News Topic: CFPB

Readers weigh in on Amazon as a bank threat, claims that big banks are poor fintech partners, whether there are too many banks in the U.S. and more. ... Read full article

German bank says the $220 million settlement closes the book on its Libor-related misdeeds; reopening mandatory arbitration could backfire on banks. ... Read full article

The Senate's repeal of the Consumer Financial Protection Bureau rule is arguably the industry's biggest policy victory since passage of Dodd-Frank. But is it the sign of a trend? ... Read full article

While used infrequently by credit unions, arbitration clauses can be an effective way to ensure both the credit union member and the credit union’s interest are protected when disputes arise. ... Read full article

Pence breaks tie to overturn rule prohibiting mandatory arbitration; depositors receiving higher rates in effort to retain them. ... Read full article

Republicans were able to use an obscure legislative process to overturn a rule that banks and credit unions feared would raise their litigation costs. ... Read full article

Consumer Financial Protection Bureau Director Richard Cordray pushed back against a Treasury Department report critical of the bureau's arbitration rule, saying it overlooked how class action lawsuits help consumers. ... Read full article

The GOP appears to have barely enough votes to roll back the contentious CFPB rule, and floor debate was expected to begin Tuesday with a final vote possible at any time. But victory was not assured, and the fallout could be significant for all sides. ... Read full article

Why are credit unions lending their name to this fight when the vast majority of them do not use forced arbitration and have not been caught up in Wall Street’s excesses? ... Read full article

Treasury contests agency’s claims that ban on mandatory arbitration benefits consumers; former head of FX trading used client information to profit the bank. ... Read full article

British regulators are touting the success of their so-called regulatory sandbox. Their American counterparts have been unable to agree on a comprehensive scheme to foster innovation. ... Read full article

With days ticking down for lawmakers to overturn the Consumer Financial Protection Bureau rule, some are now questioning the statistics used to challenge the bureau’s data. ... Read full article

The Consumer Financial Protection Bureau made it clear that consumers own their financial data and can share it with apps of their choice. Now it’s up to the industry to resolve thorny issues on liability and accountability. ... Read full article

The Treasury Department released an 18-page report saying the rule would “impose extraordinary costs” including legal fees mostly for lawyers that bring class-action lawsuits. ... Read full article

The CFPB's practice of "regulation by enforcement" forces mortgage companies to develop compliance standards based on the mistakes of their peers, rather than clear guidance from the enforcement agency, said David Motley, the new chairman of ... Read full article

Federal regulators’ 2013 guidance on leveraged lending should have been treated as a rule under the Congressional Review Act – and is now eligible for Congress to repeal, the Government Accountability Office said Thursday. ... Read full article

The non-binding guidance, which followed a nearly yearlong inquiry about industry practices, said consumers should have greater ability to obtain information about their financial data, among other principles. ... Read full article

Regulators usually avoid the public fights that define other realms of the polarized Washington landscape, but the recent tiff over the arbitration rule is an exception. ... Read full article