CFPB fines Toyota financing division $60 million

The Consumer Financial Protection Bureau fined Plano, Texas-based Toyota Motor Credit Corp., $60 million for preventing borrowers from canceling product bundles which increased their monthly car loan payments. 

CFPB fines online lender Enova $15 million

The Consumer Financial Protection Bureau fined online lender Enova International $15 million for allegedly illegally withdrawing funds from customers’ bank accounts without permission.

CFPB unveils open banking proposal

Open banking requires large institutions — banks, credit unions and other companies that hold consumer accounts — to allow customers to request their financial data held with fintechs, other banks and online lenders. The proposal would ban financial institutions from misusing or wrongfully using consumer financial data and require them to share such data with third parties by consumer request.

Second court issues temporary injunction against Section 1071

The Consumer Financial Protection Bureau cannot enforce Section 1071 until the Supreme Court rules on the constitutionality of the agency’s funding structure, according to a ruling from the U.S. District Court for the Eastern District of Kentucky.

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