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Wells Fargo announced the termination of a 2021 consent order by the OCC, marking the eleventh such closure since 2019. CEO Charlie Scharf expressed satisfaction with the decision, viewing it as validation of the bank's progress in addressing regulatory issues, including improper mortgage fees and auto loan insurance practices. The bank has now closed five consent orders since early 2025 and remains committed to resolving outstanding regulatory matters.
The Consumer Financial Protection Bureau (CFPB) dropped a lawsuit against Vanderbilt Mortgage, owned by Warren Buffett, which accused the lender of approving risky loans to financially vulnerable borrowers. Critics argue that without CFPB oversight, mobile-home owners, often the lowest-income Americans, face increased risks and fewer protections in a market dominated by a few lenders. The unique classification of mobile homes complicates access to traditional mortgage loans, leading to higher costs and potential repossession for borrowers.
In the final days of his presidency, Joe Biden's administration proposed a rule by the Consumer Financial Protection Bureau (CFPB) that would classify cryptocurrency wallet providers as financial institutions, holding them accountable for fraudulent transactions. This move, aimed at enhancing consumer protection, faces significant opposition and is likely to be overturned by the incoming Trump administration, which is expected to adopt a more lenient stance on crypto regulation. Critics argue that the proposal unfairly penalizes tool manufacturers for misuse, echoing broader concerns about the regulatory approach to digital assets.
As Donald Trump prepares to assume office, the U.S. Consumer Financial Protection Bureau has proposed new regulations for stablecoin issuers and wallet providers, aiming to apply the Electronic Fund Transfer Act to digital tokens. This initiative, which could reshape the crypto landscape, faces uncertainty as Trump may appoint a new CFPB chief who could alter or rescind the proposal. Consumer advocates support the move, while critics argue it inadequately addresses decentralized finance and self-hosted wallets.
Customers of JPMorgan Chase, Wells Fargo, and Bank of America have lost $870 million to scammers on Zelle over the past seven years, prompting a lawsuit from the Consumer Financial Protection Bureau (CFPB). The CFPB alleges that the banks failed to protect consumers from fraud, inadequately investigated complaints, and often left victims without assistance. Zelle, co-owned by these banks, defends its practices, claiming to have robust reimbursement policies and asserting that the CFPB's lawsuit is politically motivated.
The Consumer Financial Protection Bureau (CFPB) is implementing a new rule to close a legal loophole that costs customers $5 billion annually in overdraft fees. Large banks will be required to limit these fees to $5, align them with actual costs, or treat overdraft loans like other credit products, ensuring transparency in interest rates. This regulation, effective October 1, 2025, applies to banks and credit unions with assets over $10 billion, though industry groups warn it may push customers towards more expensive alternatives like payday loans.
The Consumer Financial Protection Bureau has filed a lawsuit against Comerica Bank, alleging the bank failed to properly manage the Direct Express prepaid debit card program for federal benefits. The complaint claims Comerica intentionally disconnected over 24 million customer service calls, charged over 1 million cardholders unwarranted ATM fees, and mishandled fraud complaints, ultimately harming vulnerable Americans reliant on these benefits. Comerica has been administering the program since 2008, yet the CFPB asserts that accessing customer support has been nearly impossible for many users.
The Consumer Financial Protection Bureau (CFPB) is proposing new regulations to curb predatory practices by data brokers, which often sell sensitive personal information without consent, contributing to scams and threats to national security. The proposed rule would require data brokers to obtain explicit authorization before sharing sensitive data, aligning their practices with those of credit reporting agencies under the Fair Credit Reporting Act. This initiative aims to protect consumers and enhance privacy in an era where personal data is increasingly vulnerable to misuse.
The CFPB has finalized a rule to expand its oversight of digital payment services, including Apple Pay, Cash App, and PayPal, targeting nonbank firms processing over 50 million transactions annually. This move aims to ensure compliance with banking laws, enhance consumer protection, and address issues like fraud and privacy. The rule will take effect 30 days after publication in the Federal Register.
Goldman Sachs and Apple have been ordered to pay $89 million by a US watchdog agency due to consumer failures affecting hundreds of thousands of Apple Card users. CFPB Director Rohit Chopra highlighted the misconduct that led to this significant penalty.
Rohit Chopra
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