News Topic: CFPB

Financial firms say the database is unreliable and would like to see it removed from public view. But the industry would also lose access to competitive insights that can be gleaned from the massive trove of consumer complaints. ... Read full article

President Trump plans to tap nominees to head the independent financial regulators that will be more willing to listen to industry than past heads, a senior White House official said Thursday. ... Read full article

Federal regulators supported several changes the banking industry has been seeking in an appearance before the Senate Banking Committee on Thursday, acknowledging the need to limit the Volcker Rule and better define systemically important banks. ... Read full article

For Democrats, the scandal is a prominent symbol of big-bank misbehavior, while Republicans want to use it to show the shortcomings of the CFPB. ... Read full article

Traditional partnerships with lenders have been eroded by compliance strains and new incentives to control more of the homebuying transaction. ... Read full article

The Wall Street Journal enumerates the reasons why President Trump needs to fire the CFPB director; the bitcoin market is sharply divided over whether it’s a currency or a store of value. ... Read full article

The CFPB and others believe alternative data could provide more credit to the unbanked. Small banks and credit unions, however, have lingering concerns about breaking from traditional underwriting. ... Read full article

Sen. Elizabeth Warren, D-Mass., asked Federal Reserve Chair Janet Yellen on Monday to remove 12 Wells Fargo board members because of the fake-accounts scandal. ... Read full article

James Clinger is currently general counsel to the House finance panel; CFPB director refutes House panel claims he didn’t do his job in Wells Fargo investigation. ... Read full article

CFPB Director Richard Cordray took issue with a House Republican report that said he lied about his agency's role in investigating the Wells Fargo phony-accounts scandal. ... Read full article

The CFPB's decision to drop a requirement that third parties verify a debt's accuracy before collecting on it is likely to speed the agency's efforts to write rules for all parts of the debt collection market. ... Read full article

The Consumer Financial Protection Bureau proposed further changes Thursday to its final rule on prepaid cards and is seeking public comment on whether to delay implementing it a second time. ... Read full article

The Treasury plan includes a slew of items that don’t require Congress to act, and appear feasible in the short term. Here's a guide to what changes could be made. ... Read full article

The Treasury Department published its first report on regulatory reform, offering some familiar industry asks alongside some surprising positions. ... Read full article

Ahead of the House vote Thursday on the Financial Choice Act, the two parties were assailing each other as proxies for Wall Street and painting themselves as defenders of community banking and the consumer. ... Read full article

The Consumer Financial Protection Bureau said banks and other first-party creditors are responsible for the accuracy of information on consumer debts. ... Read full article

The agency recently sent a letter to nine banks urging them to stop offering deferred interest cards, arguing that consumers are often unaware of the risks involved. ... Read full article

Clearing the bill through the House has value, giving baseline legislative language that the Senate might select in a more modest legislative package. ... Read full article