Consumer Financial Protection Bureau | featured news

The Consumer Financial Protection Bureau delivered its first enforcement action against the financial industry, fining Capital One for pressuring and misleading more than two million credit card customers.

We thought we’d dodged a bullet. When the Consumer Financial Protection Bureau announced that student loan debt had passed the $1 trillion mark my first thought was one of relief since our last child is graduating from college next month. Even though his tuition has almost doubled during his tenure as a student at the University of California, we were fortunate that he will be able to graduate without student loan debt. That may change in the future if he decides to complete a graduate degree, but my husband and I wiped our brows with a collective sigh of relief.

The Consumer Financial Protection Bureau on Thursday sought to bring debt collectors and credit bureaus under its purview, marking the first time the often controversial industries would be subject to federal supervision... Cordray said a reason why they are targeting these firms is because they have expanded their reach into consumers’ lives during the recession. More people are now being pursued by debt collectors and have watched their credit scores slip.

First Read: The Senate failed to muster the necessary votes to confirm Richard Cordray, President Obama's nominee to lead the new Consumer Financial Protection Bureau.

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