July 2022 Articles – CFPB Journal

CFPB: Overdraft revenue rebounded at small banks early this year

After seeing a 20 to 25 percent loss in overdraft/NSF fees in 2021, small banks largely rebounded early this year. Midsize and large banks have yet to recoup those numbers.

Bank of America fined $225 million

Federal regulators fined Bank of America $225 million for mishandling the distribution of pandemic unemployment dollars and other public benefits.

CFPB says ‘pay-to-pay’ fees often illegal

The Consumer Financial Protection Bureau issued an advisory opinion late last month affirming that federal law frequently prohibits debt collectors from charging “pay-to-pay” fees.

CFPB says companies must protect customer data privacy

The Consumer Financial Protection Bureau issued a legal interpretation on July 7 advising that credit reporting companies and users of credit reports “have specific obligations to protect the public’s data privacy,” and could be held criminally liable for not meeting those obligations.