The Consumer Financial Protection Bureau wants to supervise large nonbanks that offer digital wallets and payment applications.
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The Consumer Financial Protection Bureau fined Bank of America $12 million for submitting false mortgage lending information to the federal government.
The Consumer Financial Protection Bureau fined Plano, Texas-based Toyota Motor Credit Corp., $60 million for preventing borrowers from canceling product bundles which increased their monthly car loan payments.
The Consumer Financial Protection Bureau fined online lender Enova International $15 million for allegedly illegally withdrawing funds from customers’ bank accounts without permission.
The Consumer Financial Protection Bureau fined Citi $25.9 million and ordered the megabank to redress customers for allegedly discriminating against Armenian American credit card applicants over a period of six years.
Credit card companies charged consumers more than $130 billion in interest and fees last year, according to a Consumer Financial Protection Bureau biennial report to Congress.