CFPB warns Apple over tap-to-pay restrictions

The Consumer Financial Protection Bureau is warning the largest tech companies about enacting restrictive tap-to-pay policies. The CFPB cited Apple’s proprietary tap-to-pay offering, which bans banks and other third-party payment apps from accessing the option on its iOS devices. The policy could reduce consumer choice and complicate efforts to create a more complete open banking system, according to the agency.

Mortgage company fined $1.75 million in kickback case

The Consumer Financial Protection Bureau fined Boca Raton, Fla.-based mortgage loan servicer and originator Freedom Mortgage $1.75 million for providing illegal incentives to real estate agents and brokers in exchange for mortgage loan referrals. 

CFPB: Employer-driven debt harms workers

Employer-driven debt is keeping employees from leaving for better-paying positions and leaving them beholden to a separate lender, according to a recent Consumer Financial Protection Bureau report.

CFPB sues USASF Servicing for numerous violations

The Consumer Financial Protection Bureau filed a federal lawsuit alleging that auto loan company USASF Servicing incorrectly disabled at least 7,500 vehicles and failed to return millions of dollars in customer refunds. 

CFPB: Consumer lenders violated numerous lending standards

Payday, auto and medical loan collectors have engaged in numerous unfair, deceptive and abusive practices during a recent eight-month stretch, according to a Consumer Financial Protection Bureau supervisory highlights report released July 26.

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