The Consumer Financial Protection Bureau has signaled its intention to reissue a proposed rule on small business lending data collection. This shift comes after the agency had previously defended the original rule against legal challenges while under the Biden administration. This rule—commonly referred to as Small Business Lending Under the Read More
The Consumer Financial Protection Bureau announced that it dropped its lawsuit against Zelle, Wells Fargo, and other major banks that alleged the companies of failing to protect consumers from widespread fraud. In its dropped lawsuit, the CFPB claimed that hundreds of thousands of consumers filed fraud complaints to Wells Fargo, Read More
The Senate Banking Committee voted in favor of President Donald Trump’s nomination of Jonathan McKernan to lead the Consumer Financial protection Bureau. The Senate Banking Committee voted 13-11 to advance McKernan’s nomination as Director of the CFPB, moving it to the full Senate for confirmation. McKernan would lead the beleaguered Read More
The Consumer Financial Protection Bureau announced that it dropped its lawsuit against Rocket Homes that alleged the company of offering kickbacks to brokers who referred customers to Rocket Mortgage. This lawsuit which was originally initiated under the CFPB’s previous director, Rohit Chopra was dismissed in a one page notice of Read More
Certain members of the House and Senate introduced a bill that aims to overturn the Consumer Financial Protection Bureau’s final rule that required banks with at least $10 billion in assets to cap overdraft fees at $5. The leaders of the proposed legislation argue that the original rule, which aimed Read More
President Donald Trump has terminated the Director of the Consumer Financial Protection Bureau, Rohit Chopra, and has designated Secretary of the Treasury, Scott Bessent, as Acting Director of the CFPB. Chopra was appointed as director during the Biden administration in 2021, committing himself to making the financial system more reasonable Read More
The Consumer Financial Protection Bureau announced that it has sued Bank of America, JPMorgan, Wells Fargo, and the operator of Zelle, Early Warning Services, for failing to protect consumers from widespread fraud. Zelle is America’s most widely available payment network. According to the lawsuit, customers of the three banks have Read More
The Consumer Financial Protection Bureau (CFPB) has ordered Bank of America to pay a $12 million penalty for submitting false mortgage lending information to the federal government under a long-standing federal law. For at least four years, hundreds of Bank of America loan officers failed to ask mortgage applicants certain Read More
The Consumer Financial Protection Bureau (CFPB) has issued guidance on legal requirements that lenders must adhere to when using artificial intelligence and other complex models to approve loans. The guidance describes how lenders must provide specific and accurate reasons when taking adverse actions against consumers. “Creditors cannot simply use CFPB Read More
The Consumer Financial Protection Bureau (CFPB) has ordered OneMain Financial to pay a total of $20 million in consumer redress and penalties for failing to refund interest charged to tens of thousands of consumers, the CFPB announced. Failures include deceitful sales tactics and a fraudulent refund policy. Unethical sales tactics, Read More
