Consumer Financial Protection Bureau News
For Clinton, Warren Offers Historic Choice for Running Mate
As Hillary Clinton weighs possible running mates, Elizabeth Warren offers a historic choice
The Note: Trump Takes on Clinton
NOTABLES --TRUMP TO DELIVER ‘BIG SPEECH’: Donald Trump is scheduled to deliver a speech in New York City today attacking Hillary Clinton. It will be a “big speech” to “discuss the failed policies and bad judgment of Crooked Hillary Clinton,” the presumptive Republican nominee tweeted yesterday.
Consumer Financial Protection Bureau to Crack Down on Payday Loan 'Debt Traps'
A federal consumer watchdog group proposed a new rule today aimed at cracking down on the payday loan industry, saying in a press release that "consumers are being set up to fail with loan payments that they are unable to repay." Payday loans, sometimes called "cash advances" or "check loans,"
Missouri Man Paid $50,000 in Interest After Taking $2,500 in Payday Loans
Small payday loans are touted as quick, short-term access to money, but people like Elliott Clark of Kansas City, Missouri, call them "debt traps." A retired and disabled Marine, Clark still has a hard time talking about the more than 5 years in which he says he struggled to pay $50,000 in interest
Customers Could File Class Action Lawsuits Against Banks Under Proposed Rule
A U.S. government watchdog consumer group is inviting public comment on a rule it proposed today that would give consumers the right to file class action lawsuits against banks and other financial firms. The Consumer Financial Protection Bureau (CFPB), an agency created after the 2008 financial
Lawmakers Urge FTC to Investigate 'Dark Money' Group Attacking Consumer Watchdog Group
Some lawmakers are trying to find out who's paying so-called "dark money" for ads attacking the watchdog group Consumer Financial Protection Bureau (CFPB). Protect America's Consumers, a political lobbying group, has spent nearly $58,000 on cable TV and online ads disparaging the nearly 5-year-old
Refunds on Horizon for Customers Whose Kids Racked Up In-App Amazon Charges
A federal judge has found Amazon liable for billing customers for unauthorized in-app charges made by their children. The Federal Trade Commission brought a lawsuit against the Seattle company as well as Apple and Google in 2014, after the FTC said that it had received countless complaints from
Overdraft Fees Can Cause Financially Vulnerable to Leave Banks
While occasional overdraft fees may be just an annoyance for some, they can cause the most financially vulnerable Americans to flat out leave the banking system, according to a new study by The Pew Charitable Trusts. The 2014 survey described the circumstances of 302 “heavy overdrafters,” or those
The Economic Ramifications of Trump's Border Wall Proposal
Donald Trump 's plan to force Mexico to pay for a border wall by blocking money transfers to the country would be a "mistake" and a total reversal of policy, experts say. In his plan released today, Trump says he will "compel" Mexico to pay for a border wall by blocking remittances and canceling