RSSCFPB, state AGs sue debt relief company
The Consumer Financial Protection Bureau and seven state attorneys general sued New York-based debt relief services company Strategic Financial Solutions for allegedly running an illegal debt-relief enterprise
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CFPB proposes changes to bank overdraft fees
The Consumer Financial Protection Bureau is looking to overhaul how banks and credit unions with more than $10 billion in assets determine overdraft expenses. The proposal, announced Jan. 17, includes two ways for banks and credit unions to determine costs. The CFPB also proposed banning the mandatory use of preauthorized electronic fund transfers to repay transactions paid into overdrafts by institutions that charge overdraft fees higher than a designated threshold.
CFPB cautions against faulty background check reports
The Consumer Financial Protection Bureau is cautioning credit reporting companies against sloppy credit file sharing practices and providing erroneous background check reports.
Report: Student loan holders facing long wait times, application delays
Student loan holders are reportedly facing several significant hurdles in paying off their student loans after repayments resumed in October.
CFPB: College-sponsored financial products offer higher fees
College-sponsored financial products often have higher fees and more restrictive terms and conditions compared to typical market products, according to a Consumer Financial Protection Bureau report.
Chopra: AI poses safety concerns in banking
Artificial intelligence poses risks to the financial system, according to Consumer Financial Protection Bureau Director Rohit Chopra.
CFPB fines Virginia bank $6.2 million for overdraft violations
The Consumer Financial Protection Bureau fined Atlantic Union Bank $6.2 million for allegedly illegally enrolling thousands of customers in checking account overdraft programs.
BofA fined $12 million for false mortgage data
The Consumer Financial Protection Bureau fined Bank of America $12 million for submitting false mortgage lending information to the federal government.
CFPB fines Toyota financing division $60 million
The Consumer Financial Protection Bureau fined Plano, Texas-based Toyota Motor Credit Corp., $60 million for preventing borrowers from canceling product bundles which increased their monthly car loan payments.
CFPB fines online lender Enova $15 million
The Consumer Financial Protection Bureau fined online lender Enova International $15 million for allegedly illegally withdrawing funds from customers’ bank accounts without permission.
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