By: Jeffrey Lapin
The Consumer Financial Protection Bureau (CFPB) regulates consumer financial products and services, such as mortgages and credit cards. Here are some of the more noteworthy actions and announcements by the CFPB from November 2012: […]
By: Jeffey B. Lapin
The Consumer Financial Protection Bureau (CFPB) along with other federal agencies announced on October 1, 2012, that American Express Co. (AMEX) will pay $112.5 million in refunds and fines. These agencies alleged that three AMEX subsidiaries violated a number of federal laws with regard to credit cards, credit reporting and debt collection. Nearly $85 million of this money will go to approximately 250,000 customers eligible consumers. […]
By: Jeffrey B. Lapin
The Consumer Financial Protection Bureau (CFPB), has now been in existence for fourteen (14) months. It was created as part of the 2010 Dodd–Frank Wall Street Reform and Consumer Protection Act. So far, the CFPB has been praised by consumer advocates and criticized by businesses. […]
By: Jeffrey Lapin
On February 16, 2012, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule to identify the debt collectors and consumer reporting agencies will fall within its nonbank supervision program. Before it can began to monitor these entitieis, it has to define who is a “larger participant” within these areas. Currently, debt collectors and credit reporting agencies are not subject to direct federal supervision; the government only gets involved after a violation occurs. […]
Consumers will hopefully receive more protection from the new Consumer Financial Protection Bureau (CFPB), which was created as a part of the Dodd–Frank Wall Street Reform and Consumer Protection Act (http://www.govtrack.us/congress/bill.xpd?bill=h111-4173) has recently opened its doors. The new Consumer Financial Protection Bureau (CFPB) is assuming responsibility for rules and regulating the business of debt collection that the Federal Trade Commission (FTC) had been primarily handling. […]
