RSSABA, TBA sue CFPB over Section 1071
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.
Author Archives: CFPB Journal staff report
CFPB: Unauthorized account reopenings could violate federal law
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.
CFPB warns customers on medical credit cards, installment loans
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.
CFPB data breach exposes 250,000 customers
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.
CFPB suing payday lender over fine evasion
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.
CFPB offers explanation of ‘abusive’ conduct
The Consumer Financial Protection Bureau issued an expansive analysis on abusive conduct in consumer financial markets earlier this month.
CFPB finalizes rule to increase transparency in small business lending
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.
CFPB fines Portfolio Recovery Associates $24 million in debt collection case
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.
CFPB: Student loan companies illegally collecting settled debts
Student loan companies are illegally collecting debts already discharged through bankruptcy, according to a March 17 Consumer Financial Protection Bureau bulletin.
CFPB: Payment companies charging illegal fees across sectors
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.
More articles: