Latest U.S. Consumer Financial Protection Bureau News

Wells Fargo 4Q profit falls by half but tops expectations

Jan. 13, 2023 16:40 PM EST

Wells Fargo’s profit for the fourth quarter came in ahead of Wall Street’s targets but were about half of what it earned last year as the bank had to pay another $3.3 billion in fines and penalties to settle numerous scandals from recent years. Wells earned $2.86 billion, or 67...

Wells Fargo to pay $3.7B over consumer law violations

Dec. 20, 2022 11:45 AM EST

WASHINGTON (AP) — Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle a laundry list of charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts. ...

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

Dec. 14, 2022 09:34 AM EST

Book a flight or hotel room now, and pay it off later? It’s an increasingly common trend in travel spending. Companies like American Airlines , United Airlines and vacation rental website Vacasa now offer the option to make reservations now and pay it back incrementally over time with “buy now,...

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

Dec. 06, 2022 09:26 AM EST

At first glance, a “buy now, pay later” plan’s promise of no interest or upfront fees can seem more appealing than a credit card’s terms. Dividing a transaction into, say, a pay-in-four installment plan sounds straightforward and manageable. Unlike credit cards, though, these...