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. 

CFPB launches inquiry into ‘employer-driven debt’

The Consumer Financial Protection Bureau launched an inquiry into practices and financial products it believes could lead employees indebted to their employers. The agency wants to know if consumers have a “meaningful choice” in accepting employer-driven debt products.

CFPB: Black-box modeling no cover for credit denials

Even if their credit models rely on complex algorithms, anti-discrimination law requires companies to explain the specific reasons for denying an application for credit or taking other adverse actions, the Consumer Financial Bureau said in a circular.

CFPB fines debt-settlement companies, co-owners

The Consumer Financial Protection Bureau issued an enforcement action against debt-relief payment-processors RAM Payment and Account Management Systems for issuing illegal advance fees and failing to return funds to consumers when required to.

Bank of America docked over illegal garnishment

The Consumer Financial Protection Bureau issued an enforcement action against Bank of America for processing out-of-state garnishment orders against its customers’ bank accounts, fining the North Carolina bank $10 million.

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