consumer financial protection bureau
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This New Move By Biden Will Have Black Folks’ Credit Scores Looking a Lot Better
VP Kamala Harris announced Tuesday that $49 billion would be removed from credit reports.
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Wells Fargo Ordered to Pay $3.7 Billion Over Widespread Financial Mismanagement
Messing with people's money finally caught up to the big bank, which now has to pay the largest fine ever imposed by the Consumer Financial Protection Bureau.
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Warren Buffett-Owned Mortgage Company Discriminated Against Black Homeowners
The settlement between Trident Mortgage Co. and the DOJ is the “second-largest redlining settlement in history.”
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Biden Administration Takes Steps To Loosen the Burdens of Medical Debt
Steps include investigating credit reporting companies and debt collectors that violate patients’ and families’ rights
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Trump’s Consumer Watchdog Just Approved Predatory Lending, Again
The greatest president to ever set his Stacy Adams inside the Oval Office did something monumental during his time in office. Former President Barack Obama changed payday loans to make it so that the lenders had to be sure the borrower could actually repay the loan. Meaning, the lender couldn’t just give cash to any…
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Trump Administration Blocked Investigation Into Student Loan Forgiveness Program
As student loan debt grew into a $1.5 trillion crisis, Trump administration officials coordinated a deliberate effort to obstruct a watchdog agency from investigating abuse by student loan servicers, circumventing a law that offered debt forgiveness to college graduates. In 2007, Congress created the Public Service Loan Forgiveness Program, a plan with a simple idea:…
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Mike Pence Casts Tie-Breaking Vote to Remove an Important Consumer Financial Protection Bureau Rule
Late Tuesday evening, the U.S. Senate voted to repeal an Obama-era rule that provided consumer protections against banks and credit card companies by preventing them from using forced settlements to resolve disputes with customers. The vote on the Senate floor was 50-50, with The Hill reporting that Republican Sens. Lindsey Graham of South Carolina and…
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Education Secretary Betsy DeVos Just Removed Some Huge Consumer Protections for Student Loan Borrowers
While we were all distracted by other things Tuesday, Betsy DeVos used her powers as education secretary to roll back some key policy memos issued by the Obama administration that strengthened consumer protections for student loan borrowers. The Washington Post reports that the U.S. Department of Education is in the process of issuing new contracts…
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Wells Fargo CEO Blames Low-Level Employees for Bank’s Recent Troubles
Wells Fargo is embroiled in a multimillion-dollar banking-fraud scandal stemming from its aggressive cross-selling tactics, and CEO John Stumpf blames low-level bank employees for the trouble. According to the Consumer Financial Protection Bureau, Wells Fargo has sought to distinguish itself as a leader in cross-selling banking products to existing customers. That, coupled with the bank’s own…