RSS
Student banking products offered by financial institutions and colleges are often more expensive than comparable products and often don’t follow Department of Education requirements, according to a recent report from the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau signaled it plans to issue new regulations for ‘buy now, pay later’ firms to ensure they adhere to similar rules as credit cards.
The Consumer Financial Protection Bureau recently confirmed that companies without adequate safeguards to protect consumer data are at greater risk of being held liable under the Consumer Financial Protection Act.
Eight U.S. trade groups are urging the Consumer Financial Protection Bureau to define data aggregators as “larger participants” subject to regulatory supervision.
The Consumer Financial Protection Bureau fined U.S. Bank $37.5 million for knowingly allowing employees to illegally access customer credit reports and for opening checking, savings and credit accounts without permission for more than a decade.
After seeing a 20 to 25 percent loss in overdraft/NSF fees in 2021, small banks largely rebounded early this year. Midsize and large banks have yet to recoup those numbers.
Federal regulators fined Bank of America $225 million for mishandling the distribution of pandemic unemployment dollars and other public benefits.
The Consumer Financial Protection Bureau issued an advisory opinion late last month affirming that federal law frequently prohibits debt collectors from charging “pay-to-pay” fees.
The Consumer Financial Protection Bureau issued a legal interpretation on July 7 advising that credit reporting companies and users of credit reports “have specific obligations to protect the public’s data privacy,” and could be held criminally liable for not meeting those obligations.
The Consumer Financial Protection Bureau is seeking public input on how the shift to digital banking is impacting large bank customers.