CFPB warns lenders of "tidal wave" of distressed mortgages

Apr 5, 2021
But homeowners are in a better position to avoid foreclosure than they were in the last crisis.
As of January, more than 2.7 million people were still in the programs to put mortgage payments on hold during the pandemic, the Consumer Financial Protection Bureau says.
Nicolas Kamm/AFP via Getty Images

Financial watchdog expected to regain teeth under Biden

Dec 18, 2020
Under President Trump, the Consumer Financial Protection Bureau relaxed rules on payday lending and debt collection.
Consumer advocates want to see the CFPB under Biden tighten rules on payday loans, bank fees and credit report errors.
Roberto Schmidt/AFP via Getty Images

CFPB rolls back restrictions on payday lenders

Jul 9, 2020
Lenders will not have to verify whether borrowers have the ability to pay back high-interest loans
About 12 million Americans take out payday loans every year, mostly to cover necessities like rent or utilities.
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Coronavirus pushes up demand for financial literacy, but money to pay for it is tight

Apr 22, 2020
The federal agency has a $1.2 billion fund to pay fraud victims, but can also use it for financial literacy programs.
More than 200 nonprofits focused on financial literacy sent a letter to the federal Consumer Financial Protection Bureau asking for financial help.
Alex Wong/Getty Images

With the CFPB's future uncertain, New York and other states want to step in

Mar 5, 2020
Some states are stepping up their plans to regulate the debt collection industry. Consumer advocates say the moves come at a time when Federal protections are weakening.
Gov. Cuomo announced a plan to crack down on fraud with additional oversight of the debt collection industry.
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CFPB is taking a fresh look at bank overdraft fee rule

Jul 2, 2019
The Consumer Financial Protection Bureau is reviewing a 2009 rule that regulates how banks charge customers who overdraw their checking accounts.
Saul Loeb/AFP/Getty Images

CFPB seeks to rollback rule restricting payday lenders

Feb 7, 2019
The Trump administration is handing payday lenders a potential victory.
A sign outside a "Speedy Cash" cash loans shop on Brixton High Street on Nov. 1, 2012 in London, England.
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Senate poised to confirm new Consumer Financial Protection Bureau chief. Then what?

Dec 3, 2018
Since the beginning of the Trump administration, the Consumer Financial Protection Bureau has been operating under the direction of Mick Mulvaney, who is also the head of the Office of Management and Budget. He’s deliberately slowed and narrowed the scope of the bureau’s work. Now a new head, Kathleen Kraninger, is likely to be confirmed. She’s a Mulvaney […]
White House Office of Management and Budget official Kathleen Laura Kraninger testifies during a confirmation hearing before the Senate Committee on Banking, Housing, and Urban Affairs July 19, 2018 on Capitol Hill in Washington, D.C.
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The Trump administration has a habit of renaming government groups

Oct 10, 2018
Case in point: The Consumer Financial Protection Bureau is now the Bureau of Consumer Financial Protection.
President Donald Trump hands his pen to the director of the Office of Management and Budget (OMB) Mick Mulvaney (front-L), after signing an executive order beside members of his cabinet in the Oval Office of the White House on March 17, 2017.
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Your student loan company just changed the terms of your agreement. What do you do next?

Sep 20, 2018
The Consumer Financial Protection Bureau helps you handle problems you’re having with a financial service or product. Here’s how that process works.
A poster of evidence is presented by then-U.S. Attorney for the Southern District of New York Preet Bharara during a press conference on May 7, 2013 in New York City.
John Moore/Getty Images