Tag: CFPB
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Judge Halts Rule on Late Fees $14B Annual Savings at Risk
By Charlene Crowell May 14 was the day that the Consumer Financial Protection Bureau (CFPB) was set to implement a new rule that would save credit card holders an estimated $14 billion each year. The rule would provide savings of $220 per year on average for people who are charged late fees. Instead, a federal district judge ... -
CFPB returns $17.5B to Defrauded Consumers
Commentary By Charlene Crowell This year marks the 12th anniversary of an important consumer protection that sprang as a response to millions of foreclosures and the resulting Great Recession. Today, just as then, all consumers need assurances that whether purchasing goods or services, they pay a fair price. For the first time in our nation’s history, a ... -
Dr. King’s Quest for Economic Justice Continues
By Charlene Crowell On January 16, the nation will mark its 37th national holiday honoring the life of Rev. Dr. Martin Luther King, Jr. (1929-1968). Across the country observances will chronicle how one man’s efforts pricked the moral conscience of the nation in a lifespan of only 39 years. When he was just 26 and a ... -
$88B Medical Debt Burdens Millions of Consumers
New law takes effect to end “surprise” medical bills By Charlene Crowell A new report from the Consumer Financial Protection Bureau (CFPB) finds that the nation’s healthcare system is supported by an infrastructure of billing, payments, collections, and credit reporting that is fraught with commonplace mistakes. At the same time, patients encounter difficulty in getting ... -
102 Members of Congress Rebuke Delay of Payday Loan Rule
By Charlene Crowell Anyone who struggles with the rising costs of living knows all too well how hard it is to try stretching dollars when there’s more month than money in the household. Predatory lending, like payday and car-title loans, worsen financial stress with triple-digit interest rates that deepen the debt owed with each renewal. ... -
Do the Right Thing: Enact Payday Loan Rules
By Charlene Crowell For most people, life feels better when there is something to look forward to. Whether looking forward to graduation, the arrival of a new baby, or retirement that affords a few years to just enjoy life – these kinds of things make going through challenging times somehow more manageable. For payday loan ... -
House Chair Waters: Return Consumer Protection to CFPB
By Charlene Crowell On March 7, the House Financial Services Committee, chaired by Congresswoman Maxine Waters marked the first time that the new Director of the Consumer Financial Protection Bureau (CFPB) appeared for a hearing in this capacity. Entitled, Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau,” the session is the ... -
Rep. Maxine Waters to Chair House Finance Committee
By Stacy M. Brown NNPA Newswire One day after saying she wants President Donald Trump’s new chief of staff, Mick Mulvaney, to testify before her committee about his work overhauling the U.S. Consumer Financial Protection Bureau, Congresswoman Maxine Waters (D-CA 43) was elevated to another position where she will undoubtedly continue to hold President Trump ... -
Calls for Firing of CFPB Official Who Used N-Word
By Charlene Crowell Recent and stunning disclosures of racially-offensive writings by a high-ranking official at the Consumer Financial Protection Bureau (CFPB) has unleashed an escalating barrage of criticisms, including calls for the official to be fired and more probing questions regarding the agency’s commitment to fair lending. Since a September 28 Washington Post article first reported how ...
