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Money held in nonbank, peer-to-peer digital payment apps often lack the deposit insurance protections at traditional banks and are more susceptible to losses, according to a Consumer Financial Protection Bureau report.
The Consumer Financial Protection Bureau fined Providence, R.I.-based Citizens Financial Group $9 million for violating consumer financial protection standards on disputed credit card transactions. According to the CFPB, Citizens violated the Truth in Lending Act by improperly denying customers’ requests for reports of fraud and errors and requiring them to “jump through unnecessary and burdensome hoops, which are not required under the Truth in Lending Act, to report fraud.”
The American Bankers Association and Texas Bankers Association are suing the Consumer Financial Protection Bureau to prevent the agency from implementing Section 1071 of the Dodd-Frank Act.
Banks could violate the Consumer Financial Protection Act by unilaterally reopening consumer deposit accounts to process transactions, according to a May 10 Consumer Financial Protection Bureau circular.
Financial institutions are issuing medical installment loans and credit cards to patients with exorbitant interest rates, according to a May 4 Consumer Financial Protection Bureau report.
The Consumer Financial Protection Bureau has reported a data breach that impacted more than 250,000 consumers. Media reports indicated that a CFPB employee who has since left the agency forwarded to a personal email account personal information on 256,000 consumers and confidential supervisory information on 45 financial institutions.
The Consumer Financial Protection Bureau is suing James Carnes and Melissa Carnes, after the couple allegedly hid money through a series of fraudulent transfers to avoid paying more than $40 million in fines.
The Consumer Financial Protection Bureau issued an expansive analysis on abusive conduct in consumer financial markets earlier this month.
The Consumer Financial Protection Bureau recently finalized Dodd-Frank Act Section 1071, which governs the collection and reporting of small business lending data. Under the rule, lenders will be required to collect and report information about the small business credit applications they receive.
The Consumer Financial Protection Bureau fined debt collection agency Portfolio Recovery Associates $24 million for illegal debt collection policies and for violating a 2015 settlement with the regulatory agency.