CFPB reports consumer complaints on credit card rewards programs
The report opened with a note that the CFPB received over 1,200 complaints regarding credit card rewards in 2023, reportedly a 70 percent increase since before the pandemic.

U.S. House Set to Vote for First Standalone Crypto Market Structure Bill
The U.S. House of Representatives is poised to vote in favor of a crypto market structure bill for the first time, in a symbolic effort to radically reshape the country's digital asset regulatory landscape.

CFPB Issues Order Against Student Loan Debt Relief Telemarketer
CFPB issued a consent order with a telemarketing company Western Benefits Group that offers student loan debt relief services for alleged violations of the Telemarketing Sales Rule and the Consumer Financial Protection Act.

CFPB sues online lender SoLo Funds for deceiving borrowers
The Consumer Financial Protection Bureau (CFPB) today sued the online lending platform SoLo Funds for deceiving borrowers about the total cost of loans.

Supreme Court Sides with CFPB, Overturning Fifth Circuit
The Fifth Circuit ruled that this insulated funding mechanism violated Article 1, Section 9 of the Constitution, which gives the legislative branch the power of the purse through the appropriations clause. The Supreme Court disagreed with these findings in a 7-2 vote.

CFPB tightens rules for buy now, pay later lenders
The CFPB announced it will impose some of the same rules on buy now, pay later (BNPL) lenders that apply to credit card companies, classifying BNPL lenders as credit card providers.

Federal Reserve minutes: Policymakers saw a longer path to rate cuts
After several unexpectedly high inflation readings, Federal Reserve officials concluded at a meeting earlier this month that it would take longer than they previously thought for inflation to cool enough to justify reducing their key interest rate, now at a 23-year high.

Ex-Goldman Sachs VP rips bank’s ‘man’s world’ culture: ‘I played golf, talked football, and cried in bathroom’
She said that her grueling 7 a.m. to 10 p.m. daily schedule and long hours on weekends was dictated by “whatever the male leadership pushed,” according to her essay in Business Insider. “Under my desk, I would keep a pair of black pumps that I called my ‘Hollywood heels,'” she wrote. “When I put them on every morning, I channeled a thick-skinned character who thrived in a man’s world.”

Citigroup fined after trader makes $444 billion 'fat finger' error
Financial services watchdogs have fined US banking giant Citigroup £61.7 million after its systems failed to prevent a ‘fat finger’ error worth $444 billion — more than the GDP of Denmark.

ECB can start cuts before Fed, says Finnish bank governor
The European Central Bank did not have to take its cues from the US Federal Reserve and could start to lower rates as soon as June, Bank of Finland governor Olli Rehn told AFP.



 

 




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