Consumer Financial Protection Bureau News

Some Banks Already Follow Consumer Bureau’s Softer Arbitration Policy

Senator Elizabeth Warren, who opposes efforts to dismantle a new rule allowing customers to sue financial companies in class actions, released letters on Tuesday from U.S. bank CEOs in which they declined to defend lobbying against the measure and several …

Ban on Consumer Mandatory Arbitration Clauses Faces Challenges

A U.S. rule years in the making that was intended to restore consumers’ ability to band together to sue financial companies could unravel in just a few months as the heads of two federal agencies clash over it and critics …

Consumer Protection Bureau Vows to Defend Mandatory Arbitration Ban

The political fissure between an Obama-appointed financial overseer and regulators hired by U.S. President Donald Trump is widening, with Consumer Financial Protection Bureau (CFPB) Director Richard Cordray threatening to challenge in court any attempt to kill his agency’s new arbitration …

Banks Blast Rule Exposing Them to Consumer Class Actions

U.S. banks and credit card companies could be prevented from blocking customers from banding together to sue them under a rule released by the country’s consumer finance agency on Monday. In releasing the rule, which goes into full effect in …

House Passes Dodd-Frank Replacement on Party Line Vote

Republicans in the U.S. House of Representatives voted on Thursday to replace the 2010 Dodd-Frank Wall Street reform law, a move that is expected to die in the Senate but open the door to revamping or eliminating regulations that came …

House Committee Expected to Advance Overhaul of Dodd-Frank

A U.S. Congressional banking panel is moving to advance legislation that would overhaul how the government regulates the financial sector, although it faces obstacles towards becoming law. Representative Jeb Hensarling, who chairs the House Financial Services Committee, is considering amendments …

Appeals Court to Rehear Constitutionality of Consumer Protection Bureau Structure

A U.S. appeals court said on Thursday it will reconsider an October ruling that the Consumer Financial Protection Bureau’s structure is unconstitutional, virtually guaranteeing the battle over an agency borne of the financial crisis will reach the Supreme Court. A …

Trump Halts Fiduciary Rule Opposed by Financial Advisors; Orders Dodd-Frank Review

President Donald Trump will order a sweeping review of the Dodd-Frank Act rules enacted in response to the 2008 financial crisis, a White House official said, signing an executive action Friday designed to significantly scale back the regulatory system put …

Senate Bill Would Let Wells Fargo Customers Sue in Court, Bypass Arbitration

Legislation introduced by two Democratic lawmakers on Thursday would allow Wells Fargo & Co. customers to go to court, instead of private arbitration, to resolve claims about accounts opened without authorization, according to a media release. The bill, which faces …

Consumer Bureau Wants Full Court Review of Sole Directorship

The U.S. Consumer Financial Protection Bureau late on Friday asked the entire U.S. Court of Appeals for the District of Columbia to review an October decision that its structure is unconstitutional. The review will involve all the court’s judges, a …