RSSReport: Mortgage servicers charged ‘illegal junk fees’
Mortgage servicers charged homeowners illegal “junk fees” and engaged in other illegal practices, according to a supervisory highlights report from the Consumer Financial Protection Bureau.
Category Archives: News
CFPB fines for-profit vocational school for lending violations
The CFPB fined San Francisco-based for-profit coding vocational school BloomTech and its CEO Austen Allred $164,000 for allegedly deceiving students about loan costs and making false claims about graduates’ hiring rates.
CFPB to hire technologists, research emerging technologies
The Consumer Financial Protection Bureau plans to hire more technologists to continue researching emerging technologies, said Director Rohit Chopra and Chief Technologist Erie Meyer in a March 26 report.
CFPB warns remittance companies on deceptive claims
Falsely advertising the speed or cost of sending remittance transfers can violate federal law, according to a March 27 circular from the Consumer Financial Protection Bureau.
Court keeps CFPB late fee lawsuit in Texas
An appellate court disallowed the relocation of a lawsuit challenging the Consumer Financial Protection Bureau’s late fee rule to Washington, D.C.
CFPB: Open banking standards must prevent market domination
The Consumer Financial Protection Bureau will reportedly systematize requirements for open banking standards-setting organizations to ensure the requirements are fair.
CFPB: Comparison-shopping tools must be objective
Companies operating comparison-shopping tools can violate the law by sending consumers to certain products or lenders because of kickbacks, according to a Feb. 29 Consumer Financial Protection Bureau circular to law enforcement agencies and regulators.
CFPB establishes supervisory authority over installment lender
The Consumer Financial Protection Bureau has established supervisory authority over installment lender World Acceptance.
Survey: Large banks offer worse credit card interest rates, terms
Large banks are offering consumers inferior credit card terms and interest rates compared to their small bank and credit union peers, according to a Feb. 16 Consumer Financial Protection Bureau report.
CFPB ends foreclosure scam case with $12 million settlement
The Consumer Financial Protection Bureau recently settled a foreclosure scam case by reaching a $12 million settlement with Consumer First Legal Group LLC.
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