Complaints about credit reporting were highlighted in the latest in a series of complaint snapshots from the Consumer Financial Protection Bureau.
Over the past year, the Consumer Financial Protection Bureau has entered into several consent orders with major players in the financial services industry.
Banks should avoid or reconcile, or resolve discrepancies between the amount they credit to a consumer’s account and how much was actually deposited, according to guidance issued by the CFPB and other regulatory agencies.
The Consumer Financial Protection Bureau last week filed a federal lawsuit against All American Check Cashing, a payday lender with dozens of locations in the south
Last week, the CFPB announced a new rule banning arbitration clauses in consumer contracts for a variety of products and services, however many are concerned that now the only way into a courtroom is with a class-action lawsuit
The CFPB announced that it would use its authority under the Dodd-Frank Act to prohibit the use of mandatory arbitration clauses in contracts, alleging that these clauses “deny customers their day in court.”