A new Consumer Financial Protection Bureau lawsuit claims the credit bureau and the ex-leader of a key unit failed to comply with a 2017 order to stop misleading consumers about credit reporting and monitoring services.
The rule opens a large swath of finance companies, loan platforms, and financial product comparison sites to CFPB oversight and enforcement.
"Financial institutions that have a higher share of frequent overdrafters or a higher average fee burden for overdrafting should expect us to be paying them close supervisory attention," bureau Director Rohit Chopra said.
The Consumer Financial Protection Bureau has opened an inquiry into whether the largest issuers are engaging in unfair or anti-competitive practices. JPMorgan Chase, Citigroup and the rest of the top eight control 70% of the $1 trillion credit card market.
We learned in October that the CFPB was revisiting their ability to repay provisions in the small dollar lending rule;...
The Consumer Financial Protection Bureau (CFPB) says it will "examine" nonbank firms that "pose risks to consumers."...
Consumer Financial Protection Bureau Director Rohit Chopra should exercise his power to extend the full protections of Regulation E and the Fair Credit Billing Act to the booming installment loan sector, the advocacy group U.S. PIRG says.
Consumer Financial Protection Bureau Director Rohit Chopra should exercise his power to extend the full protections of Regulation E and the Fair Credit Billing Act to the booming installment loan sector, the advocacy group U.S. PIRG says.
Rohit Chopra, the director of the Consumer Financial Protection Bureau, has cautioned banks, credit unions and fintechs about fair-lending violations that may stem from reliance on artificial intelligence. His comments threaten to discourage financial firms from using the technology to crunch nontraditional data about borrowers, experts say.
The Consumer Financial Protection Bureau director told Congress he will revise some rules as the bureau looks to address late fees.