Consumer Financial Protection Bureau News

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 …

Rep. Hensarling’s Plan Could Be Blueprint for Trump Revamping of Dodd-Frank

When Jeb Hensarling, the Republican chair of the U.S. House Financial Services Committee, released legislation this summer to weaken the major financial law known as Dodd-Frank, many said it was a prêt-a-porter plan that his party’s nominee, Donald Trump, could …

Court Limits Director’s Power But Lets U.S. Consumer Protection Bureau Survive

The Consumer Financial Protection Bureau survived a constitutional challenge and will remain in business, though a federal appeals court took away power from its director and tossed out a $109 million penalty against a mortgage company. The long-awaited decision was a …

Battle Against Forced Arbitration in Financial Contracts Could Take Years

A U.S. agency’s plans to ban forced arbitration clauses from financial contracts faces a tough road, with early reaction pointing to a years-long battle that could take a Supreme Court test to settle. Thousands of angry consumers and business representatives …

U.S. Consumer Rules Would End Mandatory Arbitration Clauses That Limit Class Actions

A U.S. consumer watchdog on Thursday proposed new rules to block credit card companies, banks and other companies from forcing customers to waive their rights to join class action lawsuits and only settle disputes through arbitration. The Consumer Financial Protection …

Consumer Agency Seeks to Limit Financial Firms’ Arbitration Clauses

Banks and credit card companies may not force customers to sign away their legal rights to take part in class action lawsuits, under an early-stage U.S. government proposal that is likely to draw ire from Wall Street. The Consumer Financial …

Business Lobbies Seek Probe of Medical Funding Industry

Two business lobbying groups this week called on the Consumer Financial Protection Board to investigate the medical funding industry after a Reuters investigation revealed that private investors are funding operations for women who have sued makers of surgical implants. The …