Hundreds of counties across the United States have implemented programs to combat elder financial abuse, according to a report from the Consumer Financial Protection Bureau.
The bank will refund $27.75 million to about a quarter of a million affected consumers and will also pay a $4.5 million civil money penalty to the CFPB. Separately, the OCC also fined the company $3 million.
The bureau must enforce consumer protection laws “consistently, without regard to the status of a…depository institution, in order to promote fair competition,” said CFPB Director Richard Cordray said.
The report concluded that many servicers present obstacles and delays to borrowers that can leave them with thousands of dollars of extra costs.
The bureau touted its accomplishments in its first five years in a video, but its report card is not unblemished.
A third-party payment processor has filed a motion in federal court asking a judge to dismiss a June 2016 Consumer Financial Protection Bureau lawsuit.
More than 100 congressional Democrats have sent two letters to the Consumer Financial Protection Bureau in support of its proposed ban on mandatory arbitration clauses in contracts.
The proposed rules, which only apply to third-party collectors, would be the most significant changes to the industry since Congress passed the Fair Debt Collections Practices Act nearly 40 years ago.
The proposed amendments to the CFPB’s “Know Before You Owe” rule are intended “to formalize guidance in the rule and provide greater clarity and certainty,” the bureau said.