RSSCFPB adds competition focus to innovation office
The Consumer Financial Protection Bureau is opening an Office of Innovation and Competition, replacing its previous Office of Innovation as well as Project Catalyst.
Category Archives: News
CFPB: Black-box modeling no cover for credit denials
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.
CFPB issues rule facilitating state-level enforcement
The Consumer Financial Protection Bureau has issued an interpretive rule outlining the role of state-level authorities in enforcing federal consumer financial protection laws.
CFPB fines debt-settlement companies, co-owners
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.
CFPB seeks ban against debt settlement CEO
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.
CFPB highlights banking challenges of rural America
The Consumer Financial Protection Bureau wants to focus on banking issues facing rural Americans, it said after releasing a report on the topic.
CFPB files suit against TransUnion, executive
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.
CFPB fines student loan servicer
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.
Users racked up $12 billion in 2020 credit card late fees
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.
Companies can’t delete negative reviews, CFPB says
The Consumer Financial Protection Bureau has issued a compliance bulletin on how companies can interact with consumer reviews, especially negative ones.
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