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REVEALED: 17 | Rare Historical Photos

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

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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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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.

Reason

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.

WEKU

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.

Los Angeles Times

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

The Guardian - US

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

The Independent UK

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.

Tribune News Service

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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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Roll Call

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

Financial technology firms are worried about the ramifications of a regulator’s decisions to end two temporary safe harbor protections.

Fortune

Banks are scaling back overdraft fees, but lawmakers push for federal restrictions

Democrats have renewed their bid to restrict overdraft fees through federal legislation.

The Independent UK

Liz Weston: Is medical debt vanishing from credit reports?

The three credit bureaus have promised to remove nearly 70% of medical debts from consumer credit reports within the next year

Roll Call

Financial Services has a problem with remote members who can't find the mute button - Roll Call

Michigan Republican Bill Huizenga became frustrated at a House Financial Services hearing when remote attendees left their mics turned on.

The Independent UK

Liz Weston: Find Out and Fix What Big Data Says About You

Information about you — things you may have thought were private — is stored in databases operated by consumer reporting agencies

Benzinga

Housing Beat: Mortgage Rates Hit 5% Level While Property Taxes Inch Higher

The week in housing was one of great challenges, with mortgage rates cracking the 5% level while homeowners faced an uptick in property taxes and state attorneys general demanded that mortgage servicers drop their convenience fees charged to borrowers.

Los Angeles Times

Mortgage interest rates are rising. If you’re looking at adjustable-rate loans, know the risks

A few years after risky mortgages and related investments led to a global financial collapse, the Federal Reserve put out a handbook to help consumers make smarter choices about their home loan options. The focus was on adjustable-rate mortgages, whose exotic variants were among the prime culprits in the meltdown.

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