consumer financial protection bureau
The Consumer Financial Protection Bureau proposal would see the average fee fall from $32 to $8, the agency's director says.
“Banks call it a service,” the president said. “I call it exploitation.”
The case to dismantle the CFPB ran into a hammer from the three liberal justices and marked skepticism from at least two of the conservatives.
Payday lenders’ challenge to the constitutionality of the agency’s funding has no basis in history and would have chaotic real-world ramifications.
WHAT'S HAPPENING
The conservative majority will determine the future of the regulator long hated by big business.
The consumer banking giant agreed to settle charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages.
The bank will cut the overdraft fees it charges customers to $10 from $35 starting in May. It will also stop charging fees for bounced checks.
The Biden administration picked Richard Cordray, who previously led the Consumer Financial Protection Bureau, to oversee a student loan portfolio of more than $1 trillion.
Antitrust crusaders and Wall Street watchdogs are closely watching how the Biden administration handles a CFPB rule on financial data.
The justices ruled that limits on the president's power to oust the CFPB director are not constitutional.