Consumer Financial Protection Bureau

News Highlights: Top Financial Services News of the Day

Yellen Says She's Uncertain Weak Inflation Is Transitory<p>The Federal Reserve is monitoring inflation closely given officials' uncertainty over whether the factors keeping it below their 2% target will prove endemic, Chairwoman Janet Yellen said.<p>Banks Mustn't Set Up Shells if They Want to Retain EU …

Janet Yellen

Trump Won’t Be Able to Defang the CFPB Without a Fight

The Consumer Financial Protection Bureau (CFPB) is extremely popular with the American public. The regulatory agency dedicated to preventing …

Government

Democrats split over support for GOP-led bank bill

In an unusual development, nine Democrats are co-sponsoring the package, which would scale back rules for many banks.<p>A Republican-led proposal to roll back banking regulations is drawing support across party lines in the Senate, building momentum for the biggest rewrite of financial rules in years …

Politics

Citibank Must Pay $6.5M for Loan Servicing Failures

The Consumer Financial Protection Bureau ordered Citibank to pay $3.75 million to consumers and another $2.75 million civil penalty for student loan …

Richard Cordray

News Highlights: Top Company News of the Day

Uber Reveals Data Breach and Cover-up, Leading to Two Firings<p>Uber Technologies on Tuesday revealed it paid hackers $100,000 in an effort to conceal a data breach affecting 57 million accounts last year.<p>Trump Calls AT&T-Time Warner Deal 'Not Good for the Country'<p>President Donald Trump said AT&T's …

AkzoNobel

Trump likely to pick ex-lawmaker (and restaurant franchisee) to head consumer agency

President Trump is widely expected to name Mick Mulvaney, who currently serves as head of the White House Office of Management and Budget, as interim director of the Consumer Financial Protection Bureau.<p>If so, Trump would be picking someone with no background whatsoever in consumer protection, …

Richard Cordray

Cordray Asks CEOs To Give Consumers More Control

Share Email<p>Although he is due to resign next week, Richard Cordray, the director of the Consumer Financial Protection Bureau, still wants his opinion …

Banking

Equifax Breach: How to Protect Your Data | Investopedia

By now it’s not news that cybersecurity concerns have taken center stage in the country. Equifax, one of the three leading credit reporting agencies …

Identity Theft

J.D. Vance: Republican Presidential Nominee in 2032?

Rex Features via AP ImagesJ. D. Vance, author and venture capitalist This seems to be my year for crossing paths with right-wing notables.J.D. Vance …

Liberal View

The DOJ Wrestles With AT&T

The first mega-deal to come before the Trump administration is headed for a legal showdown.<p><b>TOP STORIES</b><p><b>The DOJ Wrestles With AT&T</b><p>The U.S. Department of Justice says AT&T’s proposed $85-billion purchase of Time Warner Inc. would greatly harm American consumers with higher TV bills and fewer choices — …

Maxine Waters

Student loans, Consumer Financial Protection Bureau, toll roads, taxes, climate change

Government at its worst<p>Re: "Falling behind on student loans can cost your job — Texas, 18 other states may pull work licenses of those who can't …

Opinion

How an obscure rule change could make discrimination great again - Salon.com

Donald Trump's administration is trying to roll back decades of progress in enforcing civil rights to make it easier for insurance companies to discriminate against minority home buyers. It could also move to help car lenders and other financial institutions discriminate against minorities too.<p>A …

U.S. Supreme Court

Richard Cordray Won't Be Around To See The Court Decision That Would Have Gotten Him Fired

Richard Cordray’s sudden departure as head of the Consumer Financial Protection Bureau will likely have no impact on a decision of the U.S. Court of Appeals for the District of Columbia Circuit regarding the bureau’s structure, says a consumer finance attorney.<p>Richard J. Andreano Jr. is the …

Richard Cordray

Banks aren't following CFPB data-sharing guidance, fintechs say

Some fintechs argue that banks are selectively working with only certain third parties in sharing information and violating the spirit of the CFPB’s …

FinTech

Zions to Challenge Its 'Big Bank' Label -- 3rd Update

Zions Bancorp has long insisted it isn't the same as bigger rivals with Wall Street businesses. Now it wants regulators to say so too.<p>The Salt Lake City, Utah-based bank confirmed Monday that it will petition regulators to remove it from the group of big financial firms that are subject to …

Determine

The Perfect Coda for Cordray's Tenure: Nullifying the Payday Lending Rule

Richard Cordray, the first official director of the Consumer Financial Protection Bureau (CFPB), will step down at the end of November. That’s great news because now the Trump administration can insert its own director and implement its own policy agenda.<p>But reversing course at the Bureau will be a …

Opinion

Are Holiday Credit Card Promotions Right for You?

With so many websites offering free financial tools, it can be hard to know whom to trust. At NerdWallet, we spend literally 1,000s of hours …

Personal Finance

California Inc.: The roads should be clear this holiday weekend (just kidding)

Welcome to California Inc., the weekly newsletter of the L.A. Times Business Section.<p>I'm Business columnist David Lazarus, and here's a rundown of upcoming stories this week and the highlights of last week.<p>Good times in the Golden State: We learned Friday that California added 31,700 net jobs in …

Richard Cordray

What’s next for the CFPB’s work on education issues

<i>With help from Benjamin Wermund</i><p><b>WHAT’S NEXT FOR THE CFPB’S WORK ON EDUCATION ISSUES:</b> As President Donald Trump looks to reshape the Consumer Financial Protection Bureau following the resignation last week of its Obama-appointed director, it could spell major changes for some of the bureau’s work on …

Government

Midwest is on the rise in attracting tech investors' interest

MORE WSJ CORDRAY BASHING, BUT WITH A TWIST<p><i>The Wall Street Journal</i>'s editorial and opinion section just can't get enough of Richard Cordray.<p>It runs …

Cleveland

Don’t Let Student Loans Keep Clients from Buying a Home | Investopedia

Millennials are getting ready to buy homes - finally. The National Association of Realtors (NAR) reports that buyers aged 36 and younger are now the …

Personal Finance

Your 5-Step Recipe for Financial Success

One of these steps could turn households earning the median income into millionaires.<p>Search the question "what is financial success?" on the …

Personal Finance

Justice deletes Facebook post, tells people to ‘lighten up,' then apologizes

CLEVELAND (AP) — An Ohio Supreme Court justice and Democratic gubernatorial candidate said on Facebook that people should “lighten up” after deleting …

Portland, OR

What Went Wrong With the CFPB

I was an aide to Barney Frank. I’ve learned it’s a mistake to create an unaccountable agency.<p>Richard Cordray’s resignation as director of the Consumer Financial Protection Bureau provides a great opportunity for President Trump to appoint a new director who can undo an unfortunate legacy of …

Richard Cordray

Student Loan Debt

<b>To the Editor:</b><p>Re “A Lawsuit Machine” (Business Day, Nov. 14):<p>I was disgusted to read that those with outstanding student loans are being hounded, often illegally, by aggressive debt collectors.<p>Now that Richard Cordray has announced that he is stepping down as director of the Consumer Financial …

Opinion

Trump rollback of banking regulation well underway

President Donald Trump‘s promised rollback of banking regulation is well underway, with vacancies at the top of key agencies and new legislation in …

Economy

The CFPB is about ‘protections,’ not just ‘regulations’

The Nov. 16 Economy & Business article “Cordray to quit consumer agency post” was heavily weighted with language critical of the work of the Consumer Financial Protection Bureau, which is to protect consumers from predatory financial institutions. The article referred to agency rules as …

Opinion

Wall Street and Trump are about to kill the CFPB, the only government agency that effectively polices bank scams, crimes and frauds

The Consumer Financial Protection Bureau (previously) is practically the only US regulator we can be proud of -- founded by Elizabeth Warren before …

Richard Cordray

Congress Has Made It Harder to Sue Bad Banks

When <b>Wells Fargo</b> employees met sales goals by creating 3.5 million fake bank and credit card accounts using real customer information, the affected customers were prevented from suing because some fine print in their customer agreements specified that disputes must be settled in arbitration. And …

Banking

Why 2018 Could Be Bank of America's Best Year Yet

An improving operating environment combined with Bank of America's bottom-line progress is setting the bank up for a big 2018.<p>Everything changed for</b> …

Stocks