CFPB: Opting for Overdraft Protection Means Higher Fees
The government says consumers who opt for overdraft coverage on checking accounts pay higher fees and are more likely to have their accounts closed than those who decline it.
CFPB
Selling a Pension for a Lump Sum: A Bad Deal on Both Sides
If you get a monthly pension check, but need a lot of cash now, you might be considering a pension income stream deal. Here's why you should find another way to get the money.
Want to Refinance Your Student Loans? The CFPB Wants to Help
The Consumer Financial Protection Bureau wants to help people struggling with heavy student loan debt get the same kind of ability to refinance that mortgage-holders have.
Mortgage Insurers Funneled Kickbacks to Lenders, Alleges CFPB
On Thursday, the Consumer Financial Protection Bureau filed complaints against four mortgage insurers who the CFPB claimed had paid millions in kickbacks to mortgage lenders.
Mary Jo White Promises 'Unrelenting' Enforcement at SEC
Mary Jo White vowed Tuesday to make "bold and unrelenting" enforcement of Wall Street a high priority if she is confirmed chairman of the Securities and Exchange Commission.
Buried Under Student Loan Debt? The Government Is Here to Help
To solve the student-loan crisis, the Consumer Financial Protection Bureau is asking the public for their ideas. Aside from the personal pain caused by a mountain of student debt, the CFPB wants to head off the possibility of another financial crisis just like the housing bust.
Mortgage Relief Scams Still Going Strong
More than five years have passed since the mortgage bubble began to pop, and scammers taking advantage of homeowners still abound. In fact, the criminals and their techniques have become increasingly sophisticated.
More States Join Lawsuit Challenging CFPB and Dodd-Frank
Eight more states have joined a lawsuit aimed at challenging the constitutionality of parts of the Dodd-Frank Wall Street Reform and Consumer Protection Act, including the creation of the Consumer Financial Protection Bureau.
Obama to Tap Former Federal Prosecutor Mary Jo White to Head SEC
President Barack Obama will nominate former federal prosecutor Mary Jo White to head the Securities and Exchange Commission (SEC), a White House source said, restoring the agency's power to work on its overhaul of Wall Street.
CFPB to Oversee Debt Collectors
Expanding its reach, the government's consumer finance watchdog agency will monitor the day-to-day operations of big debt-collection companies. It is the first time that debt collectors have been subject to federal scrutiny of their routine business practices.
CFPB Complaint Site Takes on Credit Report Issues, Too
The Consumer Financial Protection Bureau's complaint website already gave Americans a way to seek redress over problems with credit cards, mortgages, bank accounts, auto or personal loans, even student loans. Now, it's also ready to help us deal with credit reporting agencies.
Feds Order Discover to Refund $200 Million to Cardholders
Discover Bank is paying $214 million to settle charges that it pressured credit card customers to buy costly add-on services like payment protection and credit monitoring.
Consumer Finance Bureau Floats New Rules for Mortgage Servicers
The government's consumer lending watchdog proposed new rules Friday aimed at protecting homeowners from unexpected costs and shoddy service by companies that collect their monthly mortgage payments.
Dealing With Your Credit Report Just Got a Lot Easier
It has never been more important to have good credit, but it's no easy task to go against the ratings agencies when your credit report is wrong. Now though, you have an ally in your corner: The Consumer Financial Protection Bureau.
Private Student Loans: Subprime Mortgages of the College World
Student loan debt is a $1 trillion issue today, but according to the Consumer Financial Protection Bureau, one fairly small part of the student loan market appears to be most responsible for many of the problems borrowers face: private student loans.
How You Can Benefit From the Capital One Settlement
The Capital One Financial settlement with U.S. regulators over deceptive marketing of credit card "add-on products" means a lot to all consumers, not just Capital One customers, according to consumer advocates.
Capital One to Refund Customers $150 Million to End Card Probe
Capital One Bank will pay $210 million to settle charges that it pressured credit card customers to buy costly add-on services like payment protection and credit monitoring. About $150 million of that fine will go directly to 2.5 million of its customers.
Consumer Bureau to Supervise Credit Reporting Agencies
Credit reporting agencies will soon be subject to federal oversight for the first time. The Consumer Financial Protection Bureau announced Monday that it will begin supervising the nation's biggest consumer reporting agencies this fall.
Online Credit Card Complaint Database Debuts
A new online database devoted to cataloging consumer complaints against credit card companies launched Tuesday. The website, created by the Consumer Financial Protection Bureau, will begin by posting grievances against credit card companies, and will eventually include complaints regarding mortgages and student loans.
Consumer Watchdog Weighs Limits to Mortgage Fees
Regulators might ban origination fees that vary with the size of the loan, known as "origination points." They also might limit the use of "discount points" that are supposed to result in lower interest rates.
Consumer Protection Agency Tightens Up on Mortgage Lenders
The Consumer Financial Protection Bureau's proposed rules will give homeowners more ways to avoid foreclosures, and would require mortgage servicers to warn borrowers about interest rate or insurance changes.
CFPB Boosting Budget, Oversight Duties
The Consumer Financial Protection Bureau is pumping up its budget for 2013, in part because it will start regulating large debt collectors and credit reporting companies, two sectors of that have heretofore had little federal oversight.
Obama Bucks GOP, OKs Consumer Watchdog
In a defiant display of executive power, President Barack Obama on Wednesday will buck GOP opposition and name Richard Cordray as the nation's chief consumer watchdog even though the Senate contends the move is inappropriate, senior administration officials told The Associated Press.
CFPB Developing Simpler Credit Card Form
The Consumer Financial Protection Bureau launched a campaign aimed at simplifying credit card agreements Wednesday. The agency is asking the public for feedback on a more transparent credit card form that is broken down into three sections -- costs, changes and additional information -- and features information high up on fees and interest rates.
Credit Card Complaints Keep Coming, Says CFPB Report
Even though last year's financial reform was supposed to make credit cards more transparent, consumers are still complaining about interest rates, billing disputes and confusing credit card terms.
Holly Petraeus, Servicemembers' Financial Advocate
The new Consumer Financial Protection Bureau will guard all of us from being taken advantage of financially. Turns out, one group needs extra protection in that arena: those who protect our whole nation -- U.S. service members and their families. And Holly Petraeus is going to make sure they get it.
What New Consumer Agency Will Do for You
On Thursday, the Consumer Financial Protection Bureau officially opens for business. Even as the political fight continues over just how potent the agency will be, at root, its mission is to make clear the prices and risks of financial products and services. Here's where it will focus its early effort.