NewsBreak Original

New rule extends state authority to enforce federal laws designed to protect consumers. The Consumer Financial Protection Bureau (CFPB) this week released a new rule that grants additional authority to states to enforce federal consumer protection laws.

Loans for auto repairs carry rates as high as 189%. A coalition of consumer advocacy groups has sent letters to top auto repair chains across the nation calling on them to stop offering financing for repairs through EasyPay Finance and TAB Bank, noting the loans can carry interest rates as high as 189%.

CFPB clarifies deceptive and misleading use of FDIC logo, protection. The Consumer Financial Protection Bureau (CFPB) this week took action to clarify regulations around the use (and misuse) of the logo and auspices of the Federal Deposit Insurance Corporation (FDIC). The FDIC is the federal agency that ensures bank deposits up to $250,000.

AGs tell federal government that deceptive marketing must stop. In response to a request for comment from the Federal Trade Commission (FTC), a group of 25 state Attorneys General called on the regulatory agency to take action against for-profit colleges for using deceptive marketing tactics to lure in students.

Enforcement action also bans co-founders from debt-relief payment processing industry. In an enforcement action this week, the Consumer Financial Protection Bureau (CFPB) ordered debt-relief payment processing company Account Management Systems (AMS) and the company's co-founders to cease operations and pay a total of $11 million in fines and customer refunds.

Group targets gig economy companies, multi-level marketers, and for-profit colleges. Consumer Federation of America (CFA) responded to a request for comment from the Federal Trade Commission (FTC) on proposed regulations around deceptive earnings claims. Specifically, CFA called out gig economy companies, multi-level marketing firms, and for-profit colleges for practices that deceive individuals into believing they'll be able to live a certain lifestyle by using their products. Unfortunately, CFA notes, these claims often turn out to be unsubstantiated.

Consumer Federation of America says Americans will be safer if these bills become law. The Consumer Federation of America (CFA) today applauded the Senate Commerce Committe's passage of a trio of consumer protection bills and called on the full Senate to act quickly to pass them and protect American consumers.

CFPB issues advisory opinion extending protections to borrowers. The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion extending protections found in the Equal Credit Opportunity Act (ECOA) beyond the issuing of a loan. That is, the protections provided by the ECOA extend even after the loan is awarded and borrowers should be treated equally in the loan repayment process as well.

CFPB files brief in suit against TransUnion, seeks to expand consumer protection. The Consumer Financial Protection Bureau (CFPB) has filed a joint brief with the Federal Trade Commission (FTC) in a case against credit reporting agency TransUnion. The legal move seeks to expand consumer protection in the credit reporting industry. Specifically, the brief argues that reporting agencies - including TransUnion, Experian, and Equifax - have a legal obligation under the Fair Credit Reporting Act (FCRA) to address inaccuracies in consumer credit reports.

Bureau highlights common tactics, offers ways to fight financial fraud. The Consumer Financial Protection Bureau (CFPB) is out with guidance for Americans on how to fight scams targeting people's money.

Consumer Bureau action imposes $10 million fine on one of nation's largest banks. The Consumer Financial Protection Bureau (CFPB) has fined Bank of America $10 million for the bank's unlawful processing of out-of-state garnishments.

Current credit practices can cause buyers to lose cars, face damaged credit. A coalition of consumer groups is urging the Federal Trade Commission (FTC) to take action that would prohibit so-called "Yo-Yo" auto sales. In practice, this means allowing a buyer to drive a car off the lot before a contract is fully executed with a third-party credit agency.

Chopra tells Congress his agency will take action to boost competition, reduce fees. In testimony to Congress, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra told lawmakers he's asked his agency to explore ways to limit credit card fees and boost competition in the financial services industry.

Advocates detail common junk fees, call on Consumer Bureau to institute protections. In response to a call for comment on junk fees in the consumer finance industry, a number of consumer advocacy groups sent a letter to the Consumer Financial Protection Bureau (CFPB) detailing junk fees across a range of industries and services. The groups also called for specific actions to protect consumers from these fees.

Allegations include repeatedly delaying money transfers and leaving customers stranded. The Consumer Financial Protection Bureau (CFPB) and the New York Attorney General filed suit against remittance provider MoneyGram alleging the company's practices repeatedly harmed consumers.

Report shows inaccurate bills, coercive debt collections. A report released by the Consumer Financial Protection Bureau (CFPB) shows that consumers with medical debt often suffer from inaccurate billing and aggressive collection tactics.

Biden Administration announces debt relief for 40,000 student loan borrowers. The Biden Administration announced this week that it is taking action to provide debt relief for some 40,000 student loan borrowers who qualify for income driven repayment programs.

Regulatory agency adds five states, now 27 are partners in robocall investigation team. The Federal Communications Commission (FCC) has announced the addition of five new states as part of a group dedicated to investigating illegal robocalls and enforcing federal laws prohibiting abuse.

Consumer Financial Protection Bureau exposes widespread industry practice. A report from the Consumer Financial Protection Bureau (CFPB) reveals that payday lenders engage in deceptive tactics in order to trap borrowers in a cycle of costly reborrowing.

Annual report reveals scope of abuse in debt collection industry. The Federal Trade Commission (FTC) issued its annual report on enforcement of the Fair Debt Collections Practices Act (FDCPA) today and revealed that its enforcement actions resulted in millions of dollars of refunds to consumers who were victims of abusive debt collectors.