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FOUND: 20 - What They Never Told You

Wells Fargo to pay $3.7 billion settling charges it wrongfully seized homes and cars

The case marks the largest penalty ever imposed by the federal watchdog agency the Consumer Financial Protection Bureau. Customers who were harmed will receive $2 billion in restitution.

WEKU

Wells Fargo to pay $3.7 billion for mistreating customers

NEW YORK: Wells Fargo Co agreed to a $3.7 billion settlement with the Consumer Financial Protection Bureau to settle a variety of allegations of mistreating customers, including a $1.7 billion fine that’s the biggest in CFPB history.

The Times of India

Senate confirms Gruenberg as FDIC chair, two others to join board

In two votes Monday, the Senate confirmed three members of the FDIC board and one of them, Martin Gruenberg, to become chairman.

Roll Call

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How your credit card companies decide your spending limit

Factors that credit card issuers consider include your income, credit utilization, and payment history.

Fortune

The problems with using buy now, pay later to fund travel

“Buy now, pay later” services like Affirm, Afterpay and Klarna can sometimes provide a cheaper, more accessible version of credit

The Independent UK

The Federal Government Can't Seem to Decide How the CFPB Is Funded

The Solicitor General's brief defending how the CFPB is funded contradicts what the agency and others have said in the past.

Reason

Millennial Money: How credit can beat buy now, pay later

With rising costs of goods and services, turning to “buy now, pay later” plans when you check out can be tempting

The Independent UK

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Checks and Balances November 2022

The Checks and Balances Letter delivers news and information from Ballotpedia’s Administrative State Project, including pivotal actions at the federal and state levels related to the separation of powers, due process, and the rule of law.

Ballotpedia

Appellate ruling may force another Supreme Court look at CFPB

WASHINGTON — An appeals court ruling that the Consumer Financial Protection Bureau’s funding structure is unconstitutional raises the stakes in a long battle over the agency, potentially setting the stage for a test the Supreme Court sidestepped only two years ago when it declined to find the entire agency unconstitutional.

Tribune News Service

Appellate ruling may force another Supreme Court look at CFPB - Roll Call

An appeals court ruling that the consumer bureau's funding structure is unconstitutional raises the stakes in a long battle over the agency.

Roll Call

With inflation sticking around, Biden targets 'junk fees'

With time running out before the election, President Joe Biden highlighted his administration’s push to crack down on so-called junk fees that banks and other companies charge their customers

The Independent UK

In administration campaign on 'junk fees,' CFPB targets banks - Roll Call

The administration is launching an effort to stop what President Joe Biden calls 'junk fees' in banking, travel and telecommunications.

Roll Call

The CFPB's Funding Mechanism: Misguided But Constitutional

analysis from Professor Zach Price

Reason

Noah Feldman: Conservative attack on consumer protection wins an illogical victory

Conservatives have never liked the Consumer Financial Protection Bureau, the brainchild of Massachusetts Sen. Elizabeth Warren. Now a conservative panel of the conservative U.S. Court of Appeals for the Fifth Circuit has struck down the CFPB’s rulemaking authority using a novel theory.

Tribune News Service

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Reason

Why the Consumer Financial Protection Bureau's Funding Structure Is Unconstitutional

The Fifth Circuit Court of Appeals is right to notice that the CFPB is unique even among federal agencies that don't get their funding from Congress.

WEKU

Appeals court says financial watchdog agency CFPB's structure is unconstitutional

Three federal appeals court judges appointed by President Trump have ruled that the funding structure of the Consumer Financial Protection Bureau is unconstitutional.

Los Angeles Times

Do you use Zelle? Here's how to spot increasingly common scams

Credit cards and digital payment apps such as PayPal offer some distinct advantages over cash, including the ability to recover money paid to scammers.

The Guardian - US

Inconvenience fee: how Biden is taking on companies’ sneaky charges

In a little publicized initiative, the Biden administration is seeking to tackle the ‘junk fees’ hitting Americans when they can’t afford it

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The Independent UK

Kimberly Palmer: How to handle your medical bills

Medical bills can quickly become overwhelming, but consumers often have more power than they might think when it comes to navigating them

The Independent UK

Regions Bank to refund $141M for illegal overdraft fees

Regions Bank for a second time in a decade was found charging illegal overdraft fees in a settlement that will require the bank to repay $141 million to customers plus $50 million in fines

Tribune News Service

Nation's consumer watchdog taking aim at 'buy now, pay later' lenders

The nation's consumer watchdog plans to start regulating the booming "buy now, pay later" industry, voicing concerns about potential abuses, data mining and consumers being enticed to overextend themselves.

The Independent UK

Millennial Money: Why you should increase credit limits now

Credit limits aren’t always there when you need them

The Philadelphia Inquirer

The nation's top consumer watchdog wants to protect your personal data and digital wallet

Rohit Chopra heads the Consumer Financial Protection Bureau (CFPB), the federal agency tasked with protecting consumers and their money. The CFPB in recent years has sued student loan servicers, investigated redlining — or discriminatory lending — in mortgages and other loans, and is now focusing on "buy-now-pay-later" firms, payment apps,…

The Independent UK

Watchdog head: Bad actors should face more than big fines

The head of the nation’s financial watchdog is having second thoughts about using fines to deter illegal behavior in the financial industry, saying some companies have gotten so big that the money makes little difference

Tribune News Service

Fintechs question CFPB’s faith in innovation over ‘safe harbors’

WASHINGTON — The Consumer Financial Protection Bureau’s decision to end temporary “safe harbors” for two financial technology companies is raising eyebrows in the community, with some wondering if the agency is committed to promoting financial innovation.

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