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Bloomberg

 •  October 6

Payday lending has long done more harm than good to many cash-strapped Americans. At its second attempt, the Consumer Financial Protection Bureau has come up with a good way to reduce the damage. Payday lenders provide a service that all too many U.S. consumers sometimes need -- small loans, usually of $500 or less, to help them get by until their...

Bloomberg

 •  October 5

CFPB issues rules for credit products with high interest rates Next move for CFPB’s Cordray could be Ohio governor’s race The deregulatory winds blowing through Washington aren’t benefiting the $3.6 billion payday-loan industry, as the U.S.’s top consumer watchdog issued rules Thursday that will dramatically change how many companies providing...

Bloomberg

 •  October 4

California Governor Jerry Brown signs arbitration measure Bill was inspired by outrage over bank’s fake accounts scandal Wells Fargo & Co.’s home state of California passed a law aimed at curtailing the bank’s use of closed-door arbitration to shroud complaints from aggrieved customers affected by its scandals. Governor Jerry Brown signed a measure...

Bloomberg

 •  October 3

New York (AP) -- Credit report company Equifax said Monday that an additional 2.5 million Americans may have been affected by the massive security breach of its systems, bringing the total to 145.5 million people who had their personal information accessed or stolen. Equifax said the company it hired to investigate the breach, Mandiant, has...

Bloomberg

 •  October 3

Lawmakers suggested fines and better breach laws on Tuesday Ex-Equifax CEO said U.S. should find new identity standards Lawmakers grilled former Equifax Inc. Chief Executive Officer Richard Smith on Tuesday after hackers attacked the company’s systems and got access to sensitive information for 145.5 million Americans. U.S. companies and government...

Bloomberg

 •  October 3

Ben Bain, a financial regulation reporter for Bloomberg News, discusses former Equifax CEO Richard Smith’s testimony before the House Energy and Commerce Committee, where he apologized and blamed human error for the hack, which left more than 140 million Americans vulnerable to identity theft. He speaks with Bloomberg’s Amy Morris and Peter Barnes...

Bloomberg

 •  October 2

Drawing cash from an ATM is beginning to feel like a ritual from a bygone era. Like buying a record on vinyl, it’s a once-universal experience for which dedicated fans are now paying a premium. This year marks the 11th consecutive annual increase in bank ATM fees for customers using out-of-network machines, according to a new Bankrate.com report....

Bloomberg

 •  September 29

Lawsuit filed by U.S. Chamber of Commerce and other groups CFPB regulation gives consumers new powers to resolve disputes A coalition of corporate lobbying groups, led by the U.S. Chamber of Commerce, sued the Consumer Financial Protection Bureau to overturn a rule that makes it easier for aggrieved customers to file lawsuits against financial...

Bloomberg

 •  September 27

Schumer wants to stop GOP from killing CFPB’s arbitration rule Senate minority leader calls Republican effort ‘outrageous’ Congressional Democrats are using major scandals at Equifax Inc. and Wells Fargo & Co. to ramp up their push to stop Republicans from killing a controversial rule that would make it easier for consumers to sue financial...

Bloomberg

 •  September 26

Smith may get at least $18.4 million in retirement payouts Director Mark Fiedler appointed firm’s non-executive chairman Equifax Inc. Chief Executive Officer Richard Smith stepped down, joining other senior managers who left the credit-reporting company in the wake of an uproar over the theft of private data on 143 million Americans. Smith will be...