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CFPB

Consumers won a huge victory in 2010 with the passage of the Wall Street Reform law. The key provision of the bill for consumers is the creation of the Consumer Financial Protection Bureau, which will oversee financial products and services such as mortgages, credit cards, payday loans, check cashing, and private student loans.

Publications

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Press Releases

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Blog Posts

  • Banks Want Legal Immunity For Unaffordable Loans

    By Pam Banks Bank lobbyists plan to make the most of the lame-duck session of Congress that gets underway next week. Almost before anyone has a chance to notice, they hope to pass an amendment undermining a crucial piece of the Dodd-Frank Wall Street reform law — the provision that was supposed to keep lenders Continue Reading

  • CFPB Releases Guide to New Rules on International Money Transfers

    This week, the Consumer Financial Protection Bureau (CFPB) released a guide for small businesses on its remittance rule, which will protect consumers who send money electronically to foreign countries starting February 2013.  The guide explains the key provisions of the rule and highlights important issues businesses should consider as they put the new rule into practice. Under the new Continue Reading

  • CFPB Forces American Express To Refund $85 Million

    American Express will refund an estimated $85 million to some 250,000 customers for illegal credit card practices under a settlement announced today by the CFPB.  The company will also pay a penalty of $27.5 million and has agreed to correct its practices. The CFPB is clearly putting credit card companies on notice that, if you Continue Reading

  • Refund Information For Discover Credit Card Customers

    The CFPB has put up a page dedicated to helping Discover customers understand the $200 million refund they were ordered to give to consumers. Consumers should aslo note that the CFPB is warning consumers about scams related to the Discover action. Here’s what the CFPB says on its website: As with any time large numbers Continue Reading

  • Discover Credit Card Ordered to Pay $200 Million Consumer Refund for Deceptive Marketing

    The CFPB just announced that the credit card company Discover will pay approximately $200 million in restitution to more than 3.5 million consumers who were charged for one or more of the products between December 1, 2007 and August 31, 2011. The FDIC and CFPB issued a joint action against Discover is a result of Continue Reading

  • Stronger Oversight of Reverse Mortgages Needed to Protect Seniors

    We along with the California Advocates for Nursing Home Reform have urged the CFPB to adopt a number of reforms to protect vulnerable seniors from the potential pitfalls of reverse mortgages.  The CFPB is collecting public comment on reverse mortgages as it considers whether to strengthen oversight of the industry. Reverse mortgages are home loans Continue Reading

  • Reverse mortgages—the next disaster?

    An interesting article appeared in MSN Money recently and it includes a lively discussion about the pros and cons of reverse mortgages.  The article notes a point made by the Consumer Financial Protection Bureau in its recently released report that older homeowners are increasingly jeopardizing their futures by using these home loans in ways for Continue Reading

  • CFPB Issues New Report On Student Loans

    The CFPB and the Department of Education have issued a report that outlines the deceptive practices that have found their way from the mortgage industry to the private student loan business. The report finds that the private lenders engage in the same risky practices that led to 2008’s financial collapse, including lending money without considering Continue Reading

  • How To Get Your Capital One Refund

    Consumers Union alongside of activists like you fought for the creation of the CFPB, a financial watchdog whose job is to stop unfair practices and fight for consumers. The CFPB was the consumer centerpiece of the 2008 Dodd-Frank financial reform bill. In the watchdog’s first enforcement action it ordered Capital One to provide $140 million in refunds Continue Reading

  • CFPB Fines Capital One $210 Million For Deceptive Credit Card Practices

    As the CFPB gets ready to mark their 1 year anniversary some big news is breaking. The CFPB is fining Capital One $210 Million dollars for their deceptive practices. According to the Wall St. Journal: The McLean, Va., banking company will refund $150 million to 2.4 million consumers who bought Capital One-branded products over the Continue Reading

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