January 2022 Articles – CFPB Journal

CFPB signals scrutiny of credit card fees

The Consumer Financial Protection Bureau wants to take a closer look at credit card fees, according to a blog post on the agency’s website. “Given the outsize role that credit card debt plays for many households, the CFPB is looking to ensure that there is robust and fair competition in the credit card market,” the bureau said.

CFPB issues order against payment processor

The Consumer Financial Protection Bureau has filed a proposed final judgement and order against BrightSpeed Solutions and its founder Kevin Howard over their alleged participation in fraudulent services and products.

More than half of recent CFPB complaints involve credit bureaus

More than half of the complaints submitted to the Consumer Financial Protection Bureau from January 2020 through last summer involved major credit bureaus Equifax, Experian and TransUnion, according to a Jan. 5 CFPB report.

LendUp halts business over marketing, fair lending violations

Online lender LendUp has ceased operations over allegations it continued to engage in illegal and deceptive marketing in violation of a 2016 order from the Consumer Financial Protection Bureau.