Ed's Blog

OCC To Payday Lenders: "We don't want you here (paraphrase)."

By | Ed Mierzwinski
Consumer Program Director

Good news from the Office of the Comptroller of the Currency, the nation's national bank safety regulator, which in testimony today rejects a proposal by payday lenders to hide out at the OCC to avoid regulation by the CFPB or states. The OCC says it doesn't want to charter payday lenders, because they are "focused on consumer credit products of the very nature and character that the OCC has found unacceptable."

For its own first birthday, CFPB sends gifts to consumers

By | Ed Mierzwinski
Consumer Program Director

Tomorrow, Saturday, July 21, the Consumer Financial Protection Bureau turns one year old. To celebrate its own birthday, the CFPB sent consumers some gifts this week.

Corporate crime wave! Do any big banks make money by earning it?

By | Ed Mierzwinski
Consumer Program Director

The CFPB/OCC settlement with Capital One for deceiving credit card customers into purchasing junky ripoff add-ons comes hard on the heels of revelations that other banks have been caught or are being investigated for LIBOR bid rigging, mortgage discrimination and aiding money launderers. Do any big banks earn money by offering innovative, fair and sustainable products anymore?

(UPDATED): The CFPB, which turns one on Saturday, is coming of age with the announcement of its first enforcement action, against Capital One Bank, for deceptive marketing of junky payment protection and credit monitoring products to cardholders. Capital One will pay over $200 million in direct restitution and civil penalties.

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