Consumer Financial Protection Bureau Archives

Commentary: The CFPB Attacks the Credit Card Rewards Programs Consumers Want

June 11, 2024 RealClearWire

Unsurprisingly, the Consumer Financial Protection Bureau’s recent report on Credit Card Rewards is dismissive of programs that are popular with tens of millions of American households. However, its objections manifest the same sort of deceptive advertising and hiding of details that it complains are characteristic of credit card rewards, and the data in its report does not match the conclusions its director, Rohit Chopra, has made in his statement about the report as well as his testimony before Congress on the issue.

The CFPB’s press release announcing the Credit Cards Rewards: Issue Spotlight report denigrated rewards programs, alleging that “Consumers tell the CFPB that rewards are often devalued or denied even after program terms are met;” that “Consumers who carry revolving balances often pay far more in interest and fees than they get back on rewards;” and that “Credit card companies often use rewards programs as a ‘bait and switch’ by burying terms in vague language or fine print.”

Supreme Court Slaps Down Challenge That Could Have Gutted Financial Regulatory Agency

May 16, 2024 Admin

The Supreme Court rejected a challenge on Thursday that could have paved the way for a consumer protection regulator to be dismantled.

Commentary: Another Benefit Afforded Illegal Immigrants is All-Important Credit Protection

October 15, 2023 Michigan Star Staff

The Biden Justice Department along with their cohorts at the Consumer Financial Protection Bureau (CFPB) have broken the logic barrier once again as they issued a statement saying illegal immigrants cannot be discriminated against in getting credit.

What?

DEI Disaster: Wells Fargo Employees Say Bank Targeted Hispanics with Predatory Lending Practices

July 18, 2023July 17, 2023 ADN America

Wells Fargo, one of the largest banks in the United States is facing a lawsuit from its Hispanic employees that accuses the centuries old bank of engaging in predatory lending practices against customers of the same ethnic origin.

The lawsuit, filed June 30 in a Texas federal court, accuses Wells Fargo of pressuring Hispanic employees in San Antonio to redirect Latino customers away from home equity lines of credit to more expensive but profitable refinancing options without furnishing the usual disclosures, according to a complaint filed in court.

Supreme Court to Decide Fate of Controversial Consumer Financial Protection Bureau

March 1, 2023 Michigan Star Staff

The Supreme Court announced Monday it would take up a case challenging the Consumer Financial Protection Bureau’s (CFPB) funding mechanism on constitutional grounds.

On Oct. 19, 2022, the U.S. Court of Appeals for the 5th Circuit ruled that funding the CFPB through the Federal Reserve violates the Constitution’s Appropriations Clause, which gives Congress the “power of the purse” in appropriating government funds. The CFPB filed a petition for a writ of certiorari on Nov. 14, 2022, which the Supreme Court granted Monday morning.

Wells Fargo Ordered to Pay $3.7 Billion for ‘Illegal Activity,’ Including Mismanaging Accounts

December 21, 2022December 20, 2022 Just the News

Federal regulators on Tuesday ordered Wells Fargo Bank to pay a $1.7 billion civil penalty and more than $2 billion in compensation to customers for what they say was “illegal activity affecting over 16 million consumer accounts.”

The Consumer Financial Protection Bureau said Wells Fargo “repeatedly misapplied loan payments, wrongfully foreclosed on homes and illegally repossessed vehicles, incorrectly assessed fees and interest, charged surprise overdraft fees,” among other things.

Appeals Court Finds Consumer Financial Protection Bureau Funding to Be Unconstitutional

October 24, 2022October 23, 2022 Michigan Star Staff

On Wednesday, a federal appeals court determined that the Consumer Financial Protection Bureau (CFPB)’s mechanism for funding is unconstitutional.

Politico reports that the three-judge panel of the U.S. 5th Circuit Court of Appeals ultimately made the ruling based on the fact that the CFPB receives its funding through the Federal Reserve, rather than through legislation from Congress, thus violating the separation of powers in the Constitution dictating that Congress controls the government’s purse strings.

GOP Senators Claim Biden Appointee Has Turned Consumer Protection Bureau Into a ‘Lawless and Unaccountable’ Agency

September 13, 2022September 12, 2022 Admin

Republican senators claimed in a Monday letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra that he has returned the federal agency to its “lawless and unaccountable” Obama-era “roots.”

Led by Pennsylvania Sen. Pat Toomey, the 12 senators are taking aim at Chopra’s alleged “abuses of power” that are a “serious concern.” Chopra should “reverse course” and ensure the CFPB “stay[s] within the boundaries of law,” the senators wrote.

Biden Reportedly Taps Warren Ally Rohit Chopra to Lead Consumer Financial Protection Bureau

January 19, 2021January 18, 2021 Michigan Star Staff

President-elect Joe Biden will reportedly nominate Rohit Chopra, an ally of Massachusetts Sen. Elizabeth Warren, to lead the Consumer Financial Protection Bureau.

Chopra is a member of the Federal Trade Commission (FTC), and if confirmed by the Senate would take over an agency that he helped create alongside Warren approximately a decade ago. Chopra’s selection was first reported by Politico, which cited four individuals with knowledge of the decision.

Commentary: Elizabeth Warren’s ‘Consumer Protection’ Scam

March 20, 2020March 19, 2020 Michigan Star Staff

Senator Elizabeth Warren (D-MA) may no longer be running for president, but her agency lives on.

The Consumer Financial Protection Bureau (CFPB) doesn’t want to be controlled by the Trump Administration. The Supreme Court might end the agency’s streak of independence later this year. Ostensibly, the CFPB aims to protect ordinary Americans from untoward business practices. Instead, it only advances left-wing causes and identity politics.

Warren proposed the CFPB in 2007 when she was a Harvard law professor. President Barack Obama established it in 2010. It is supposed to protect Americans from malpractice in the financial industry, yet the CFPB’s main task during the Obama Administration was fighting “disparate impact.” Disparate impact is a legal concept that considers racially disproportionate outcomes as evidence of discriminatory policies, even if the policies had no discriminatory intent and were administered objectively.