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Even if their credit models rely on complex algorithms, anti-discrimination law requires companies to explain the specific reasons for denying an application for credit or taking other adverse actions, the Consumer Financial Bureau said in a circular.
The Consumer Financial Protection Bureau has issued an interpretive rule outlining the role of state-level authorities in enforcing federal consumer financial protection laws.
The Consumer Financial Protection Bureau issued an enforcement action against debt-relief payment-processors RAM Payment and Account Management Systems for issuing illegal advance fees and failing to return funds to consumers when required to.
The Consumer Financial Protection Bureau is seeking a ban against a California debt company CEO over accusations of wrongful fee-charging practices and deceptive telemarketing.
The Consumer Financial Protection Bureau wants to focus on banking issues facing rural Americans, it said after releasing a report on the topic.
The Consumer Financial Protection Bureau is filing a lawsuit against TransUnion, two of its subsidiaries, and recently departed executive John Danaher for violating a 2017 bureau order over deceptive marketing regarding its credit scores and other credit-related products.
The Consumer Financial Protection Bureau is fining Edfinancial Services, a student-loan servicer, $1 million for making deceptive statements to student loan borrowers and misrepresenting forgiveness and repayment options to them. The company deceived borrowers with Federal Family Education Loan Program loans about their eligibility for Public Service Loan Forgiveness, the bureau said.
As the Consumer Financial Protection Bureau continues to pursue its proposed crackdown on “junk fees,” the agency released a report detailing the state of credit late fees, including the $12 billion consumers racked up last year.
The Consumer Financial Protection Bureau has issued a compliance bulletin on how companies can interact with consumer reviews, especially negative ones.
As the secondary auto market continues its brisk pace, the Consumer Financial Protection Bureau issued a compliance bulletin to help prevent “improper” repossessions.