Consumer Financial Protection Bureau (CFPB News

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 …

Consumer Bureau Accuses Rocket Homes of Illegal Kickbacks in Mortgage Scheme

The top U.S. watchdog agency for consumer finance on Monday accused Rocket Homes, a unit of Rocket Companies, and The Jason Mitchell Group of real estate brokerages of an illegal kickback scheme to steer mortgage applications back to Rocket. According …

CFPB Claims Supervision Over Google Unit, Which Promptly Sues

The Consumer Financial Protection Bureau said it’s claiming supervisory authority over Google Payment Corp., as the agency extends its oversight of nonbank financial platforms. The unit of Alphabet Inc. promptly filed a lawsuit to fight the move. The CFPB’s finding, …

TD to Pay $28 Million for Sharing Inaccurate US Consumer Data

Toronto-Dominion Bank will pay almost $28 million in fines and restitution after the Consumer Financial Protection Bureau said the lender shared inaccurate information about tens of thousands of US customers with consumer reporting companies. A CFPB investigation found the information …

Fifth Third Bank to Pay $5M Fine for Illegally Forcing Car Insurance Onto Borrowers

Fifth Third Bank agreed this week to pay a $5 million fine for illegally forcing vehicle insurance onto borrowers who had coverage. Fifth Third also agreed to pay a $15 million fine for illegal sales practices. The Cincinnati, Ohio-based bank …

Despite Consumer Watchdog’s Supreme Court Win, CFPB Powers on Chopping Block

The U.S. Supreme Court’s decision safeguarding the Consumer Financial Protection Bureau—the nation’s consumer finance watchdog—earned plaudits from supporters of robust federal regulation. But their praise for the court may prove short-lived. Powered by its 6-3 conservative majority, the court has …

Judge Rules Against Consumer-Watchdog Anti-Discrimination Effort

A federal judge has ruled that the U.S. Consumer Financial Protection Bureau (CFPB) does not have broad authority to tackle discriminatory banking practices, handing a win to financial industry groups that sued the regulator. The American Bankers Association, the U.S. …

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 …

U.S. Supreme Court to Hear Fight Over Consumer Watchdog Agency’s Funding

The U.S. Supreme Court on Monday agreed to decide whether the Consumer Financial Protection Bureau’s funding structure established by Congress violates the U.S. Constitution in a case that President Joe Biden’s administration has said threatens the agency’s ability to function …

Wells Fargo to Pay $3.7B for Illegal Conduct That Harmed Customers

The U.S. Consumer Financial Protection Bureau hit Wells Fargo & Co. with the watchdog’s largest ever civil penalty on Tuesday as part of a $3.7 billion agreement to settle charges over widespread mismanagement of car loans, mortgages and bank accounts. …