CFPB Journal staff report – Page 15

CFPB highlights banking challenges of rural America

The Consumer Financial Protection Bureau wants to focus on banking issues facing rural Americans, it said after releasing a report on the topic.

CFPB files suit against TransUnion, executive

The Consumer Financial Protection Bureau is filing a lawsuit against TransUnion, two of its subsidiaries, and recently departed executive John Danaher for violating a 2017 bureau order over deceptive marketing regarding its credit scores and other credit-related products.

CFPB fines student loan servicer

The Consumer Financial Protection Bureau is fining Edfinancial Services, a student-loan servicer, $1 million for making deceptive statements to student loan borrowers and misrepresenting forgiveness and repayment options to them. The company deceived borrowers with Federal Family Education Loan Program loans about their eligibility for Public Service Loan Forgiveness, the bureau said.

Users racked up $12 billion in 2020 credit card late fees

As the Consumer Financial Protection Bureau continues to pursue its proposed crackdown on “junk fees,” the agency released a report detailing the state of credit late fees, including the $12 billion consumers racked up last year.

Companies can’t delete negative reviews, CFPB says

The Consumer Financial Protection Bureau has issued a compliance bulletin on how companies can interact with consumer reviews, especially negative ones.

Biden includes CFPB in digital asset order

President Joe Biden has included the Consumer Financial Protection Bureau in his executive order establishing a federal digital assets strategy.

CFPB moves to curb ‘improper’ car repossessions

As the secondary auto market continues its brisk pace, the Consumer Financial Protection Bureau issued a compliance bulletin to help prevent “improper” repossessions.

CFPB adds medical billing to focus areas

The Consumer Financial Protection Bureau has issued a report drawing attention to consumer financial issues in medical billing, marking it as the latest area of focus for the agency.

CFPB increases focus on PSLF program

The Consumer Financial Protection Bureau issued a bulletin recommending actions servicers should consider taking to ensure they do not misrepresent borrower eligibility or make deceptive statements to borrowers about the Public Service Loan Forgiveness program and an expanded forgiveness waiver issued in October 2021.

Prepaid cards cannot be sole means of issuing benefits, CFPB says

The CFPB issued a compliance bulletin today outlining the existing prohibitions against prepaid cards being the sole method for distributing government benefits.