Consumer Financial Protection Bureau News

Capital One Sued for Misleading Customers on Savings Rates

Capital One Financial Corp. misled customers when it rolled out a new savings account with a higher interest rate it didn’t also give to existing savings accounts, the Consumer Financial Protection Bureau said Tuesday in a lawsuit against the bank. …

CFPB Sues Berkshire-Owned Lender Over ‘Unaffordable’ Loans

A lender owned by Warren Buffett’s Berkshire Hathaway Inc. knowingly issued “unaffordable” home mortgages by ignoring the insufficient income or assets of some borrowers, a top financial regulator alleged in a lawsuit Monday. The Consumer Financial Protection Bureau sued Vanderbilt …

Consumer Protection Agency Sues Walmart, Branch Alleging Illegal Pay Practices for Gig Drivers

The Consumer Financial Protection Bureau has sued Walmart and work scheduling platform Branch Messenger for allegedly forcing delivery drivers that are part of the discounter’s gig program to use costly deposit accounts to get paid and mispresented how they could …

Fraud, Scam Cases Increasing on Zelle, Senate Report Finds

NEW YORK (AP) — Incidents of fraud and scams are occurring more often on the popular peer-to-peer payment service Zelle, according to a report issued Monday by the office of Sen. Elizabeth Warren, giving the public its first glimpse into …

Watchdog Head: Fines May Not Stop Bad Behavior by Companies

NEW YORK (AP) — The head of the nation’s financial watchdog is having second thoughts about how useful fines are in deterring illegal behavior in the financial industry, saying some companies have gotten so big that the money makes little …

Consumer Bureau Targets Mandatory Arbitration Clauses

Financial companies routinely use mandatory arbitration to block class-action lawsuits, making it difficult for consumers to win big payouts in disputes over credit cards and other products, a U.S. regulator found. When credit card issuers have faced suits seeking class- …

Many Words, Little Action in U.S. Consumer Agency Debate

The answer to the Final Jeopardy! question of who will be the first director of the Consumer Financial Protection Bureau will not become known Thursday. In fact, it may be a while before there is an answer. Senate Republicans say …