Articles by Paige Smith

CFPB Drops Suit Against US Banks Over Alleged Fraud on Zelle

The Consumer Financial Protection Bureau dismissed another Biden-era lawsuit, this one targeting some of the world’s largest banks for allegedly rushing out a peer-to-peer payment network that then allowed fraud to proliferate. The agency dropped the case against JPMorgan Chase …

CFPB Drops Lawsuits Against Capital One, Rocket Unit

The Consumer Financial Protection Bureau dropped a slew of Biden-era lawsuits against lenders as the nominee to lead the agency pledged to “right size” the watchdog under President Trump. The CFPB dismissed cases against Capital One Financial Corp., a unit …

CFPB Disarray Puts Future Fintech, Bank Oversight Into Question

Less than two months ago, the Consumer Financial Protection Bureau was pumping out lawsuits against some of the world’s biggest firms, suing JPMorgan Chase & Co., Bank of America Corp. and Walmart Inc. within a single week. On Monday, the …

Bessent to Be Acting CFPB Head, Pauses Rules and Litigation

Treasury Secretary Scott Bessent is now the acting head of the US Consumer Financial Protection Bureau, signaling a potential shift away from the aggressive enforcement and regulatory approach under Rohit Chopra. It comes after Chopra was fired by the Trump …

Trump Fires Biden’s Consumer Protection Watchdog Rohit Chopra

Rohit Chopra, the director of the Consumer Financial Protection Bureau under President Joe Biden, was fired by the Trump administration, a person with knowledge of the matter said. “This letter confirms that my term as CFPB director has concluded,” he …

CFPB Sues Walmart, Fintech for Illegally Opening Accounts

Walmart Inc. and one of its financial technology partners allegedly opened expensive bank accounts for delivery drivers of the world’s largest retailer without their consent, a US consumer protection agency said on Monday. The Consumer Financial Protection Bureau sued Walmart …

Mastercard Agrees to Buy Cyber-Defense Firm for $2.65 Billion

Mastercard Inc. agreed to buy cyber-defense firm Recorded Future for $2.65 billion to boost its ability to protect the card company’s massive global-payments system. The purchase from private equity firm Insight Partners will expand Mastercard’s ability to use artificial intelligence …

Home Insurance at $10,000 a Year Shows California Buyers’ Pain

California’s lofty home prices and scarce inventory already amounted to one of the most nightmarish housing markets in the US. Now, challenges securing and affording home insurance in the wildfire-prone state are making it even worse. Under the pressure of …

Citi Suit Raises #MeToo Claims at Wall Street’s Top Levels

Ardith Lindsey’s lawsuit accusing Citigroup Inc. of tolerating years of sexual harassment and assault against her struck a chord across Wall Street for many reasons, not least of which was her title: managing director. It’s typically the most senior rank …

Citizens Financial to Pay $9 Million to Settle Consumer-Protection Lawsuit

Citizens Financial Group Inc. will pay $9 million and take other remedial measures to settle US Consumer Financial Protection Bureau allegations that the bank failed to adequately address credit-card disputes and fraud claims. The consumer watchdog alleged in a 2020 …