NewsBreak Original

Groups call on Supreme Court to back consumer protection bureau. A coalition of consumer advocacy groups is calling on the U.S. Supreme Court to take action to protect the funding structure of the Consumer Financial Protection Bureau (CFPB).

Tempoe penalized for hiding terms of leasing contracts. A company that offered lease-purchase financing for customers of retailers such as Sears and Kmart has been fined $36 million for unlawful practices that cost consumers as much as $192 million.

Consumer Bureau takes action to protect personal financial data. A coalition of consumer advocacy groups is applauding a recent announcement by the Consumer Financial Protection Bureau (CFPB) that the agency is examining the actions of data brokers and seeking to apply the rules of the Fair Credit Reporting Act (FCRA) to them. Specifically, CFPB action seeks to protect the personal financial information of consumers whose data may be bought and sold by brokers.

Lease-purchase financing company allegedly used deceptive tactics and made illegal threats to borrowers. The Consumer Financial Protection Bureau (CFPB) is suing Snap Finance for alleged illegal activity including using deceptive marketing tactics and making false threats to consumers.

Tennessee's top consumer protection official joins legal effort to undermine federal consumer watchdog. Tennessee Attorney General Jonathan Skrmetti is backing an effort in support of a legal challenge that would radically change the funding provided to the Consumer Financial Protection Bureau (CFPB), the nation's top consumer watchdog agency in the financial marketplace.

International action critical in digital finance marketplace. The Consumer Financial Protection Bureau (CFPB) announced it is beginning a dialogue with its counterpart in Europe, the Commission for Justice and Consumer Protection of the European Commission on key consumer protection issues related to the digitalization of finance.

Auto repair finance company charged interest rates of 163%, violating DC law. The District of Columbia's Attorney General, Brian Schwalb, announced that his office is ordering auto repair finance company EasyPay to pay a $215,000 penalty as a result of that company's predatory and illegal lending in DC.

John Eastman, attorney who supported overturning 2020 election, now sides with payday lenders before High Court. An attorney who worked for former President Donald Trump and who authored a memo suggesting ways to overturn the 2020 election is now attempting to help payday lenders avoid accountability in a case before the U.S. Supreme Court.

Lawmakers say AI can threaten consumer financial safety. A group of U.S. Senators is urging the Consumer Financial Protection Bureau (CFPB) to take steps to protect consumers from the risks posed by artificial intelligence (AI). Specifically, the lawmakers are calling out voice cloning technology which they say can put private banking information at risk.

Advocates say House measure would put consumers at risk in financial marketplace. Consumer advocacy group Americans for Financial Reform (AFR) is expressing opposition to a government funding measure advancing through the House of Representatives. The measure, according to AFR, would significantly weaken federal agencies tasked with protecting consumers.

Consumer Financial Protection Bureau commended for tackling economic justice issues. Consumer advocacy group Public Citizen is applauding the work of the Consumer Financial Protection Bureau (CFPB) in advancing an agenda that promotes racial equity in the financial marketplace.

Federal regulator now taking action to prevent these scams. The Consumer Financial Protection Bureau (CFPB) is now taking action to protect banking consumers from fee harvesting conducted when banks reopen previously closed accounts in order to assess and collect fees.

Advocates urge Supreme Court to uphold funding for Consumer Financial Protection Bureau. A collection of consumer advocacy groups is calling on the U.S. Supreme Court to uphold the current funding structure of the key federal watchdog agency in the consumer finance marketplace. The groups, including Consumer Federation of America (CFA) and the Center for Responsible Lending (CRL) are highlighting the work of the CFPB while also pointing to broad implications if the funding structure is overturned.

Credit repair company illegally took upfront payments, failed to improve consumer credit situations. Consumers who were victims of a debt-relief and credit repair scheme operated by Burlington Financial Group are receiving a portion of $30 million in compensation as a refund for fees paid to the company.

TD Bank chided by advocates for excessive overdraft fees. The Center for Responsible Lending (CRL), consumer advocacy group focused on finance and banking issues, is cheering the collapse of a proposed merger between TD Bank and First Horizon as the two banks announced today they are terminating their agreement.

Advocacy groups express support for Consumer Bureau effort to curb fees. A coalition of consumer groups is expressing support for an effort by the Consumer Financial Protection Bureau (CFPB) to cap credit card late fees at a maximum charge of $8.

Consumer bureau creates new protections for homeowners financing clean energy upgrades. Converting a home that uses traditional energy sources to one that relies on clean energy can mean long-term savings for a homeowner - but those savings often come at a steep upfront cost. A federal program exists that is designed to help homeowners make the clean energy switch, but until now, loans made under this program lacked significant consumer protections.

House GOP seeks to weaken Consumer Financial Protection Bureau. A broad coalition of consumer advocacy groups is calling on members of the U.S. House of Representatives to reject efforts to weaken the Consumer Financial Protection Bureau (CFPB).

Consumer advocacy group calls out nation's largest banks for profiting from questionable fees. Consumer advocacy group Accountable.us is calling out America's largest banks after earnings reports revealed these institutions - banks like JP Morgan Chase and Wells Fargo - earned more than $20 billion last year from junk fees alone.

Consumer bureau taking action against Lexington Law, CreditRepair.com. The Consumer Financial Protection Bureau (CFPB) is seeking a total of $3.1 billion in fines against a pair of firms purporting to offer credit repair services. The fines would impact Lexington Law and the website/firm CreditRepair.com.