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Tag Archives: Richard Cordray

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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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