Sign In
Free Newsletter
Amex paying $112.5M in late-fee settlements
WASHINGTON — American Express is paying $112.5 million in refunds and fines to settle regulators’ accusations that it charged unlawful late fees and deceived customers to pressure them to pay off old debts or buy extra credit card services. The company agreed to the settlements announced Monday by four federal agencies, including the Federal Reserve […]
Consumer finance agency sets mortgage protections
WASHINGTON — The government’s consumer lending watchdog proposed new rules Friday aimed at protecting homeowners from unexpected costs and shoddy service by companies that collect their monthly mortgage payments. Mortgage servicing companies would be required to provide clear monthly billing statements, warn borrowers before interest rate hikes and actively help them avoid foreclosure unde[...]
Capital One to pay $210M over marketing tactics
WASHINGTON — The Obama administration’s consumer watchdog agency flexed its enforcement muscles for the first time Wednesday and ordered Capital One Bank to repay millions of credit card customers allegedly tricked into buying costly add-on services. Capital One will pay $210 million in refunds and regulatory fines. Most of the money will go directly to […]
Govt. to supervise credit reporting for first time
NEW YORK — For the first time, companies that issue credit scores for millions of consumers which determine their credit-worthiness will be under government oversight. The Consumer Financial Protection Bureau will supervise roughly 30 firms that make up 94 percent of the industry. That includes the three big credit reporting firms: Equifax Inc., Experian and […]
Big banks must show break-up plans under new rule
WASHINGTON — The largest U.S. banks must show how they would break up their assets if they were in danger of failing, under a rule approved Tuesday. The Federal Deposit Insurance Corp. voted to require banks with $50 billion or more in assets to submit so-called living wills. Seven banks with more than $250 billion […]
Stirring up a fight, Obama names consumer watchdog
SHAKER HEIGHTS, Ohio — Defying Republican lawmakers, President Barack Obama on Wednesday barreled by the Senate and installed a national consumer watchdog on his own, provoking GOP threats of a constitutional showdown in the courts. Setting a fierce tone in the election-year fight for middle-class voters, Obama said: “I refuse to take ‘no’ for an […]
State AGs urge confirmation of Obama pick as CFPB head
A group of state attorneys general urged members of the Senate last week to confirm Richard Cordray, President Barack Obama’s pick to be the first director of a new consumer financial regulatory agency. The National Association of Attorneys General sent Senate lawmakers a letter signed by 37 state and territorial attorneys general supporting Cordray’s bid […]
Former Ohio AG to lead consumer agency
WASHINGTON — President Barack Obama moved Monday to get a new consumer protection bureau up and running, introducing a former Ohio attorney general as director, in an apparent acknowledgment that the woman who masterminded the agency couldn’t win Senate confirmation. In a Rose Garden ceremony under sunny skies, Obama announced he has chosen Richard Cordray […]
