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Qualified students were blocked from affordable loan repayment plans, according to the most recent installment of the supervisory highlights report from the Consumer Financial Protection Bureau.
Consumer-friendly fintech innovation “has enormous potential” but “cannot skirt the need for sufficient oversight and consumer protection,” according to a report from the Consumer Financial Protection Bureau.
Stacy Canan was named assistant director for the Office for Older Americans, John Coleman was named deputy general counsel for litigation and oversight, and Sonya White was named deputy general counsel for general law and ethics.
The Consumer Financial Protection Bureau filed a lawsuit against credit repair company Prime Marketing Holdings, LLC, which allegedly charged consumers a series of illegal advance fees as well as misrepresented the cost and effectiveness of its services.
The bank will pay a total of $190 million in penalties and restitution for thousands of employees opening unauthorized accounts in an effort to garner higher bonuses and better performance reviews. The bank has dropped product sales goals for its consumer bankers in the wake of the settlement.
The Consumer Financial Protection Bureau has handled approximately 94,200 bank account or service complaints, somewhat less than one complaint for every 2,000 accounts.
Hundreds of counties across the United States have implemented programs to combat elder financial abuse, according to a report from the Consumer Financial Protection Bureau.
More than 100 congressional Democrats have sent two letters to the Consumer Financial Protection Bureau in support of its proposed ban on mandatory arbitration clauses in contracts.
The proposed amendments to the CFPB’s “Know Before You Owe” rule are intended “to formalize guidance in the rule and provide greater clarity and certainty,” the bureau said.
Complaints about credit reporting were highlighted in the latest in a series of complaint snapshots from the Consumer Financial Protection Bureau.