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Even if their credit models rely on complex algorithms, anti-discrimination law requires companies to explain the specific reasons for denying an application for credit or taking other adverse actions, the Consumer Financial Bureau said in a circular.
The Consumer Financial Protection Bureau has issued an interpretive rule outlining the role of state-level authorities in enforcing federal consumer financial protection laws.
The Consumer Financial Protection Bureau issued an enforcement action against debt-relief payment-processors RAM Payment and Account Management Systems for issuing illegal advance fees and failing to return funds to consumers when required to.
The Consumer Financial Protection Bureau issued an enforcement action against Bank of America for processing out-of-state garnishment orders against its customers’ bank accounts, fining the North Carolina bank $10 million.
The Consumer Financial Protection Bureau is seeking a ban against a California debt company CEO over accusations of wrongful fee-charging practices and deceptive telemarketing.