The Consumer Financial Protection Bureau fined Bank of America $12 million for submitting false mortgage lending information to the federal government.
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.
The Consumer Financial Protection Bureau fined online lender Enova International $15 million for allegedly illegally withdrawing funds from customers’ bank accounts without permission.
The Consumer Financial Protection Bureau fined Citi $25.9 million and ordered the megabank to redress customers for allegedly discriminating against Armenian American credit card applicants over a period of six years.
Credit card companies charged consumers more than $130 billion in interest and fees last year, according to a Consumer Financial Protection Bureau biennial report to Congress.
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.
The Consumer Financial Protection Bureau sued mortgage originator and servicer Freedom Mortgage Corp., for allegedly submitting erroneous Home Mortgage Disclosure Act data in 2020.
The Consumer Financial Protection Bureau wants to remove medical bills from credit reports.
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.
Students face risks when they enter into agreements with colleges to spread the upfront cost of their tuition into a series of interest-free loan payments, according to a Sept. 14 Consumer Financial Protection Bureau report.