A federal watchdog agency sued a debt collection company and its owner Wednesday, accusing them of collecting debts without a "reasonable basis" to assert that consumers owed the money.

Tagged with: beltsville Collections & Outsourcing Inc. Consumer Financial Protection Bureau Michael Sobota

Tougher rules governing the payday lending industry, finalized during the last weeks of an Obama-era appointee who led the Consumer Financial Protection Bureau, will remain in place for now after Congress allowed a deadline to overrule them pass without action. ...

Tagged with: Consumer Financial Protection Bureau Mick Mulvaney payday loan rules

Wells Fargo will pay $1 billion to federal regulators to settle charges tied to its mortgage and auto lending business, the latest chapter in years-long, wide-ranging scandal at the banking giant. However, it appears that none of the $1 billion will go directly to the victims of Wells Fargo's abuses.

Tagged with: Consumer Financial Protection Bureau wells fargo

WASHINGTON — Attorneys general from 16 states and the District of Columbia are seeking to defend a U.S. consumer watchdog agency in court amid speculation that President Donald Trump may fire its director, Richard Cordray. The attorneys general, all Democrats, ...

Tagged with: Attorney General Brian E. Frosh Consumer Financial Protection Bureau

NEW YORK — Federal regulators announced new rules Wednesday governing the quickly growing prepaid debit card industry, an effort more than two years in the making which should bring basic account protections to its customers, who are often financially disadvantaged. ...

Tagged with: Consumer Financial Protection Bureau

The rule seems to favor the average American over Wall Street but has been criticized for only benefiting 'liberal trial lawyers.'

Tagged with: arbitration Barack Obama Consumer Financial Protection Bureau impeachment

Consumer rights advocates, joined by Maryland’s attorney general, and the banking industry are going toe to toe over a federal proposal to block banks from using mandatory arbitration to resolve disputes with their customers. The 90-day comment period on a ...

Tagged with: arbitration Attorney General Brian E. Frosh Banks Consumer Financial Protection Bureau

Suing your bank or debt collector might be getting a whole lot easier. The Consumer Financial Protection Bureau is considering new regulations that would severely curtail a contentious practice called mandatory arbitration, which is when consumers are forced to take ...

Tagged with: arbitration Consumer Financial Protection Bureau

Cash-strapped Americans anxious for tax refunds are increasingly turning to payment advances, prepaid cards or other costly services when getting tax preparation help, according to new federal data raising concerns among regulators about whether consumers are fully informed about the fees.

Tagged with: Consumer Financial Protection Bureau incentives Internal Revenue Service

Nearly 20 percent of U.S. consumers with credit records — 42.9 million people — have unpaid medical debts, according to a new report by the Consumer Financial Protection Bureau.

Tagged with: Consumer Financial Protection Bureau consumers debt medicine