Latest U.S. Consumer Financial Protection Bureau News

US agency says apps that let workers access paychecks before payday are providing loans

Jul. 18, 2024 11:40 AM EDT

NEW YORK (AP) — The Consumer Financial Protection Bureau said Thursday that apps that allow workers to access their paychecks in advance, often for a fee, are providing loans and therefore subject to the Truth in Lending Act, a 1968 law that requires lenders disclose all loan costs and fees. ...

Editorial Roundup: New York

Jun. 13, 2024 07:11 AM EDT

New York Post. June 12, 2024. Editorial: New York is about to make its high school diplomas worse than useless The State Education Department just announced that it plans to make the value of a New York high school diploma worthless. Parents should be...

Abrupt shutdown of financial middleman Synapse has frozen thousands of Americans' deposits

May. 22, 2024 18:51 PM EDT

NEW YORK (AP) — The bank accounts of tens of thousands of U.S. businesses and consumers have been frozen in the aftermath of the abrupt shutdown and bankruptcy of financial technology company Synapse, which acts as a middleman between financial technology companies and banks. ...

Buy now, pay later companies must adhere to credit card standards, consumer agency says

May. 22, 2024 18:51 PM EDT

NEW YORK (AP) — Buy now, pay later companies must provide consumers with the same legal rights and protections as credit card lenders do, the Consumer Financial Protection Bureau said Wednesday in a new rule. That includes the right to demand a refund and to dispute transactions....

Vindicated by Supreme Court, CFPB director says bureau will add staff, consider new rules on banks

May. 17, 2024 14:52 PM EDT

NEW YORK (AP) — Since its creation roughly 14 years ago, the Consumer Financial Protection Bureau has faced lawsuits and political and legal challenges to the idea of whether the Federal Government's aggressive consumer financial watchdog agency should be allowed exist at all. ...

Supreme Court sides with the Consumer Financial Protection Bureau, spurning a conservative attack

May. 16, 2024 13:08 PM EDT

WASHINGTON (AP) — The Supreme Court on Thursday rejected a conservative-led attack that could have undermined the Consumer Financial Protection Bureau. The justices ruled 7-2 that the way the CFPB is funded does not violate the Constitution, reversing a lower court and drawing...