Latest U.S. Consumer Financial Protection Bureau News
Capital One sued by US watchdog alleging bank cheated customers out of $2 billion
NEW YORK (AP) — A U.S. watchdog is suing Capital One for allegedly misleading consumers about its offerings for high-interest savings accounts — and “cheating" customers out of more than $2 billion in lost interest payments as a result. In a complaint filed Tuesday, the...
How removing unpaid medical bills from credit reports could help consumers
NEW YORK (AP) — Lenders will no longer be able to consider unpaid medical bills as a credit history factor when they evaluate potential borrowers in the U.S. for mortgages, car loans or business loans, according to a rule the Consumer Financial Protection Bureau finalized Tuesday. ...
Biden administration bans unpaid medical bills from appearing on credit reports
Unpaid medical bills will no longer appear on credit reports, where they can block people from mortgages, car loans or small business loans, according to a final rule announced Tuesday by the Biden administration. The Consumer Financial Protection Bureau rule will remove $49 billion...
Consumer watchdog says Berkshire Hathaway unit ignored red flags in manufactured home loans
OMAHA, Neb. (AP) — The federal Consumer Financial Protection Bureau says in a lawsuit that a unit of Warren Buffett's Berkshire Hathaway “ignored clear and obvious red flags” that borrowers couldn't afford the mortgages they were given to buy manufactured homes from another Berkshire company,...
JPMorgan, Wells Fargo, BofA facing federal lawsuit over Zelle payment network fraud
A federal regulator sued JPMorgan Chase, Wells Fargo and Bank of America on Friday, claiming the banks failed to protect hundreds of thousands of consumers from rampant fraud on the popular payments network Zelle, in violation of consumer financial laws. In the federal civil...
MrBeast's new show already faced controversy. Its new giveaway partner may bring more
NEW YORK (AP) — MrBeast's ambitious reality show, which the YouTube megastar hopes will expand his giant online reach and turn the corner on recent controversies, is already raising questions from consumer advocates over a partnership with a fintech company. Prime Video's Thursday...
Bank groups sue the Consumer Financial Protection Bureau over a proposed cap on overdraft fees
Some banks and banking trade groups are suing the Consumer Financial Protection Bureau over a finalized rule that limits overdraft fees banks can charge. The rule is part of President Joe Biden administration's campaign to reduce junk fees that hit consumers on everyday purchases,...
The White House is cracking down on overdraft fees
NEW YORK (AP) — The Biden administration has finalized a rule limiting overdraft fees banks can charge, as part of the White House's campaign to reduce junk fees that hit consumers on everyday purchases, including banking services. President Joe Biden had called the fees, which can be as high as...
USDA bans school lunch fees for low-income families
NEW YORK (AP) — The U.S. Department of Agriculture announced that students eligible for free or reduced price school meals cannot be charged processing fees beginning in 2027. School districts currently work with processing companies to offer cashless payment systems for families....