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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.
Bank of America has been ordered to pay $250 million in penalties for “systematically double-dipping” on overdraft fees, withholding credit card reward bonuses, and opening accounts without customer authorization.
Sen. Elizabeth Warren (D-Mass.) recently called on the Consumer Financial Protection Bureau to finalize a proposal that would drastically reduce credit card late fees. The June 29 letter pertained to a proposal in February to reduce the maximum credit card fee per missed payment to $8 from the current figure of $41.
The Consumer Financial Protection Bureau fined payment processing company ACI Worldwide and subsidiary ACI Payments $25 million for improperly initiating roughly $2.3 billion in illegal mortgage payment transactions.
Southern consumers face disproportionately higher interest rates and more challenges in accessing credit, according to two Consumer Financial Protection Bureau reports.