News – Page 11 – CFPB Journal

CFPB spotlights crypto fraud in bulletin

The Consumer Financial Protection Bureau called attention to the prevalence of crypto-related criminal activity in a recent complaint bulletin.

Report: Student banking products more expensive, less transparent

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.

CFPB: BNPL firms should be regulated like credit card companies

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.

CFPB: Financial companies must safeguard consumer data

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.

Trade groups request CFPB include large data aggregators in rule

Eight U.S. trade groups are urging the Consumer Financial Protection Bureau to define data aggregators as “larger participants” subject to regulatory supervision.

U.S. Bank fined $37.5 million for account fraud

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.

CFPB: Overdraft revenue rebounded at small banks early this year

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.

Bank of America fined $225 million

Federal regulators fined Bank of America $225 million for mishandling the distribution of pandemic unemployment dollars and other public benefits.

CFPB says ‘pay-to-pay’ fees often illegal

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.

CFPB says companies must protect customer data privacy

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.