Category: Consumer Financial Protection Bureau

President Biden Renews Fight on ‘Surprise Fees’ as Inflation Stays High

President Biden will host executives from several companies, including Airbnb and Live Nation, to announce new efforts to end so-called junk fees as inflation remains high.
The Risks of Storing Money in Apps Like Venmo and Cash App

The Consumer Financial Protection Bureau is warning that the funds may be at risk if the app’s parent company runs into trouble.
More Options to Pay for Medical Care, but Some May Be Costly

Consumer experts are warning patients that some offerings charge much higher interest rates than regular credit cards.
A Federal Tool Could Soon Make It Easier to Compare Credit Cards

The New York Times – Business:
The Consumer Financial Protection Bureau, which already provides some card details, is asking banks for more information about who qualifies for which cards.
Wells Fargo’s Carrie Tolstedt Pleads Guilty and Faces Prison

The New York Times – Business:
Carrie L. Tolstedt, who ran the bank’s retail branches, faces up to 16 months in prison for obstructing a bank examination.
No, ‘Wokeness’ Did Not Cause Silicon Valley Bank’s Collapse

The New York Times – Business:
Blaming workplace diversity or environmentally and socially conscious investments for the firm’s downfall signals a “complete lack of understanding of how banks work,” one expert said.
Why Lawmakers Aren’t Rushing to Police A.I.

The New York Times – Business:
Artificial intelligence tools are proliferating throughout society, and getting more powerful. Washington has failed to keep pace.
How Biden Is Seeking to Reshape Business via the CHIPS Act

The New York Times – Business:
Big strings are attached to funding for chip makers, meant to bolster Democratic priorities including child care for workers and discouragement of stock buybacks.
Supreme Court to Take Up Case on Fate of Consumer Watchdog

The New York Times – Business:
A decision against the bureau could cast doubt on every rule and enforcement action the Consumer Financial Protection Bureau has taken.
The Downsides of Using ‘Buy Now, Pay Later’

The New York Times – Business:
Shoppers can quickly get approved for the services, but regulators are concerned that the loans lack important protections.
Wells Fargo to Pay $3.7 Billion Over Consumer Banking Violations

The New York Times – Business:
The Consumer Financial Protection Bureau cited improper overdraft fees, account freezes, auto repossessions and misapplied home loan payments that have harmed millions of consumers since 2011.
Appeals Court Finds Consumer Bureau’s Funding Unconstitutional

The New York Times – Business:
The decision, expected to be appealed, could upend every regulation and enforcement action the bureau has issued.