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(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.

CFPB Issues Rule Regulating Big Credit Bureaus

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

Today, as expected, the CFPB announced its first "larger participants" rule, giving itself the authority to supervise, or look inside the mysterious "black box" operations, of the biggest credit bureaus. This is a really big deal for consumers who've suffered through the mistakes made by these gatekeepers to financial and employment opportunity.

New TIFIA Rules Will Hurt the Public

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This commentary, cross-posted on the National Journal Transportation Expert blog, explains why the new rules for the greatly expanded federal transportation loan program will encourage private toll roads at the expense of transit and everything else because it ignores the important indirect costs and benefits of transportation investments.

Arbitration: it's not just bad for you, it's bad for fair arbitrators, too

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

A Bloomberg columnist is reporting that the securities industry's self-regulator FINRA has fired 3 arbitrators who ruled against BofA's Merrill Lynch in favor of a presumably grievously ripped-off investor (they rarely win). It's time for both the SEC, for investors, and the CFPB, for consumers, to step up and use their Wall Street Reform and Consumer Protection Act powers to ban forced arbitration.

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