Kate Berry

Four of the seven large banks that own Zelle's parent company, Early Warning Services, said they are reimbursing 15% to 55% of consumers that report fraud on their accounts, according to a report released by Sen. Elizabeth Warren, D-Mass.

The Federal Housing Finance Agency got an earful from housing experts at a listening session intended to aid a comprehensive review of the financing system.

The Consumer Financial Protection Bureau's review of credit card late fees has ignited pushback from industry that supports an expected 9% jump in fees next year pegged to inflation. 

The allegations against the $559 billion-asset bank are similar to those brought against Wells Fargo related to its 2016 fake-accounts scandal.

In an internal memo to staff, Deputy CFPB Director Zixta Q. Martinez announced a realignment of the bureau’s legal and student loan offices with an expanded strategy team.  

The bureau has dragged its feet for years in moving forward with the rule primarily because of the potential impact on credit availability for millions of small businesses.

The Consumer Financial Protection Bureau’s unified agenda was quietly released this week, and it shows that rules on consumer access to financial records and small-business data collection are top priorities. 

The director of the Consumer Financial Protection Bureau said he plans to take a fresh look at the Qualified Mortgage rule, the CARD Act and other long-standing rules.

In a 5-4 Supreme Court decision two years ago, the bureau’s rulemakings survived intact. But a pair of pending cases that challenge the agency's funding through the Federal Reserve are again seeking to invalidate every action the CFPB has taken since 2010.

Consumer Financial Protection Bureau Director Rohit Chopra is pushing the envelope of the bureau's power and jurisdiction in untested ways. More companies are disputing the CFPB’s allegations, refusing to pay large fines or admit wrongdoing, and vowing to defend themselves in court. 

Bankers object to the Consumer Financial Protection Bureau's request on “exploitative junk fees” that produce billions in income for financial institutions, arguing that banks are compliant with statutes that require fees be disclosed to customers.

The Consumer Financial Protection Bureau director told Congress he will revise some rules as the bureau looks to address late fees.

The Consumer Financial Protection Bureau will conduct supervisory exams of nonbank fintech companies that pose risks to consumers as Director Rohit Chopra seeks to level the regulatory playing field with supervised banks.

The core function of the Federal Home Loan Bank System — advances to member institutions — plummeted 20% last year to $350 billion, its lowest level in 15 years. That erosion of purpose is emboldening critics, who say the Home Loan banks need to change or face irrelevance.

CFPB Director Rohit Chopra said the bureau is concerned that the spike in car prices, due partly to the global chip shortage, could create incentives for servicers to illegally seize vehicles for their resale value.

Rohit Chopra, the director of the Consumer Financial Protection Bureau, has cautioned banks, credit unions and fintechs about fair-lending violations that may stem from reliance on artificial intelligence. His comments threaten to discourage financial firms from using the technology to crunch nontraditional data about borrowers, experts say.

The Federal Reserve Board would become far more diverse if Sarah Bloom Raskin, Philip Jefferson and Lisa Cook are confirmed by the Senate. Jefferson and Cook are respected economists seen as likely to get the nod, but Republicans will challenge Raskin's assertions that bank regulators can play a vital role in combating climate change.

Sandra Thompson has won praise from homeownership advocates for suspending a fee imposed on borrowers that was meant to recoup Fannie Mae and Freddie Mac's pandemic-related losses, among other actions she reversed. On Tuesday, President Biden said he will nominate her to be the permanent director of the Federal Housing Finance Agency.

In a semiannual report on trouble spots in the banking sector, the Office of the Comptroller of the Currency raised concerns that banks are taking on too much risk in pursuit of earnings growth.

After Democrats failed last year to rally support for a federal 36% limit, House and Senate proponents are trying to capitalize on the momentum from state rate caps that recently passed on a bipartisan basis.