Republicans Attack New Consumer Protection Rules

The rule from the CFPB blocks ‘a fine-print trick that banks and predatory lenders use to evade accountability and conceal illegal behavior’

A sign leans against a chair during a speech by Consumer Financial Protection Bureau Director Richard Cordray, in Richmond, Va., March 26, 2015. (AP/Steve Helber)

A new rule by a federal watchdog—hailed as having "paramount importance" for protecting consumers from Wall Street predators and curbing corporate abuses—is under direct attack by Republicans just days after being issued. The rule from the successful and broadly-supported Consumer Financial Protection Bureau (CFPB) bans companies from using

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Trump’s Treasury Plan Wins Approval Of Wall Street Titans

“We need stronger protections for consumers, but instead, this proposal is a toxic concoction of repackaged banker handouts,” said Public Citizen’s Lisa Gilbert.

Treasury Secretary Steven Mnuchin takes his seat to testify at a House Appropriations subcommittee hearing on the budget, on Capitol Hill, June 12, 2017, in Washington. (AP/Alex Brandon)

The Treasury Department on Monday released a report (pdf) that "grants Wall Street its wishes" by recommending the White House defang the Consumer Financial Protection Bureau (CFPB) and severely roll back regulations established following the financial meltdown of 2008. Predictably, the financial industry met the report with enthusiasm. But

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Republicans Set To Gut Consumer Protections With CHOICE Act

The CHOICE Act primarily sets its sights on the Dodd-Frank Act, a regulatory package passed in the wake of the 2008 financial crisis.

In this May 4, 2017, photo, President Donald Trump talks to House Speaker Paul Ryan of Wis. in the Rose Garden of the White House in Washington, after the House pushed through a health care bill. (AP/Evan Vucci)

While all eyes are fixed on the potentially explosive testimony of fired FBI Director James Comey, House Republicans are set to vote Thursday on the so-called CHOICE Act, a bill that, if enacted, would gut consumer protections and free Wall Street "to do whatever it wants."   Liz Ryan Murray of People's Action dubbed the legislation "a

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Wells Fargo Fires 5,300 After Receiving $185 Million Fine For Fraud

Wells opened 1.5 million bank accounts and “applied” for 565,000 credit cards that were not authorized by their customers.

An Occupy San Diego protestor holds a sign urging bank withdrawals while waiting to close her account in a Wells Fargo bank branch Wednesday, Nov. 2, 2011 in downtown San Diego. (AP Photo/Lenny Ignelzi)

For years we have wondered why Wells Fargo, America's largest mortgage lender, is also Warren Buffett's favorite bank. Now we know why. On Thursday, Wells Fargo was fined $185 million, (including a $100 million penalty from the Consumer Financial Protection Bureau, the largest penalty the agency has ever issued) for engaging in pervasive fraud

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New Proposal Allows Consumers To Join Together To Sue Big Banks

The ‘abusive practice… blocks consumers from challenging predatory practices such as hidden fees, fraud and other illegal behavior.’

Germany Protests ECB

A new proposal from the U.S. financial watchdog for consumers has been applauded for its ability to help prevent big banks from evading liability for wrongdoing. The Consumer Financial Protection Bureau's proposal, unveiled Thursday, curtails mandatory arbitration clauses in financial products like credit cards, bank accounts, and student loans,

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Latest Bank Fine Shows Broken Regulatory System, Out-Of-Touch Industry

Bank of America is the latest major bank to get slammed with fines and orders to repay customers affected by unfair and deceptive practices and products.

Earns Bank Of America

In June 2013, Americans’ confidence in U.S. banks ticked upward for the first time since 2006, according to polling conducted by Gallup, to 26 percent approval. This represents a 5 percentage point increase from the same time in 2012, as well as the seventh consecutive year the majority of Americans have shown little or no confidence in the

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