Consumer Financial Protection Bureau News

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 …

U.S. Consumer Bureau Moves to Restrict Mandatory Arbitration Clauses

Financial companies routinely use mandatory arbitration to block class-action lawsuits, making it difficult for consumers to win big payouts in disputes over credit cards and other products, a U.S. regulator found. When credit card issuers have faced suits seeking class- …

Consumer Credit Agencies Agree to Address Errors, Medical Debt

Buying homes, getting jobs and borrowing money will be easier after an agreement by the three biggest U.S. consumer credit reporting services with New York. “This is huge,” Chi Chi Wu, an attorney at Boston-based National Consumer Law Center, said …

Supreme Court to Hear ‘Disparate Impact’ Housing Case

The U.S. Supreme Court agreed to decide whether people suing for housing discrimination must prove they were victims of intentional bias, in a case that may give long-sought protection to the lending industry. The justices today said they will hear …

FICO to Downplay Medical Debt in Credit Scores

A move by personal credit score provider FICO to leave out or discount medical debt from its scores will boost the credit record of many borrowers, while helping lenders to better assess risk. The company, formerly known as Fair Isaac …

Financial Firms Want More Time to Review U.S. Consumer Complaint Proposal

The federal government is proposing a new policy that would allow consumers to publicly post their complaints about consumer financial products and services. Under the proposal by the Consumer Financial Protection Bureau (CFPB), consumers would have the option to share …

Judge Dismisses Lawsuit Against Dodd-Frank by 11 States and Texas Bank

A lawsuit by 11 states and a Texas bank challenging the Dodd-Frank law’s financial regulation overhaul was dismissed by a federal judge. U.S. District Judge Ellen Segal Huvelle in Washington Thursday ruled that the states and the State National Bank …

Senator Seeks Review of Consumer Bureau Data Collection

The U.S. Senate Banking Committee’s top Republican is asking the investigative arm of Congress to determine whether the Consumer Financial Protection Bureau is acting within its powers in a sweeping data collection effort. Senator Mike Crapo, an Idaho Republican, made …

Senate to Hold Vote on Consumer Agency Director Next Week

U.S. Senate Democratic leaders plan to hold a vote next week on President Barack Obama’s choice to lead the Consumer Financial Protection Bureau, a Senate Democratic aide said on Wednesday, but they are not expected to muster enough votes to …

Mortgage Insurers Settle for $15 MIllion Over Alleged Kickbacks to Lenders

Four mortgage insurers agreed to pay about $15 million to settle claims that they paid kickbacks to mortgage lenders in exchange for business, the U.S. consumer watchdog said on Thursday. The Consumer Financial Protection Bureau said the deals took place …