The Consumer Financial Protection Bureau cannot enforce Section 1071 until the Supreme Court rules on the constitutionality of the agency’s funding structure, according to a ruling from the U.S. District Court for the Eastern District of Kentucky.
Students face risks when they enter into agreements with colleges to spread the upfront cost of their tuition into a series of interest-free loan payments, according to a Sept. 14 Consumer Financial Protection Bureau report.
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.
The Consumer Financial Protection Bureau reached a proposed $2.7 billion settlement with a group of corporate entities which operate the two largest credit repair companies in the country, Lexington Law and CreditRepair.com.
The Consumer Financial Protection Bureau sued high-cost installment lender Heights Finance Holding, formerly Southern Management, for alleged illegal loan-churning practices that harvested hundreds of millions in fees.
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.
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.
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.
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.
The Consumer Financial Protection Bureau sued lease-to-own consumer finance company Snap Finance for allegedly making false threats and obscuring the terms of its financing agreements.