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CFPB's Arbitration Plan Delivers Sharp Blow to Financial Industry
In a major setback for banks, credit unions, credit card companies and many other financial firms, the Consumer Financial Protection Bureau on Thursday issued a proposal that would ban the use of arbitration clauses that prevent consumers from bringing class-action lawsuits.  more »
"Many banks and financial companies avoid accountability by putting arbitration clauses in their contracts that block groups of their customers from suing them," said CFPB Director Richard Cordray.
The Federal Trade Commission filed charges Tuesday against the operators of a large-scale scheme involving dozens of companies that allegedly bilked consumers using fake newspaper subscription notices. more »
The latest U.S. Economy in a Snapshot report from the Federal Reserve Bank of New York reveals consumer spending increased slightly in February. more »
Over the past year, threats of steep downgrades have chilled secondary investor demand for federally guaranteed student loans, but two recent securitizations suggest that the market is beginning to thaw. more »
The Consumer Financial Protection Bureau lacks the authority to investigate how accredit ors approve for-profit colleges, according to a ruling Thursday by a federal judge. more »
Bloomberg News
The CFPB "continues to grow in power and magnitude without any accountability to Congress and the people," Republican presidential candidate Ted Cruz said last year. "The only way to stop this runaway agency is by eliminating it altogether."
Sen. Ted Cruz has made killing the Consumer Financial Protection Bureau one of his key stances on banking policy during his fight to become the Republican presidential nominee. more »
Attempts by online lenders to debit payments from consumers' checking accounts add a steep, hidden cost to online payday loans, according to a Consumer Financial Protection Bureau report released Wednesday. more »
"We are going to reach our customers where they want to bank, when they want to bank and how they want to bank," John Owen, Regions' head of regional banking, says of the company's decision to partner with alternative lenders.
Regions Financial has made clear that it wants to ramp up in consumer and small-business lending, and a big part of its strategy is teaming up with alternative lenders. more »
Senior members of the Obama Administration posted a blog advocating "a moral case" for putting an end to payday lending abuses, citing support from a variety of religious leaders. more »
Federal appeals court judges hearing a case challenging the Consumer Financial Protection Bureau’s single-director leadership structure appear receptive to arguments that the setup violates the Constitution. more »
A lawsuit filed by three former Hawaii Community College students last year, aimed at recovering hundreds of thousands of allegedly wrongfully collected student fees, is now set to be heard in May. more »
U.S. household borrowing climbed in February compared with January, supported by financing for automobiles and college education. more »
Two appeals court judges raised constitutional questions Monday about the structure of the Consumer Financial Protection Bureau in the agency's case alleging that PHH Corp. accepted illegal kickbacks. more »
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