Page 46 - Cfpb News Today

"The main threat we see is coming from the CFPB, where the single director can act as judge, jury, and executioner, all in one," said Bob Broeksmit, president of the Mortgage Bankers Association

Its funding is illegitimate; this is a chance to remove a few power-hungry bureaucrats from Washington.

Yes, but Medicare and Social Security are still responsible to Congress for their performance. The CFPB gets a virtual free pass from Congress and is beholden

The 5th Circuit Court of Appeals ruling sets up a major legal battle and could create uncertainty for fintechs.

Fifth Circuit Court of Appeals struck down CFPB’s payday lending rule, and essentially everything else they have ever done on grounds that funds used to draft bill were unconstitutionally obtained.

Fifth Circuit Court of Appeals ruled in Community Financial Services Association of America v. CFPB CFPB’s Payday, Vehicle-Title, Certain High-Cost Installment Loans rule invalid. Decision questions future viability of CFPB by declaring unconstitutional funding mechanism.

The attempt to make the CFPB unconstitutional has grave consequences.

CFPB sued software company that manages online payment platforms for using unlawful enrollment practices to cause unknowing consumers to automatically enroll in annual subscriptions, making over $300 million from approximately three million consumers through dark patterns.

The Consumer Financial Protection Bureau's rules and enforcement actions to date could be open to legal challenges by banks and other companies after a three-judge panel deemed the agency's payday lending rule unconstitutional because of the way the agency is funded, legal experts say.

Credit bureaus should know better than to include "impossible" data, such as someone defaulting on a loan before they were born, says Consumer Financial Protection Bureau Director Rohit Chopra.