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CFPB proposes prohibiting mandatory arbitration clauses that deny groups of consumers their day in court

Today, we are proposing rules that would prohibit mandatory arbitration clauses that deny groups of consumers their day in court. Our proposal is designed to protect consumers’ right to pursue justice and relief and deter companies from violating the law.

Published Category: At the CFPB

What do you think about our draft strategic plan for the next five years?

We have an expansive, vital mission: to make markets for consumer financial products and services work for Americans. But, how do we do that with limited resources? We’ll accomplish our mission by setting goals, establishing strategies, and measuring performance. Our strategic plan outlines this information and describes how we will focus our resources on the […]

Open for amicus suggestions

In the past eight months, we’ve filed six amicus briefs – also known as “friend-of-the-court” briefs – in cases about federal consumer financial protection laws. These briefs allow us to share our position with courts considering significant questions about the interpretation of consumer finance laws or affecting our responsibilities. We’ve now posted all our prior […]

So how many consumer reporting companies are there?

You may know about the three biggest nationwide credit reporting companies: Experian, Equifax, and TransUnion. But did you know that there are other companies out there that may be providing reports on you that could be used to decide if you’re eligible for consumer financial, insurance, medical and other products? Today the CFPB is posting […]

Published Category: Policy & Compliance

Comment period on overdrafts extended to June 29

In February, we launched a public inquiry and an industry research study to gain insight into overdraft practices. Both initiatives are continuing and will provide us with great perspective on how overdraft programs work. The Notice and Request for Information originally called for all public comments by the end of this month. While we’ve already […]

Published Category: At the CFPB

Calendars, Credit Cards, and Consumer Education

Over the past week, the CFPB web team has been reading through the feedback we’ve gotten via Twitter, YouTube, and email for Open for Suggestions. Yesterday, we posted several new videos. A number of suggestions concern financial education. Policy analyst Alejandra Lopez-Fernandini recorded a response video earlier today: One suggestion came from a consumer who […]