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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.
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.
The Consumer Financial Protection Bureau has issued a compliance bulletin on how companies can interact with consumer reviews, especially negative ones.
President Joe Biden has included the Consumer Financial Protection Bureau in his executive order establishing a federal digital assets strategy.
As the secondary auto market continues its brisk pace, the Consumer Financial Protection Bureau issued a compliance bulletin to help prevent “improper” repossessions.
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.
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.
The CFPB issued a compliance bulletin today outlining the existing prohibitions against prepaid cards being the sole method for distributing government benefits.
The Consumer Financial Protection Bureau wants The Appraisal Foundation, which sets standards for appraisers, to include “clear warnings” about federal anti-discrimination requirements in its standards and training for appraisers.
The criminal justice system features “an ecosystem rife with burdensome fees and lack of choice,” according to a recent report from the Consumer Financial Protection Bureau.