RSSCFPB: Southern customers face higher interest rates, fewer options
Southern consumers face disproportionately higher interest rates and more challenges in accessing credit, according to two Consumer Financial Protection Bureau reports.
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CFPB to finalize open banking rule in 2024
The Consumer Financial Protection Bureau will propose open banking regulations in the next few months and plans to finalize the rule in 2024, Director Rohit Chopra said June 12 in a blog post. Chopra said the rule, which the CFPB is required to issue under Section 1033 of the Dodd-Frank Act, will ensure a more competitive environment and give consumers the ability to control their own financial data.
CFPB warns banks over use of AI chatbots
The Consumer Financial Protection Bureau is warning financial institutions that they could violate federal consumer financial protection laws if chatbots fail to provide accurate information to customers and don’t protect their privacy and data.
CFPB: Digital payment app deposits could be unsafe
Money held in nonbank, peer-to-peer digital payment apps often lack the deposit insurance protections at traditional banks and are more susceptible to losses, according to a Consumer Financial Protection Bureau report.
Citizens Financial fined $9 million for credit card violations
The Consumer Financial Protection Bureau fined Providence, R.I.-based Citizens Financial Group $9 million for violating consumer financial protection standards on disputed credit card transactions. According to the CFPB, Citizens violated the Truth in Lending Act by improperly denying customers’ requests for reports of fraud and errors and requiring them to “jump through unnecessary and burdensome hoops, which are not required under the Truth in Lending Act, to report fraud.”
ABA, TBA sue CFPB over Section 1071
The American Bankers Association and Texas Bankers Association are suing the Consumer Financial Protection Bureau to prevent the agency from implementing Section 1071 of the Dodd-Frank Act.
CFPB: Unauthorized account reopenings could violate federal law
Banks could violate the Consumer Financial Protection Act by unilaterally reopening consumer deposit accounts to process transactions, according to a May 10 Consumer Financial Protection Bureau circular.
CFPB warns customers on medical credit cards, installment loans
Financial institutions are issuing medical installment loans and credit cards to patients with exorbitant interest rates, according to a May 4 Consumer Financial Protection Bureau report.
CFPB data breach exposes 250,000 customers
The Consumer Financial Protection Bureau has reported a data breach that impacted more than 250,000 consumers. Media reports indicated that a CFPB employee who has since left the agency forwarded to a personal email account personal information on 256,000 consumers and confidential supervisory information on 45 financial institutions.
CFPB suing payday lender over fine evasion
The Consumer Financial Protection Bureau is suing James Carnes and Melissa Carnes, after the couple allegedly hid money through a series of fraudulent transfers to avoid paying more than $40 million in fines.
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