest financial penalties in years against Bank of America, which has largely spent the last 15 years trying to clean up its reputation.

Chicago Sun-Times

Bank of America to pay $250 million for illegal fees, fake accounts

An investigation found that Bank of America raked in tens of millions of dollars in resubmitted insufficient funds fees. The bank also illegally opened credit cards without customers knowledge.

WEKU

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Tribune News Service

Senators, CFPB director spar over proposed credit card fee limit

WASHINGTON — Consumer Financial Protection Bureau Director Rohit Chopra on Tuesday defended the agency’s proposal to lower credit card late fees against criticism from Republicans at a Senate Banking hearing.

Roll Call

Senators, CFPB’s Chopra spar over proposed credit card fee limit - Roll Call

Consumer Financial Protection Bureau Director Rohit Chopra defended a proposal to lower credit card late fees against GOP criticism.

The Independent UK

Banks' growing reliance on chatbots to handle customer service tasks worries consumer watchdog

Can you trust Erica, or Sandi or Amy to increasingly control parts of your financial life without giving you inaccurate information or sending money to the wrong place

Kiplinger

Medical Credit Cards Drive Up Cost of Care, Says CFPB

CFPB says medical credit cards are driving up the cost of care with more than $1 billion accrued in deferred interest.

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The Independent UK

White House, states tackle 'junk fees' that cost consumers

The White House has brought together state lawmakers, federal officials and others for a virtual meeting where participants traded ideas about how to fight “junk fees” that inflate the cost to consumers for everything from hospital visits and airline tickets to student loans and concert seats

WEKU

Miss a credit card payment? Federal regulators want to put new limits on late fees

The Consumer Financial Protection Bureau wants to cap late fees at $8. Banking groups say the proposal would result in higher costs for consumers.

The Independent UK

Apple and Google app stores get thumbs down from White House

The Biden administration is taking aim at Apple and Google for operating mobile app stores it says stifle competition

Roll Call

CFPB proposes lowering credit card late fees - Roll Call

The Biden administration says new regulations on credit card late fees could save consumers $9 billion a year.

Los Angeles Times

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.

WEKU

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.

The Street

Wells Fargo Hit With Massive $3.7 Billion Loan Mismanagement Fine

“Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of American families,” said Consumer Financial Protection Bureau Director Rohit Chopra.

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