March 13, 2013 |
WASHINGTON - Senators questioned two of President Obama's nominees for key financial regulatory positions, and Democrats and Republicans appeared to like both of them. But only one of those candidates is expected to be confirmed. Mary Jo White, a former federal prosecutor, was on track to be confirmed as chairwoman of the Securities and Exchange Commission after Tuesday's hearing by the Senate Banking committee. However, the path for Richard Cordray, the director of the Consumer Financial Protection Bureau who has been renominated by Obama, was still blocked by Republicans who want changes to the agency.
January 24, 2013 |
WASHINGTON - In nominating former federal prosecutor Mary Jo White to head the Securities and Exchange Commission, President Obama aimed a strong message at potential Wall Street miscreants: Watch out. Obama amplified that decision Thursday by renominating Richard Cordray, a former state attorney general, as director of the Consumer Financial Protection Bureau. Cordray's controversial recess appointment to the 2-year-old agency expires at the end of the year. Obama said that White and Cordray were key to implementing the 2010 overhaul of financial regulations and protecting consumers and the financial system from the "kinds of abuse that nearly brought the economy to its knees.
September 19, 2013 |
WASHINGTON -- JPMorgan Chase & Co. has agreed to pay $389 million in refunds and penalties for illegally charging credit card customers for identity theft protection and other add-on services they didn't receive or authorize, federal regulators said Thursday. The bank already has paid the refunds -- $309 million to more than 2.1 million customers, according to the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency. In addition to agreeing formally to the refunds, JPMorgan agreed in consent orders with the agencies to pay a total of $80 million in civil penalties for the violations and fix the problems.
July 18, 2012 |
WASHINGTON - What's in your wallet? For about 2.5 million Capital One credit card customers, the answer will be refunds ordered by federal regulators who accused the bank of deceptive marketing tactics. In the first major enforcement action involving the Consumer Financial Protection Bureau, Capital One agreed to refund $150 million to customers and pay $60 million in civil penalties to the government. The McLean, Va., bank was accused primarily of duping customers into signing up for payment protection plans and other add-on services.
December 2, 2013 |
Students who get the runaround from companies handling their college loans soon may get help from the federal government. The Consumer Financial Protection Bureau said it will begin regulating the nation's largest student-loan servicing firms, which manage student accounts, process monthly payments and respond to borrower questions. Though they don't make the loans, the companies are the main point of contact for borrowers. They effectively serve as gatekeepers that have enormous influence over requests for deferments or loan modifications.
April 21, 2012 |
The nation's top consumer watchdog is investigating one of the largest Buy Here Pay Here used car chains, the latest in a rising tide of scrutiny of the little-known industry. The Consumer Financial Protection Bureau issued a subpoena seeking information and business documents from DriveTime Automotive Group in Phoenix, according to a regulatory filing this week. DriveTime, with 90 dealerships nationwide, is the first Buy Here Pay Here company to be investigated by the federal agency that was created in 2010 as part of the overhaul of financial regulations.