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Consumer Financial Protection Bureau

All articles tagged with #consumer financial protection bureau

Trump escalates bid to curb CFPB amid cost-of-regulation claims
us-politics-and-policy8 days ago

Trump escalates bid to curb CFPB amid cost-of-regulation claims

The Trump administration has stepped up its bid to dismantle the CFPB, citing a White House–Council of Economic Advisers analysis that its rules have raised borrowing costs for Americans—estimates range from about $237 billion to $369 billion—while court rulings have kept the agency operating during litigation; Democrats counter with different cost calculations and highlight CFPB gains, noting the agency has returned nearly $20 billion to consumers and secured $5 billion in fines, but critics say the regulatory burden has restricted credit and driven up costs.

via Financial Times|
#consumer-financial-protection-bureau#donald-trump#financial-services
business1 month ago

Trump Proposes One-Year 10% Cap on Credit Card Interest Rates

President Trump announced plans to temporarily cap credit card interest rates, but the legal authority for such a move is uncertain without congressional approval. Legislation proposing a 10% cap has been introduced in Congress, and the move is part of broader populist economic measures aimed at addressing high living costs. The average credit card rate is currently 22.3%, significantly higher than in 2013.

via Politico|
#business#consumer-financial-protection-bureau#credit-card-rates
Trump Administration Targets Overhaul of Consumer Financial Protection Bureau
politics1 year ago

Trump Administration Targets Overhaul of Consumer Financial Protection Bureau

President-elect Donald Trump and Congressional Republicans are considering significant changes to the Consumer Financial Protection Bureau (CFPB), aiming to reduce its powers and funding. This move aligns with the interests of major financial institutions like banks and mortgage lenders, which have opposed the CFPB's regulations under Democratic leadership, including efforts to eliminate "junk fees."

via The Washington Post|
#banking#consumer-financial-protection-bureau#financial-regulation
USDA to Eliminate School Lunch Fees for Low-Income Families by 2027
education1 year ago

USDA to Eliminate School Lunch Fees for Low-Income Families by 2027

The U.S. Department of Agriculture announced that starting in the 2027-2028 school year, students eligible for free or reduced-price school meals will no longer be charged processing fees, which can significantly increase costs for low-income families. This decision follows a Consumer Financial Protection Bureau report highlighting the financial burden these fees place on families, with some paying up to 60 cents per dollar in fees. The USDA aims to reduce costs for families earning under 185% of federal poverty guidelines and is working towards providing free healthy school meals for all children.

via CBS News|
#consumer-financial-protection-bureau#education#low-income-families
"CFPB Implements New Rules to Protect Buy Now, Pay Later Customers"
finance1 year ago

"CFPB Implements New Rules to Protect Buy Now, Pay Later Customers"

The Biden administration has granted consumers using "buy now, pay later" (BNPL) services the same legal protections as credit card users, allowing them to dispute charges, demand refunds for returned products, and receive periodic billing statements. The Consumer Financial Protection Bureau's ruling aims to address the lack of protections for BNPL users, as the popularity of these services grows, particularly among younger consumers. However, BNPL firms may push back against the ruling, arguing that their products are fundamentally different from credit cards.

via NBC News|
#biden-administration#buy-now-pay-later#consumer-financial-protection-bureau
"Chamber Sued Over CFPB Decision as House Panel Approves Credit Card Late Fee Rule Repeal"
politics1 year ago

"Chamber Sued Over CFPB Decision as House Panel Approves Credit Card Late Fee Rule Repeal"

Despite their complaints about Americans' financial struggles, Republicans are pushing to repeal a Consumer Financial Protection Bureau rule that reduces credit card late fees, arguing that it will harm responsible consumers and shift costs. Critics argue that the new limits would benefit consumers, especially those living paycheck to paycheck. Analysis shows that Republicans on the committee have received significant funding from industry groups opposing the rule. The proposed policies to eliminate junk fees and increase rate transparency are popular among consumers but face opposition from Republicans.

via Rolling Stone|
#consumer-financial-protection-bureau#credit-card-fees#financial-services-committee
"Department Stores Navigate New Challenges with Credit Card Revenue and Fees"
business1 year ago

"Department Stores Navigate New Challenges with Credit Card Revenue and Fees"

Department stores like Macy's and Kohl's are facing a potential revenue squeeze as the Consumer Financial Protection Bureau's new rule will cap late fees on store-branded credit cards at $8, down from an industry average of around $32, starting this spring. This change is expected to impact retailers' highly profitable business of making money from customers' credit card swipes and the interest or late fees that get tacked onto their unpaid balances. Specialty retailers with store cards, such as Gap, will also feel the pinch, but it'll be most significant at department stores, which are already under pressure due to declining revenue. Retailers are exploring strategies to offset the potential losses, such as increasing APRs or transitioning customers to co-branded cards that can be used for other purchases.

via CNBC|
#business#consumer-financial-protection-bureau#department-stores
"Texas Judge Transfers Credit Card Fee Lawsuit to Washington, D.C. Amid Biden Administration's Push for Fee Caps"
legal1 year ago

"Texas Judge Transfers Credit Card Fee Lawsuit to Washington, D.C. Amid Biden Administration's Push for Fee Caps"

A federal judge in Texas has transferred a lawsuit challenging a rule on credit card late fees to a court in Washington, D.C. The lawsuit, brought by business groups against the Consumer Financial Protection Bureau, seeks to block the rule, which is set to take effect in May. The judge's decision to transfer the case was based on the location of the plaintiffs and lawyers, as well as the absence of any card issuer subject to the rule in Fort Worth. The rule aims to limit "excessive" late fees charged by credit card issuers, and the lawsuit's transfer reflects ongoing legal battles over Biden administration policies in conservative-leaning courts.

via Reuters|
#consumer-financial-protection-bureau#credit-card-fees#lawsuit
"Texas Judge Transfers Credit Card Fee Lawsuit to Washington, D.C. Amid Accusations of Venue Shopping"
legalregulatory1 year ago

"Texas Judge Transfers Credit Card Fee Lawsuit to Washington, D.C. Amid Accusations of Venue Shopping"

A Texas federal judge criticized major banking industry groups and the U.S. Chamber of Commerce for choosing Texas as the venue to challenge the Consumer Financial Protection Bureau's regulations on credit card late fees, ruling that the lawsuit should be transferred to Washington. The judge accused the industry of "venue shopping" and emphasized that the choice of venue should not be at the plaintiff's whim. The lawsuit concerns the CFPB's new regulations capping credit card late fees, with the banking industry seeking to block the rule due to potential revenue losses.

via Fortune|
#banking-industry#consumer-financial-protection-bureau#credit-card-late-fees
"Biden's $8 Cap on Credit Card Late Fees Aims to Ease Financial Burden on Americans"
finance2 years ago

"Biden's $8 Cap on Credit Card Late Fees Aims to Ease Financial Burden on Americans"

The Consumer Financial Protection Bureau (CFPB) has finalized a rule capping credit card late fees at $8 per incident, down from an industry average of $32, in an effort to eliminate "junk fees" and save consumers over $10 billion annually. This new regulation closes a loophole that allowed automatic fee increases without evidence of increased costs, and is part of the Biden administration's push to curb unnecessary charges. While this move benefits consumers, credit card issuers may respond by raising other fees or tightening card approvals.

via CNBC|
#biden-administration#consumer-financial-protection-bureau#credit-cards
"Biden Administration Caps Credit Card Late Fees at $8 in Crackdown on Excessive Charges"
finance2 years ago

"Biden Administration Caps Credit Card Late Fees at $8 in Crackdown on Excessive Charges"

The Biden administration has finalized a rule through the Consumer Financial Protection Bureau to reduce credit card late fees, estimated to save families $10 billion annually. The rule will cap late fees at $8, preventing automatic increases based on inflation and closing a loophole that allowed fees to balloon to $41. Industry groups representing banks and credit card issuers oppose the rule, arguing it could lead to increased interest rates. President Biden highlighted this effort, along with others, to lower costs for Americans ahead of the upcoming election and his State of the Union address.

via ABC News|
#biden-administration#competition-council#consumer-financial-protection-bureau
"Biden Administration Caps Credit Card Late Fees at $8 in Crackdown on Junk Fees"
politicseconomics2 years ago

"Biden Administration Caps Credit Card Late Fees at $8 in Crackdown on Junk Fees"

The Biden administration has announced a rule to cap all credit card late fees at $8, aiming to end what it calls junk fees and save Americans up to $10 billion a year. President Biden highlighted this proposal as part of efforts to reduce costs for Americans, along with forming a strike force to crack down on unfair pricing in various sectors. However, the move has faced criticism from some lawmakers and industry representatives, who argue that it could lead to higher interest rates and decreased access to credit. The administration's broader efforts to eliminate junk fees have not significantly boosted Biden's approval ratings on economic leadership, and concerns are rising over growing credit card debt and delinquency rates.

via The Associated Press|
#biden-administration#consumer-financial-protection-bureau#credit-card-fees