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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.
Student loan companies are illegally collecting debts already discharged through bankruptcy, according to a March 17 Consumer Financial Protection Bureau bulletin.
Financial institutions, mortgage servicers and some loan providers are illegally charging expenses to customers, according to a March 8 Consumer Financial Protection Bureau supervisory highlights report.
‘Buy now, pay later’ borrowers are more likely to be financially distressed than non-users, according to a Consumer Financial Protection Bureau report.
The Supreme Court has agreed to review a case challenging the constitutionality of the Consumer Financial Protection Bureau’s funding mechanism. The Feb. 27 decision came four months after a three-judge panel in the U.S. District Court for the Western District of Texas ruled that the CFPB’s funding mechanism violated the Constitution’s Appropriations Clause because it draws funding from the Federal Reserve instead of Congress.
Credit card companies are not reporting the total credit payments from millions of consumers to limit competition, according to a recent Consumer Financial Protection Bureau report.
Digital mortgage comparison-shopping platforms violate the law by “double dealing,” the Consumer Financial Protection Bureau said in a recent advisory.
The Consumer Financial Protection Bureau proposed dramatically revamping credit card late fee policies last week, including dropping the maximum credit card fee per missed payment from $41 to $8. The proposal, issued Feb. 1, would also end the automatic annual inflation adjustment issuers receive and ban late fee amounts above 25 percent of a required minimum payment.
The Consumer Financial Protection Bureau is seeking public feedback on the consumer credit market.
The Consumer Financial Protection Bureau issued a circular Jan. 19 affirming that companies offering “negative option” subscription services must comply with federal consumer financial protection law.