CFPB: Financial companies must safeguard consumer data

The Consumer Financial Protection Bureau recently confirmed that companies without adequate safeguards to protect consumer data are at greater risk of being held liable under the Consumer Financial Protection Act. 

U.S. Bank fined $37.5 million for account fraud

The Consumer Financial Protection Bureau fined U.S. Bank $37.5 million for knowingly allowing employees to illegally access customer credit reports and for opening checking, savings and credit accounts without permission for more than a decade.

Bank of America fined $225 million

Federal regulators fined Bank of America $225 million for mishandling the distribution of pandemic unemployment dollars and other public benefits. 

CFPB says ‘pay-to-pay’ fees often illegal

The Consumer Financial Protection Bureau issued an advisory opinion late last month affirming that federal law frequently prohibits debt collectors from charging “pay-to-pay” fees.

CFPB says companies must protect customer data privacy

The Consumer Financial Protection Bureau issued a legal interpretation on July 7 advising that credit reporting companies and users of credit reports “have specific obligations to protect the public’s data privacy,” and could be held criminally liable for not meeting those obligations. 

Trade groups ask bureau to rescind examination manual

Banking trade groups have jointly called for the Consumer Financial Protection Bureau to withdraw a revised examination manual which would allow it to scrutinize discriminatory conduct under its authority to enforce the Consumer Financial Protection Act’s prohibition on unfair, deceptive and abusive acts and practices.

CFPB releases annual report on top financial challenges to veterans

Credit reporting companies often fail to appropriately respond to requests for investigation from servicemembers, according to an annual Consumer Financial Protection Bureau report on the top financial challenges facing servicemembers, military families and veterans. 

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