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The Latest Breaking News from CFPB

Bank of America hit with $250M in fines, customer refunds for ‘double-dipping’ fees, fake accounts

It is one of the highest financial penalties in years against Bank of America, which has largely spent the last 15 years trying to clean up its reputation.

Chicago Sun-Times

Bank of America to pay $250 million for illegal fees, fake accounts

An investigation found that Bank of America raked in tens of millions of dollars in resubmitted insufficient funds fees. The bank also illegally opened credit cards without customers knowledge.

WEKU

Biden sets up health costs as campaign talking point - Roll Call

Biden announced health moves Friday aimed at protecting Americans from what he described as unfair fees and dubiously marketed health plans.

Roll Call

From analysis to the latest developments in health,
read the most diverse news in one place.

Guns for domestic abusers, agency power next up at Supreme Court

The Supreme Court is already planning to dive back into the culture wars and tackle the power of regulatory agencies in Washington in the slew of new cases it’s taking up in the fall.

Tribune News Service

Lots of Administrative Law On Tap for Next Supreme Court Term

The Court will consdier whether to invalidate the CFPB's funding, narrow standing, and overturn Chevron, among other things.

Reason

Medical credit cards may lead patients to overpay for their health care, Democrats warn

A group of Democratic senators is asking the Consumer Financial Protection Bureau to take action against medical credit cards such as CareCredit, saying the cards’ deferred interest features are confusing and often lead to consumers paying high interest rates after a promotional period has ended

The Independent UK

Storing Money in PayPal, Venmo or Cash App Carries Hidden Risks, CFPB Says

A Consumer Financial Protection Bureau issue says PayPal and other popular payment apps often sidestep key government protections for your funds.

Kiplinger

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Senators, CFPB director spar over proposed credit card fee limit

WASHINGTON — Consumer Financial Protection Bureau Director Rohit Chopra on Tuesday defended the agency’s proposal to lower credit card late fees against criticism from Republicans at a Senate Banking hearing.

Tribune News Service

Why You Should Check Your Credit Report

If you’ve ever had difficulty getting incorrect information removed from your credit report, you’ve got plenty of company.

Kiplinger

Banks' growing reliance on chatbots to handle customer service tasks worries consumer watchdog

Can you trust Erica, or Sandi or Amy to increasingly control parts of your financial life without giving you inaccurate information or sending money to the wrong place

The Independent UK

What to Do When Your Rent is Too High

If your rent is too high, options for consumers are limited, but there are some things you can do if you're facing a rent increase.

Kiplinger

Money stored in Venmo, other payment apps could be vulnerable, financial watchdog warns.

Customers of Venmo, PayPal and CashApp should not store their money for the long term with these apps since their funds may not be covered by deposit insurance, the Consumer Financial Protection Bureau warned on Thursday

The Independent UK

SCOTUS takes up Chevron

The Checks and Balances Letter delivers news and information from Ballotpedia’s Administrative State Project, including pivotal actions at the federal and state levels related to the separation of powers, due process, and the rule of law.

Ballotpedia

Welcome to America! Now learn to be in debt

The U.S. economy counts on you to borrow money and stay in debt for a credit score. But what if you were taught to never owe anybody anything?

WEKU

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Kiplinger

Medical Credit Cards Drive Up Cost of Care, Says CFPB

CFPB says medical credit cards are driving up the cost of care with more than $1 billion accrued in deferred interest.

Kiplinger

Beware 'Junk Fees' When Buying a Home

Junk fees could add thousands to the cost of a property. Here’s what you need to know about these hidden mortgage costs.

WEKU

Biden administration warns consumers to avoid medical credit cards

Americans paid an estimated $1 billion in interest on medical debt in just three years, a federal agency finds. This includes use of credit cards often pitched in doctors' and dentists' offices.

Reason

The Government Wants To Cap Credit Card Late Fees. It Will Hurt the Poor.

Delayed payments will increase, and companies will respond by raising interest rates—or denying low-income applicants outright.

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Ballotpedia

Second Circuit weighs in on CFPB funding structure

Roll Call

CFPB employee sent data of 250,000 customers to personal email - Roll Call

A GOP lawmaker said in a letter the breach involved could have implicated more than 50 financial institutions' "sensitive information."

Reason

Federal Courts Clash Over Financial Watchdog's Constitutionality

The CFPB funding scheme is constitutional, the 2nd Circuit says.

Reason

Short Circuit: A Roundup of Recent Federal Court Decisions

Anti-Muslim tweets, inactive warrants, and anti-Muslim prison guards.

Tribune News Service

Supreme Court case features twist on appropriations power

WASHINGTON — Congress has used a clause in the Constitution for more than two centuries to control how the federal government spends funds, but the Supreme Court is poised to decide whether that same language also limits what lawmakers can do.

Roll Call

Supreme Court case features twist on appropriations power - Roll Call

The Supreme Court is poised to decide whether the Appropriations Clause in the Constitution limits what lawmakers can do.

Tribune News Service

Biden administration urged to take more aggressive steps to relieve medical debt

Dozens of advocates for patients and consumers, citing widespread harm caused by medical debt, are pushing the Biden administration to take more aggressive steps to protect Americans from medical bills and debt collectors.

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