Finance groups file lawsuit against CFPB arbitration rule

The latest attack on the Consumer Financial Protection Bureau’s arbitration rule comes from the finance industry, with several finance groups and chambers of commerce filing a lawsuit challenging the rule.

3 more reports question CFPB’s actions and structure

Recent projects completed by the Competitive Enterprise Institute and the Cato Institute again delved into unsatisfactory assessments of the Consumer Financial Protection Bureau.

Bankers To CFPB: Help Us Help Families In Need

By now, the sobering statistics are familiar: Nearly half of American adults say they could not cover an unexpected expense of $400, according to the Federal Reserve. Now, a new study by the Consumer Financial Protection Bureau (CFPB) similarly shows that more than 40 percent of Americans struggled to pay bills at some point during 2016.

How to confront your bank about overdraft fees

If you’ve got a problem with your bank’s overdraft fees, you should say something.

That’s what U.S. Sen. Cory Booker recently did. In letters to 13 bank CEOs, the New Jersey Democrat asked for details about their overdraft practices, efforts to convince customers to join overdraft protection programs and reliance on overdraft fees as a source of income.

One of his key concerns: Only a small percentage of consumers shoulder the burden of paying hefty overdraft charges.

Tompor: 2 big Michigan credit unions hit with lawsuits regarding overdraft policies

"Attention: Credit Union Members," state the bold red letters in a newspaper ad. 

"Has your credit union assessed multiple overdraft charges when you believed you had a sufficient balance?" 

The ad by the Michael B. Serling law firm seeks victims of "multiple overdraft charges" much like the Birmingham firm advertises to help victims of mesothelioma and lung cancer caused by asbestos exposure. 

Banks see opening for return to student lending, says new CBA chief

WASHINGTON — Since 2010, the federal government has been the nation's primary student lender. But the incoming chairman of the Consumer Bankers Association says the government's record as a credit provider leaves much to be desired.

“We believe we have the expertise” to underwrite student loans “better,” said Brad Conner, vice chairman of consumer banking at the $150 billion-asset Citizens Bank in Providence, R.I., who will become CBA chairman next year.

Bank lobby chief calls for 'cooler heads' to revamp consumer bureau

The president of a top banking group on Tuesday criticized both parties for not installing a bipartisan commission to lead the Consumer Financial Protection Bureau, a Republican goal long opposed by Democrats fond of bureau's current director, Richard Cordray.

Richard Hunt, president and CEO of the Consumer Bankers Association, said both parties are to blame for failing to spread the CFPB’s power among a commission, akin to several other regulatory agencies.

Voters Who Know of CFPB Are Split on Limiting Its Powers

While some officials in Washington indicate support for making substantial changes to the Consumer Financial Protection Bureau, voters who are familiar with the agency are split largely along party lines about whether its rule-making and enforcement authority should be curbed, according to a new Morning Consult/POLITICO poll.

Square Wants to Become a Bank

Square is expected to apply for an Industrial Loan Company (ILC) bank charter this week, according to American Banker and other sources. Like SoFi, who is busy trying to do the same thing, their attempt will also face competitive resistance.