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A majority of the largest banks in the country restrict their customers’ legal options for resolving disputes. A study released Nov. 26 by The Pew Charitable Trusts found that 64 percent of the largest 100 banks restrict the dispute resolution options for their checking account customers.
In its first report of examination findings, the Consumer Financial Protection Bureau stresses that institutions under its supervisory authority should have a good compliance management system (CMS).
Beginning in January, larger debt collectors will come under the regulatory supervision of the Consumer Financial Protection Bureau.
David Stein, a former attorney with the Federal Reserve and the Consumer Financial Protection Bureau, offers this “heads up” to non-bank “larger participants” in the consumer financial services marketplace.
The Consumer Financial Protection Bureau issued its third major enforcement action, this time against American Express.
The Consumer Financial Protection Bureau and the Federal Deposit Insurance Corporation announced Monday a joint public enforcement action requiring Discover Bank to refund $200 million to some 3.5 million customers.
The Consumer Financial Protection Bureau has filed its first civil law suit, suing a Los Angeles law firm that charged homeowners for mortgage modifications that it allegedly didn’t perform.
Credit bureaus will come under the regulatory supervision of the Consumer Financial Protection Bureau beginning Sept. 30.
The American Bankers Association is not a fan of the Consumer Financial Protection Bureau’s proposal to come up with a combined RESPA/TILA form.
The Consumer Financial Protection Bureau is proposing changes to Reg X (Real Estate Settlement Procedures Act) and Reg Z (Truth in Lending Act).