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 …
Bank executives and lawyers anticipate the incoming Trump administration to place significant limits on the U.S. Consumer Financial Protection Bureau (CFPB), but the president’s populist leanings could leave room for some activity by the watchdog. The CFPB has long been …
Wells Fargo & Co. will pay a $65 million penalty to New York state related to its cross-selling practices. The bank failed to disclose to investors that the success of its cross-selling – the pitching of additional financial products to …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
