Since 2021, the CFPB has been reviewing a number of its rules and guidance documents, including those published by predecessor agencies like the Federal Reserve Board of Governors and the Federal Trade Commission. We have found that many of these policies were drafted in ways that are unnecessarily complex, often to accommodate the preferences of dominant industry incumbents, rather than the market as a whole. We identified a particularly serious problem in federal mortgage rules that has major implications for the market.
Any positive momentum stocks had on Monday dissipated yesterday, as downbeat economic signs weighed on indexes. Individual technology stocks had a good day — both Microsoft and Nvidia hit a 52-week high, while Alphabet jumped 2.6% and Meta added 2% — but even those large-cap stocks couldn’t stop the tech-heavy Nasdaq Composite from declining 0.2%.
SAN DIEGO — California Attorney General Rob Bonta today held a press conference to highlight the importance of Senate Bill 478 (SB 478). Coauthored by Senator Bill Dodd (D-Napa) and Senator Nancy Skinner (D-Berkeley), the legislation would prohibit in California hidden fees (also called ‘junk fees’) — fees in which a seller uses an artificially low headline price to attract a customer and usually either discloses additional required fees in smaller print, or reveals additional unavoidable charges later in the buying process. SB 478 is currently pending before the Senate Appropriations Committee.
HARRISBURG– Attorney General Michelle Henry today announced a settlement of a lawsuit filed against Snap Finance LLC and its affiliates for $11.4 million.
OAKLAND — California Attorney General Rob Bonta, as part of a coalition of 24 attorneys general, filed an amicus brief in the U.S. Supreme Court in support of the Consumer Financial Protection Bureau (CFPB). In their amicus brief, the attorneys general support the CFPB’s contention that the agency’s funding structure is constitutional and argue that the court should not invalidate the CFPB’s past and ongoing regulatory and enforcement actions even if it determines that the agency’s current funding structure is not constitutional.
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