Tag Archives: Consumer Financial Protection Bureau

CFPB Aims to Protect Workers From Paycheck Advance Fees

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“The CFPB’s actions will help workers know what they are getting with these products and prevent race-to-the-bottom business practices,” said the director of the bureau.

By Julia Conley. Published 7-18-2024 by Common Dreams

Consumer Financial Protection Bureau Director Rohit Chopra. Screenshot: CNBC

With inflation rising in recent years, driven by corporate greed according to numerous analyses, the number of people in the U.S. who have relied on paycheck advance products has skyrocketed—but a rule introduced Thursday by the Consumer Financial Protection Bureau is aimed at ensuring that lenders who provide these products are transparent with financially struggling workers about the fees they can incur.

The CFPB proposed a rule clarifying that paycheck advances, sometimes marketed as “earned wage” products, are consumer loans and are therefore subject to the Truth in Lending Act.

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In ‘Direct Attack’ on Labor Movement, Amazon Backs Claim NLRB Is Unconstitutional

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“So now capital, unable to hold back labor any longer, is arguing that the NLRB’s very existence is unconstitutional,” said one law professor.

By Julia Conley. Published 2-16-2024 by Common Dreams

Workers at Amazon & everywhere have a right to safety and a union Photo: Joe Piette/flickr/CC

Amid a recent surge in unionization and other workers’ rights victories, wealthy U.S. corporations have fired union organizers, surveilled employees as they voted on forming a collective bargaining unit, and closed store locations to penalize labor leaders—but a court filing by Amazon on Thursday suggested a new tactic as the e-commerce giant seeks to dismantle the federal agency tasked with protecting employees.

Fighting accusations from prosecutors at the National Labor Relations Board (NLRB) that Amazon illegally retaliated against warehouse workers who unionized, the company submitted a legal filing arguing that the board itself is unconstitutional.

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With Overdraft Fee Crackdown, ‘CFPB Is Doing What It Was Designed to Do’

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“The CFPB is proposing clear, enforceable rules that will reduce overdraft fees and save Americans billions, closing another lucrative regulatory loophole banks use to prey on consumers,” said one advocate.

By Brett Wilkins. Published 1-17-2024 by Common Dreams

Consumer Financial Protection Bureau Director Rohit Chopra testified on a semi-annual report of his agency before the House Financial Services Committee on Nov 29, 2023. Screenshot: C-SPAN

In a move cheered by progressive advocates, the U.S. Consumer Financial Protection Bureau on Wednesday proposed a new rule limiting how the nation’s biggest banks can charge overdraft fees.

The CFPB said its proposal “would close an outdated loophole that exempts overdraft lending services from long-standing provisions of the Truth in Lending Act and other consumer financial protection laws.”

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With Alito’s Billionaire Patron Holding $90 Million in Finance Firms, Watchdog Demands Recusal From CFPB Case

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“Should Justice Alito preside over this case despite his clear conflicts of interest, it would add to the worsening Supreme Court corruption crisis and underscore the urgent need for ethics reform,” said one critic.

By Julia Conley. Published 9-18-2023 by Common Dreams

Samuel-Alito. Screenshot: Conversations with Bill Kristol

Anti-corruption watchdog Accountable.US on Monday said there is a clear need for U.S. Supreme Court Justice Samuel Alito to recuse himself from an upcoming court case regarding the Consumer Financial Protection Bureau, as a new analysis revealed the extent of one of his key associate’s financial interests in the case.

The group released new data showing that hedge fund manager Paul Singer holds at least $90 million in financial firms overseen by the CFPB, which was established in 2011 through the Dodd-Frank Wall Street Reform and Consumer Protection Act and has since provided $16 billion in financial relief to defrauded consumers and ordered companies to pay $3.7 billion in penalties.

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Biden Admin Urged to ‘Prevent a Historic Wave of Evictions’ by Extending CDC Moratorium, Speeding Up Aid

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“Far too many renters are struggling to access emergency rental assistance programs and are at risk of losing their homes when the moratorium expires,” said the president of the National Low Income Housing Coalition.

By Kenny Stancil, staff writer for Common Dreams. Published 6-15-2021

Photo: AFSC

The National Low Income Housing Coalition is calling on the Biden administration to “prevent a historic wave of evictions this summer by extending, strengthening, and enforcing the federal eviction moratorium and by implementing a whole-of-government approach to distribute emergency rental assistance more efficiently and effectively to those most in need.”

The national moratorium on residential evictions for nonpayment of rent—a life-saving measure issued last September by the Centers for Disease Control and Prevention (CDC) to curb the spread of Covid-19—is set to expire on June 30. CDC Director Rochelle Walensky said that discussions are ongoing as to whether the agency will prolong its partial ban on evictions. Continue reading →

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