Consumer Financial Protection Bureau

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It's Getting Harder to Fix Errors on Credit Scores

Cutbacks at federal consumer agency is a factor, reports ProPublica

(Newser) - A ProPublica investigation finds that it's becoming more difficult for people to correct legitimate errors on their credit reports, a problem that can affect loans, housing, and even jobs. The investigation found that two of the three major credit bureaus, Experian and TransUnion, have sharply reduced the number of...

Administration Goes After Laws on Consumers' Medical Debt

Draft would sideline states' credit report protections

(Newser) - The Trump administration is moving to overrule state laws that may protect consumers' credit reports from medical debt and other debt issues. The Consumer Financial Protection Bureau has drafted a rule related to the Fair Credit Reporting Act that interprets the law in a way that says the act should...

Judge Blocks New Rule to Keep Medical Debt Off Credit Reports

Millions of consumers would have seen their scores rise

(Newser) - A federal judge in Texas removed a Biden-era finalized rule by the Consumer Financial Protection Bureau that would have removed medical debt from credit reports. US District Judge Sean Jordan of Texas' Eastern District, who was appointed by Trump, found on Friday that the rule exceeded the CFPB's authority,...

Layoffs Blocked at Agency That Protects Consumers

Plan to gut Consumer Financial Protection Bureau is on hold pending hearing

(Newser) - A federal judge who blocked President Trump's administration from dismantling the Consumer Financial Protection Bureau ruled Friday that the bureau can't go forward immediately with plans to fire hundreds of employees. US District Judge Amy Berman Jackson said she is "deeply concerned" that Trump administration officials aren'...

Agency Targeted by Trump Drops Enforcement Suits

Consumer Finance Protection Bureau had filed against Capitol One, Rocket Homes

(Newser) - The Consumer Finance Protection Bureau has dropped several enforcement actions against companies like Capital One and Rocket Homes, weeks into chaos caused by orders from the Trump administration. In notices of voluntary dismissals filed on Thursday, the CFPB dropped lawsuits it had brought against Capital One, Rocket Homes, Vanderbilt Mortgage...

Administration Shuts Consumer Agency's Office

Russell Vought tells staff to stay home and Federal Reserve not to fund CFPB

(Newser) - The Trump administration has told employees of the Consumer Financial Protection Bureau to stop performing nearly all of their duties, effectively putting the agency out of business. The order was contained in an email sent to the staff from Russell Vought, the new director of the Office of Management and...

Bessent Tells CFPB to Stop Nearly All Its Work

Consumer watchdog has been a target of business interests, including banks

(Newser) - The Consumer Financial Protection Bureau has all but shut down after receiving a list of tasks from Treasury Secretary Scott Bessent that it is no longer allowed to do. Bessent, who is functioning as the bureau's acting director after President Trump fired Rohit Chopra on Saturday, wrote in a...

Trump's Latest Firing: CFPB Director

Rohit Chopra is the latest Biden-era head to roll

(Newser) - President Trump has fired the director of the Consumer Financial Protection Bureau, Rohit Chopra, in the latest purge of a Biden administration holdover. Chopra was one of the more important regulators from the previous Democratic administration who was still on the job since Trump took office on Jan. 20, reports...

Capital One Goes Down, Users' Deposits Go AWOL

Bank suffers some sort of outage 2 days after CFPB sued it for stiffing customers

(Newser) - Capital One isn't having such a hot couple of days : As USA Today reports, the banking behemoth was besieged Thursday morning by customers complaining that their deposits weren't showing up. Downdetector showed a bit north of 2,000 customers clocking outages around 8am, and the @AskCapitalOne handle on...

Suit: Capital One Scammed Customers Out of $2B

CFPB alleges bank deceived consumers on savings accounts with different interest rates

(Newser) - The Consumer Financial Protection Bureau has just taken on one of America's biggest banks. On Tuesday, the agency announced it has filed a lawsuit against Capital One, accusing the financial institution of deceiving customers about two of its savings accounts and swindling millions of consumers out of more than...

It's Official: Medical Debt Now Barred From Your Credit Report

Credit scores are expected to rise by average of 20 points, thanks to new rule by Biden administration

(Newser) - Unpaid medical bills will no longer appear on credit reports, where they can block people from mortgages, car loans, or small-business loans, according to a final rule announced Tuesday by the Biden administration. The Consumer Financial Protection Bureau rule will remove $49 billion in medical debt from the credit reports...

Walmart Ripped Off Its Own Drivers, Lawsuit Alleges

CFPB says company illegally forced drivers to open bank accounts to get paid

(Newser) - The federal Consumer Financial Protection Bureau has sued Walmart over the way it treats its "Spark Drivers." The lawsuit alleges that Walmart illegally opened bank accounts in the drivers' names by using their personal data—including Social Security numbers—without authorization, reports CNN . The company told the drivers...

Administration Moves Against Bank Overdraft Fees

Rule to cap charges to consumers is part of Biden effort

(Newser) - The Biden administration announced a new rule Thursday to limit how much banks can charge customers in overdraft fees, though there's no guarantee it will take effect. The Consumer Financial Protection Bureau said the regulation would save patrons $5 billion per year, per CBS News . There is now no...

Musk's Take on Consumer Finance Watchdog: Delete It

Consumer Financial Protection Bureau goes after banks for predatory practices

(Newser) - Elon Musk, tasked with running a Department of Government Efficiency in the incoming Trump administration, has set his sights on the Consumer Financial Protection Bureau. "Delete CFPB," Musk wrote on X early Wednesday, referring to the federal watchdog that helps protect consumers from predatory financial practices. Musk said...

Apple, Goldman Penalized $89M Over 'New Kind of Credit Card'

Regulators say companies inflicted 'real harm' to thousands of consumers with Apple Card

(Newser) - Government regulators on Wednesday ordered Apple and Goldman Sachs to pay a combined $89 million in penalties and restitution for misleading consumers about the Apple Card and mishandling their complaints. The Consumer Financial Protection Bureau said its investigation found the partners violated the Consumer Financial Protection Act and the Truth...

Watchdog Finds Parents Surprised by School Lunch Fee

There's a way around the charge, report says, but not much transparency about it

(Newser) - Rebecca Wood, 45, was already dealing with high medical bills in 2020 when she noticed she was being charged a $2.49 "program fee" each time she loaded money onto her daughter's school lunch account. As more schools turn to cashless payment systems, more districts have contracted with...

Feds Move to Ban Medical Debt From Credit Reports

Rule change would prohibit lenders from evaluating it when dispensing loans

(Newser) - The Biden administration announced new rules Tuesday that would prevent medical debt from factoring into whether someone qualifies to rent an apartment, buy a car, or take on a mortgage. The Consumer Financial Protection Bureau said the changes would remove medical bills from credit reports and prevent lenders from making...

SCOTUS Sides With CFPB, Turns Back Conservative Attack

Reverses lower court's ruling on consumer bureau's funding

(Newser) - The Supreme Court on Thursday rejected a conservative-led attack that could have undermined the Consumer Financial Protection Bureau, reports the AP . The justices ruled 7-2 that the way the agency is funded doesn't violate the Constitution, reversing a lower court. The CFPB was created after the 2008 financial crisis...

Huge Credit Card Late Fees May Be Going Away

New regulation capping late charges at $8 goes into effect in spring, but banks will likely push back

(Newser) - Back in October, the White House announced an ambitious initiative to get rid of rampant junk fees, including in the banking industry. On Tuesday, the Consumer Financial Protection Bureau announced a big move toward that end, with a new regulation that will significantly reduce the late fees that customers have...

Feds Order Bank of America to Pay $250M in New Scandal

CFPB says bank charged junk fees, withheld bonuses, opened fake accounts

(Newser) - Bank of America must pay more than $100 million to customers for doubling up on some fees, withholding reward bonuses, and opening accounts without customer consent, reports the AP . Bank of America will pay $90 million in penalties to its organization and $60 million in penalties to the Office of...

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