Stacy Cowley
Posts
Consumer Bureau Proposes Overdraft Fee Limits for Large Banks
The options would include charging a benchmark fee, set by the bureau, that would be significantly lower than the current $35 standard.
Student Loan Payment Restart Troubled by Long Hold Times and Wrong Billing Statements
The Education Department reduced payments to its loan servicers as the consumer bureau spotlighted mistakes.
As Student Loan Collections Restart, Millions Are Not Yet Paying
After a pandemic freeze, 22 million people received their first bill in years in October — and around 60 percent paid, the government said.
How Millions of Borrowers Got $127 Billion in Student Loan Debt Canceled
The Biden administration may have been blocked from canceling debt for tens of millions of borrowers by the Supreme Court, but it has still managed...
Cyberattack Disrupts Mortgage Payments for Millions of Mr. Cooper Customers
The company, one of the largest U.S. mortgage servicers, said it was trying to determine if the attackers obtained personal information about its four million...
CFPB Moves to Expand Oversight of Digital Payment Apps
A proposed new rule would subject Google, Apple, PayPal and other digital wallet providers to the same scrutiny banks face.
Wall Street’s Most Hated Regulator Faces an Existential Threat
Rohit Chopra, who leads the Consumer Financial Protection Bureau, says he is simply enforcing the law. Bankers call him reckless — a “regulator gone rogue.”
Former Wells Fargo Executive Avoids Prison in Sham Accounts Scandal
Prosecutors had sought a year of incarceration, which they said would be a deterrent to other corporate executives.
Biden’s New Student Debt Repayment Plan Could Cost $475 Billion
The report estimates that the plan will slash borrowers’ payments and cost more than President Biden’s recently rejected debt cancellation plan.
Bank of America Reports Big Jump in Profit on Higher Interest Rates
One of the nation’s largest banks reported across-the-board strength in its latest quarter, with sales and earnings that surpassed analysts’ expectations.