The National Association of Consumer Advocates (NACA), United States Public Interest Research Group (USPIRG), and Professor Kathleen Engel have filed a complaint for declaratory and injunctive relief against Kathleen Kraninger as Director of the Consumer Financial Protection Bureau (CFPB). The issue alleged in the complaint is that the CFPB has stacked the deck when it …
Former Acting CFPB Director Mick Mulvaney was all hot and bothered to change the name of the Consumer Financial Protection Bureau to Bureau of Consumer Financial Protection (BCFP). The effort made absolutely no logical sense. “Mulvaney said the name change was an effort to realign the bureau with the statute that brought it into being, …
Recently I wrote about the changing mission of the CFPB from consumer-oriented to business-oriented under acting director Mick Mulvaney. The agency is having such an identity crisis at the moment it is known by two names, the CFPB and BCFP. American Banker is reporting the further castration of the CFPB consumer mission with the new …
An interesting academic paper out which studies Consumer Financial Protection (CFPB) complaint reporting found the reporting assisted both consumers and the credit card companies. The investigation looked at the results of public reporting of complaints and found “Consumers procrastinate in reporting exposed banks while rewarding exposed banks for their improved behavior with new accounts.” Most …
Previously covered the suit filed by the debt settlement company Morgan Drexen against the CFPB, here. Today I went to see what, if any, updates there were on the case. Here is the latest: “The Court held two on the record telephone conference calls with the parties on July 24, 2013 and July 25, 2013, …
Yesterday, President Obama and representatives from other Asia-Pacific Economic Cooperation (APEC) economies met to discuss consumer cross-border data privacy protection at a meeting in Honolulu, Hawaii. The meeting focused on the APEC Cross-Border Privacy Rules, a new initiative to harmonize safe data sharing across country borders and enhance the protection of consumer data that moves …
Looking for free government grants endorsed by President Obama and Vice President Biden? Dietary supplements supported by scientific research and endorsed by Oprah? How about exclusive credit offers? …Keep looking. The Federal Trade Commission (FTC) has halted an operation called, the “Grant Connect” program, that allegedly deceived and mislead consumers about bogus products and services …
It’s often not a parent’s first thought to check the credit report of their minor child, however, it may now become a necessity. Not because a child may fraudulently be using credit without their parents’ knowledge but because scammers may have stolen their unused Social Security number and identity. The Better Business Bureau (BBB) put …
A week ago the BBB posted an article in the blog section of their website entitled “Penny Auctions: Unless You Win, You’re Probably Wasting Time and Money.” Personally, I found it hard to believe that penny auction sites were at all accredited by the BBB – this new blog post of theirs makes me feel …
A recent appearance by Elizabeth Warren of the Consumer Financial Protection Bureau in front of a Congressional hearing ended most unfortunately when Representative McHenry, Republican of South Carolina, accused Warren of making up the fact their staffs had agreed to an ending time for the meeting. Essentially he publicly called her a liar. More details …