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But more recently, Republicans have signaled plans to defang the agency, and Trump has named authors of Project 2025 — which calls for eliminating the CFPB — to influential posts. It has clawed back nearly $20 billion in consumer relief and issued a litany of rules and guidance aiming to rein in financial institutions. The financial services industry bristles at many of these efforts. Buy now, pay later protectionsAs BNPL services skyrocketed in popularity during the pandemic, the agency quickly built guardrails around them. Removal of medical debt from credit reportsThis summer, the agency proposed banning medical debt from appearing on consumers’ credit reports.

Persons: Donald Trump, Sen, Elizabeth Warren, Trump, multibillionaire Trump, Elon Musk, ” “, ”, Adam Rust, Jesse Van Tol, “, Rohit Chopra, Michael A, McCoy, ” Lindsey Johnson, JD Vance, —, everyone’s, Mick Mulvaney, Trump’s, Oliver Contreras, Armen Meyer, Meyer, Chopra, Rob Bonta Organizations: Consumer Financial, Senate, White, NBC, Federal Reserve, Republicans, Consumer Federation of America, Community Reinvestment Coalition, Consumer Bankers Association, Biden, Trump, Apple, GOP, ” Agency, Agency, Consumer, overdrafts, Electronic, Washington Post, Reuters Locations: Wells, Washington, Colorado, New York, California

☆ Capital One to Acquire Discover, Creating a Consumer Lending Colossus
▼ + stars: | 2024-02-19 | by ( Lauren Hirsch | Emma Goldberg | ) www.nytimes.com time to read: +1 min

Capital One announced on Monday that it would acquire Discover Financial Services in an all-stock transaction valued at $35.3 billion, a deal that would merge two of the largest credit card companies in the United States. “A space that is already dominated by a relatively small number of megaplayers is about to get a little smaller,” said Matt Schulz, chief credit analyst at LendingTree. Capital One, with $479 billion in assets, is one of the nation’s largest banks, and it issues credit cards on networks run by Visa and Mastercard. Acquiring Discover will give it access to a credit card network of 305 million cardholders, adding to its base of more than 100 million customers. The country’s four major networks are American Express, Mastercard, Visa and Discover, which has far fewer cardholders than its competitors.

Persons: ”, Matt Schulz, Jesse Van Tol Organizations: Discover Financial Services, LendingTree, Visa, Mastercard, Discover, American Express, National Community Reinvestment Coalition Locations: United States

☆ Photo Essay: A Historic Dallas Neighborhood Grapples With Gentrification
▼ + stars: | 2023-08-24 | by ( Azul Sordo | ) www.usnews.com time to read: +19 min

Raul Gutiérrez Alvarado (left) and his nephew, William Domínguez Gutierrez, pose for a portrait outside of their Oak Cliff home. At the time, the local media narrative was one of positive change for the neighborhood, Valderas says. (Azul Sordo for USN&WR)Before the BarrioOak Cliff was once a majority-white, working class neighborhood, annexed by Dallas in 1903. South Oak Cliff, which is largely Black and Hispanic, has a long record of neglect, well documented by Texas Monthly . This is the only photo she has of herself, which adorns the living room of her South Oak Cliff home.

Persons: Cliff, Seattle –, Ferguson, Raul Gutiérrez Alvarado, William Domínguez Gutierrez, Oak Cliff, Gutierrez, Manuel Sordo, Giovanni Valderas, Valderas, “, Ezekiel Garcia, Brianna Hinguanzo, Jose Melendez, Diana Melendez, ”, . Sandoval, Sandoval, Strausz, ” Sandoval, Tereso Ortiz, they’ve, They’ve, ” Ortiz, Claudia Rangel, Damien Olguin, Rangel, Pearlina Bates, she’s, Bates, ” Bates, ‘ Let's, Todd Williams, Sam Moss, Moss, Cliff Valderas, –, ” Valderas, Chad West, Gloria McCoy, Joann, McCoy, SaCarol Ford, Shaun Montgomery, She’s, Charles Strain, Noah Penn, ” Montgomery, Robert L, Thornton, ” Kathryn Holliday, that's, Tomorrow Bates, it’s, ‘, ” Pearlina Bates Organizations: DALLAS, U.S ., U.S . As Texas, USN, Dallas Morning News, National Community Reinvestment Coalition, Dallas, San, Texas Woman’s University, Oak Cliff, cleats, Bishop Arts, Institute, Ku Klux Klan, D Magazine, “, Penn State University, Bishop Arts District, Casa, Blacks, New York City, Texas Woman's University, Dallas County, City Council, Chad, Greater El Bethel Missionary Baptist Church, Tenth, Historic, Tenth Street Residential Association, Greater El Bethel Church, Ninth Ward School, Ku Klux, Dallas Observer, American Institute of Architects, University of Illinois, Tenth Street, Greater El Bethel Baptist Missionary Church, Sunday, Texas Monthly, Cliff Locations: Dallas, U.S, U.S . As, Seattle, Lawndale, Chicago, Missouri, Dover , New Jersey, Michocán, Mexico, Oak, San Francisco, Denver, Boston, North Oak, Jefferson, “ Texas, Black, “ Barrio America, American City, South Dallas, Oak Cliff, ”, Casa Guanajuato, Dallas from Louisiana, –, Kiest Park, Texas, Melba, Greater El Bethel, Van Buren

☆ After prison, getting banking services is hard. This startup wants to change that.
▼ + stars: | 2023-05-15 | by ( Paige Hagy | ) www.businessinsider.com time to read: +6 min

FRSH is a banking solution for the formerly incarcerated community. "We are justice-impacted and we know this is the best solution," Sam told Insider. FRSH offers banking products and services to help returning citizens — those who have been released from jails and prisons, per the US Department of Justice — establish financial stability. Sam, Daniel Feldman, and Chris Heckler, all of whom were formerly incarcerated, founded the fintech. The startup also trains caseworkers and case managers to teach financial-education courses and offer FRSH as a banking solution for returning citizens.

☆ Biden wants to kill junk fees — here's what could change and how you can minimize fees right now
▼ + stars: | 2023-03-08 | by ( Jason Stauffer | Elizabeth Gravier | ) www.cnbc.com time to read: +9 min

But you don't have to wait for the government to take action to reduce your exposure to junk fees. Comparison shop (as well as you can) Ferreting out junk fees can be tricky and different products and services have their own red flags. The CFPB wants to limit credit card late fees and the Biden Administration is pushing for Congress to pass the Junk Fee Prevention Act, which addresses four types of junk fees. Credit card late fees The CFPB has proposed a new rule to limit credit card late fees to $8. While it doesn't come with a welcome bonus or a 0% intro APR period, it also doesn't charge any fees — including late fees.

☆ Communities struggling with banking access give banks on wheels a spin
▼ + stars: | 2023-02-08 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +12 min

Banks on wheels are an attempt to repair the gaps within the U.S. banking landscape, which disproportionately impact Black and Hispanic communities. Banks on wheels aim to offer at least a partial solution to the increasingly deserted banking landscapes in minority communities. BankonBuffalo's mobile branch is an attempt to bridge those access gaps. Bank deserts are any areas where there are no bank branches within 10 miles of its center, according to the U.S. Census Bureau. The borough currently has 123 bank branches, according to a national bank branch location database, down from 144 in 2018.

Delaware-based realtor Claryssa McEnany was helping a client sell a home earlier this year when she witnessed a blatant example of appraisal bias. How appraisal bias affects Black homeownersTesting done by fair housing groups have shown that McEnany's experience isn't uncommon, and that the impacts of appraisal bias can be costly. How does appraisal bias happen? But creating an appraisal report isn't an exact science. What to do if you think you've experienced appraisal discriminationIf you think you've experienced discrimination in the appraisal process, your first step should be to look at the appraisal report.

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