CFPB Journal staff report – Page 7

CFPB ends foreclosure scam case with $12 million settlement

The Consumer Financial Protection Bureau recently settled a foreclosure scam case by reaching a $12 million settlement with Consumer First Legal Group LLC.

CFPB proposes banning NSF fees for instantly rejected transactions

The Consumer Financial Protection Bureau is proposing banning financial institutions from charging non-sufficient funds fees for transactions declined in real-time.

CFPB, state AGs sue debt relief company

The Consumer Financial Protection Bureau and seven state attorneys general sued New York-based debt relief services company Strategic Financial Solutions for allegedly running an illegal debt-relief enterprise

CFPB proposes changes to bank overdraft fees

The Consumer Financial Protection Bureau is looking to overhaul how banks and credit unions with more than $10 billion in assets determine overdraft expenses. The proposal, announced Jan. 17, includes two ways for banks and credit unions to determine costs. The CFPB also proposed banning the mandatory use of preauthorized electronic fund transfers to repay transactions paid into overdrafts by institutions that charge overdraft fees higher than a designated threshold.

CFPB cautions against faulty background check reports

The Consumer Financial Protection Bureau is cautioning credit reporting companies against sloppy credit file sharing practices and providing erroneous background check reports.

Report: Student loan holders facing long wait times, application delays

Student loan holders are reportedly facing several significant hurdles in paying off their student loans after repayments resumed in October.

CFPB: College-sponsored financial products offer higher fees

College-sponsored financial products often have higher fees and more restrictive terms and conditions compared to typical market products, according to a Consumer Financial Protection Bureau report.

CFPB fines Virginia bank $6.2 million for overdraft violations

The Consumer Financial Protection Bureau fined Atlantic Union Bank $6.2 million for allegedly illegally enrolling thousands of customers in checking account overdraft programs.

BofA fined $12 million for false mortgage data

The Consumer Financial Protection Bureau fined Bank of America $12 million for submitting false mortgage lending information to the federal government.

CFPB fines Toyota financing division $60 million

The Consumer Financial Protection Bureau fined Plano, Texas-based Toyota Motor Credit Corp., $60 million for preventing borrowers from canceling product bundles which increased their monthly car loan payments.