CFPB, state AGs sue debt relief company

The Consumer Financial Protection Bureau and seven state attorneys general sued New York-based debt relief services company Strategic Financial Solutions for allegedly running an illegal debt-relief enterprise

CFPB proposes changes to bank overdraft fees

The Consumer Financial Protection Bureau is looking to overhaul how banks and credit unions with more than $10 billion in assets determine overdraft expenses. The proposal, announced Jan. 17, includes two ways for banks and credit unions to determine costs. The CFPB also proposed banning the mandatory use of preauthorized electronic fund transfers to repay transactions paid into overdrafts by institutions that charge overdraft fees higher than a designated threshold.

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