CFPB Ombudsman Quits Over Student Loan Regulation

The Consumer Financial Protection Bureau’s (CFPB’s) Student Loan Ombudsman, Seth Frotman has had enough of the political maneuvers affecting the way he does his job overseeing student loan regulation. On August 27, 2018, Frotman resigned from the CFPB. His resignation letter shows how the organization has changed under the Trump administration.

Report Shows Racial Discrimination in Auto Financing at Car Dealerships

When you go to buy a car, you expect your auto financing to depend on your income, your credit, and other money-related issues. But what about your race? A study released earlier this year shows that color directly affects how much you will pay for a car if you get your financing from car dealerships.

New Head of CFPB to Reevaluate Payday Loan Regulations

The Consumer Financial Protection Bureau is responsible for regulations connected to lending and the financial industry. Since 2012, the agency has been working to develop payday loan regulations that protect consumers from the abusive and manipulative tactics used by the industry. But in a recent statement, the new head of the CFPB said the agency plans to reevaluate those regulations, and make it easier for lenders to avoid them ever being enforced.

New Rule Protects Consumers’ Right to Class Action Lawsuits

In the face of political opposition, the federal Consumer Financial Protection Bureau announced a new rule protecting consumers’ right to join class action lawsuits. The rule would keep banks and credit card companies from using arbitration clauses to keep small claims out of court.

Financial CHOICE Act Splits Michigan Representatives

Since 2010, the Dodd-Frank Act and the federal Consumer Financial Protection Bureau have protected American consumers from unfair financial practices. But now the Financial CHOICE Act could, in President Trump’s words, be a “major haircut” to the organization and its ability to protect citizens.

Wells Fargo Uses Arbitration to Hide Sham Settlements

Wells Fargo recently became the center of attention when it came to light the company’s employees were creating sham accounts using its customers’ personal information. But now the company is using private arbitration to bury settlements from the public eye.

CFPB Issues Safety Regulations for Prepaid Debit Cards

What rights to do you have if you lose a prepaid debit card? Can you get a refund? Can you keep someone else from using it? New CFPB regulations provide increased transparency and protection.

CFPB Gets Hit with Limits on Timing, Remedies

When consumers find themselves at odds with big companies or financial companies, they turn to the Consumer Financial Protection Bureau (CFPB) for help. A recent U.S. Court of Appeals decision will hamper efforts to fight for consumers’ rights.

CFPB Comes Under Fire from US Court of Appeals

The Consumer Financial Protection Bureau (CFPB) has done the hard work of protecting US consumers since it was created in 2010. Now a U.S. Court of Appeals decision has ruled the CFPB’s structure unconstitutional, subjecting the agency and consumer safety to the political system.

Wells Fargo Pays Biggest Fine Ever to CFPB for Setting Up Fraudulent Accounts

Imagine discovering that your bank has been moving your funds into a bank account you never authorized. Or worse, a credit card account. Wells Fargo is under the Consumer Financial Protection Bureau’s microscope after its community banking division was caught opening fraudulent accounts at its customers’ expense.

Michigan Considers Bill to Loosen Payday Loan Laws

Payday loans are a debt sentence to low-income families across Michigan. But while federal regulators are trying to find ways to crack down on the industry, the Michigan Legislature is considering just the opposite. Two new bills would loosen payday loan laws and make it easier for lenders to take advantage of poor Michigan families.

Federal Bill Could Gut Payday Loan Regulations

The Consumer Financial Protection Bureau is expected to crack down on payday loan regulations later this year. But a bill working its way through the House of Representatives in Washington could stop these important consumer protections in their tracks.