#PaydayLenders Gave Millions to #GOP Group That Backed #SupremeCourt Suit to Annihilate #CFPB, this case that could lead to the elimination CFPB
The #Republican #AttorneysGeneral Association (#RAGA) fought to help a Supreme Court case against the Consumer Finance Protection Bureau. Despite widespread approval among Republican voters to regulate or prohibit #paydaylending, Republican officials in more than 20 states are backing industry groups in the #lawsuit.
https://theintercept.com/2023/08/30/payday-lenders-supreme-court-cfpb-republicans/

Weds 8/23 - Perkins Coie Sued Over #DEI, JPMorgan Bigwigs Sentenced, WV Denied Cert in CFPB Case, Meta Problems in Norway and WGA Strike Updates

We have #PerkinsCoie sued over diversity initiatives, former head of #JPMorgan’s precious metals trading desk sentenced, #WV denied cert in #CFPB case, #Meta in trouble in #Norway and #WGA strike updates

#wgastrike #lawfedi @law

https://www.minimumcomp.com/p/weds-823-perkins-coie-sued-over-dei

The Consumer Financial Protection Bureau (#CFPB) "plans…aggressive oversight of…#data brokers that compile and sell data on millions of Americans."
https://www.morningstar.com/news/marketwatch/2023081525/white-house-pledges-to-crack-down-on-abusive-data-harvesting-companies

"In February, a coalition of consumer advocate groups… ask[ed] the agency to use existing federal laws to 'rein in widespread harmful behavior' by the industry, citing companies like #RELX…& #ThomsonReuters…as 'occupying the top of the personal-data food chain' and in need of stricter oversight."

#Elsevier #Surveillance

#US #watchdog to announce plans to regulate '#surveillance industry'
The top U.S. agency for consumer financial protection (#cfpb) will announce plans at the White House on Tuesday to regulate companies that track and sell people's personal data, part of the Biden administration's widening scrutiny of that industry's #privacy practices, officials said.
https://www.reuters.com/world/us/us-watchdog-announce-plans-regulate-surveillance-industry-2023-08-15/

#LawFedi #ConsumerProtection #CFPB CFPB to propose rules to expand the Fair Credit Reporting Act to data brokers and to cover so-called "header" information. https://www.consumerfinance.gov/about-us/newsroom/remarks-of-cfpb-director-rohit-chopra-at-white-house-roundtable-on-protecting-americans-from-harmful-data-broker-practices/

Report: #RepBryanSteil and #RepFitzgerald back defunding #CFPB and took money from firms it regulates via @erikgunn

https://wisconsinexaminer.com/brief/report-criticizes-lawmakers-who-challenged-consumer-watchdogs-funding-and-took-campaign-money-from-industries-it-regulated/

Former #SCOTUS #ClarenceThomas #Clerk & Now #Unindicted #Trump #CoConspirator #JohnEastman Is On Side of #PredatoryLenders Against #CFPB #Architect of the #Insurrection Has the Ear of a #SupremeCourtJustice https://accountable.us/update-former-thomas-clerk-now-unindicted-co-conspirator-john-eastman-is-on-side-of-predatory-lenders-against-cfpb/

#LawFedi #CFPB #fintechnews #fintech
https://www.joshualawfirm.com/2023/07/six-takeaways-from-the-cfpbs-latest-supervisory-highlights/

#LawFedi #ConsumerProtection #CFPB It turns out some employers might be abusing their employees by agreeing to forgive loans only if the employee stays at their job. California is considering banning the practice, although I think an outright ban may do more harm than good. https://www.consumerfinance.gov/about-us/newsroom/cfpb-report-shows-workers-face-risks-from-employer-driven-debt/

#CFPB #LawFedi #ConsumerProtection
In which the CFPB requests comments about "Costly Credit Cards and Loans Pushed on Patients for Health Care Costs." https://www.consumerfinance.gov/about-us/newsroom/inquiry-into-costly-credit-cards-and-loans-pushed-on-patients-for-health-care-costs/

Greta Li and I got a #CFPB blog post to drop on y'all:

"How are #mortgages with a #COVID-related #forbearance performing in 2023?"

"While we expressed concern in both 2021 and 2022 about borrowers’ ability to recover from periods of forbearance, our most recent analysis shows that the majority of borrowers in forbearance in 2021 – including Black and Hispanic borrowers – were largely able to become current on their payments by March 2023."

https://www.consumerfinance.gov/about-us/blog/office-of-research-blog-how-are-mortgages-with-covid-related-forbearance-performing-in-2023/

Senators, Regulator Call for More Scrutiny of “We Buy Ugly Houses” Company
==
The Consumer Financial Protection Bureau said the #DOJ and state attorneys general should be made aware of predatory house-flipping practices, following ProPublica reporting on HomeVestors of America.

#RealEstate #Houses #Homes #CFPB #HomeVestors #WeBuyUglyHouses

https://www.propublica.org/article/senators-call-for-scrutiny-of-homevestors?utm_medium=social&utm_source=mastodon&utm_campaign=mastodon-post

#consumerprotection #cfpb https://www.consumerfinance.gov/about-us/newsroom/cfpb-issue-spotlight-analyzes-artificial-intelligence-chatbots-in-banking/

A federal consumer watchdog on Thursday warned consumers not to store money on payment apps such as #Venmo, #CashApp or #PayPal, because that money is not automatically insured by the government and could be completely lost if the companies fail.

#CFPB head Rohit Chopra added that his agency is closely examining payment app companies that “sidestep the safeguards” imposed on traditional banks and credit unions.

https://www.washingtonpost.com/business/2023/06/01/paypal-venmo-cashapp-cfpb/

Also, anyone who wants to claim that Elizabeth Warren is a do-nothing extremist needs to grapple with the fact that the Consumer Finance Protection Bureau is her brainchild and simply would not exist if not for her.
#CFPB #USPol #politics

#AI #CFPB #consumerproection
CFPB Begins to ‘Muscle Up’ AI Regulations
https://www.pymnts.com/news/regulation/2023/cfpb-begins-to-muscle-up-ai-regulations?utm_source=Sailthru&utm_medium=email&utm_campaign=Main%20NL%2005/29&utm_term=Main%20Newsletter

https://www.consumerfinance.gov/about-us/blog/adjustable-rate-loans-are-changing-widely-used-interest-rate-index-expires-in-june/ #cfpb #lawfedi #studentloans

In which I disagree with the CFPB rule that merchant cash advance products are "credit." #lawfedi #CFPB #ConsumerFinance #fintech https://www.joshualawfirm.com/2023/04/21/the-ever-expanding-definition-of-credit-cfpb-concludes-that-merchant-cash-advances-are-credit-under-the-ecoa/

My summary of the CFPB's new final rule on small business loan data collection.
https://www.joshualawfirm.com/2023/04/17/what-you-need-to-know-about-the-cfpbs-final-small-business-loan-applicant-data-collection-requirements/
#lawfedi #fintech #cfpb

Me, in American Banker: "One of the concerns I’ve always had with open banking systems is, who doesn’t have access? . . . I’m for regulation and I’m glad that [the CFPB is] taking their time, but I don’t know how you can really reasonably anticipate all the ways this could go wrong.” #lawfedi #consumerproection #CFPB https://www.americanbanker.com/news/small-banks-and-fintechs-give-feedback-on-cfpb-data-sharing-rules