Equifax to pay up to $700 million in data breach settlement
The settlement was made over a 2017 data breach that exposed Social Security numbers and other private information of nearly 150 million people.
Financial watchdog to gut its payday lending rules
Consumer Financial Protection Bureau is getting rid of a requirement that lenders make sure borrowers could afford to repay a payday loan without being stuck in a cycle of debt, a standard known as "ability to repay."…
Nation’s top student loan official resigns
The government's top official overseeing the $1.5 trillion student loan market resigned in protest today, citing what he says is the White House's open hostility toward protecting the nation's millions of student loan borrowers.
Wells Fargo fined $1 billion for mortgage, auto lending abuses
Wells Fargo will pay $1 billion to federal regulators to settle charges tied to its mortgage and auto lending business, the latest chapter in a wide-ranging scandal at the banking giant. However, it appears that none of the $1 billion…
President Trump and Acting Director Mick Mulvaney have charted a dramatically different course for the Consumer Financial Protection Bureau, the brainchild of Sen. Elizabeth Warren that was created in 2010 to curb predatory practices and lending problems. Today those two…
The Trump administration has made it clear that it plans to roll back the once-tough approach of the Consumer Financial Protection Bureau, which was born out the 2008 financial crisis, and intended to be a federal watchdog cracking down on…
The leadership of the bureau had been thrown into chaos over the weekend after its permanent director, Richard Cordray, resigned and appointed English as his successor. Both Mulvaney and English claimed to be the rightful acting director.
Leandra English has filed a lawsuit seeking a temporary restraining order to block Mick Mulvaney from taking over the bureau.
The Consumer Financial Protection Bureau opened for business on Monday with dueling appointees. Leandra English was named acting director on Friday by the bureau's outgoing chief, but within hours President Trump appointed White House budget chief Mick Mulvaney to the…
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