Forced Arbitration Clauses Harm Consumers: CFPB
Pre-dispute arbitration clauses "restrict consumer relief" in disputes with financial companies by limiting class actions, says Director Richard Cordray.
Ex-Gov. Pawlenty: White House Fiduciary Memo ‘Overly Broad’
The leaked memo was “overly broad in condemning the industry and fairly conclusory without citing a lot of specifics,” FSR's Pawlenty says.
FDIC, CFPB Launch Spanish-Language Financial Ed Tool for Seniors
The FDIC and CFPB announced a new downloadable tool that teaches Spanish-speaking seniors how to be smart with their finances.
SEC, CFPB Enforcement: AgFeed Fined $18M for Fattening Its Stock Price
Meanwhile, the CFPB sued for-profit chain Corinthian Colleges for predatory lending, and a hedge fund manager was charged with pocketing extra fees.
House Passes Bill to Rein In CFPB
The bill replaces the director with a bipartisan board and cuts bureau workers’ pay; Senate support for the measure is unclear.
Reporting Elder Scams Doesn’t Break Privacy Law
Seven federal agencies issued guidance Tuesday clarifying that the privacy provisions of the Gramm-Leach-Bliley Act generally permit reporting of suspected elder financial abuse.
JPMorgan Hit With $80M Fine Over Illegal Credit Card Practices
Together with the $920 million JPMorgan Chase agreed to pay over the London Whale case, Thursday was an expensive day for the megabank.
New Hire Roundup: CFPB Names Antonakes Deputy Director
Justin Frys became a branch manager for Zeigler in Minnesota, and Chad Parks joined Beacon Research as sales director.
House to Examine SEC’s Money-Market Fund Plan
The Financial Services Committee’s Capital Market Subcommittee plans to hold a hearing Sept. 18 on the SEC's proposed rules.
Supreme Court’s Recess Appointment Case Challenges CFPB Head: Hensarling
The case, on three people Obama named to the NLRB, will also determine the constitutionality of Richard Cordray's appointment, the House Financial Services chairman says.