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Regulators’ action against Citizens Bank of Pennsylvania has huge ramifications for the banking industry. Three regulators − the CFPB, FDIC and the Office of the Comptroller of the Currency – have ordered Citizens to pay $14 million in refunds to consumers and another $20.5 million penalty.
This week the Consumer Financial Protection Bureau levied a significant fine on Citizens Bank for mishandling discrepancies in customer deposits.
The use of eClosing platforms may help customer comprehension and efficiency during mortgage closings, according to a report from the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau has issued enforcement actions against Paymap, Inc., and Loancare Servicing for deceptive advertising for a mortgage payment program.
On July 22, the CFPB announced that Meredith Fuchs will serve as acting deputy director after Deputy Director Steve Antonakes departs the agency at the end of July.
The Consumer Financial Protection Bureau has launched the first of a series of monthly complaint profiles.
Last week, the Consumer Financial Protection Bureau announced a $24 million settlement with Honda Motor Company.
The Consumer Financial Protection Bureau recently announced a consent order with a medical debt collection company for mishandling consumer credit reporting disputes and preventing consumers from exercising their debt collection rights.
While the CFPB’s success in fulfilling its mission is open to debate, it cannot be denied that the CFPB has been successful at growing.
The Consumer Financial Protection Bureau has gone ahead with its inclusion of a consumer narrative element in its complaint database.