News – Page 3 – CFPB Journal

CFPB looks to increase privacy protections on large tech platforms

The Consumer Financial Protection Bureau announced two measures last week to provide privacy protections on large technology platforms.

CFPB sues Walmart, Branch Messenger for driver payment accounts

The Consumer Financial Protection Bureau recently sued Walmart and its fintech partner Branch Messenger for allegedly illegally opening deposit accounts for more than 1 million delivery drivers.

Judge upholds ban on CFPB’s credit card late fee proposal

A federal judge recently upheld the preliminary injunction against the Consumer Financial Protection Bureau’s proposed limit on credit card late fees to $8 per incident.

CFPB places Google’s payments division under supervision

The Consumer Financial Protection Bureau recently placed Google’s payments division under its supervisory authority, leading to a lawsuit from the company.

CFPB distributing $1.8 billion to consumers from credit scheme

The Consumer Financial Protection Bureau is returning $1.8 billion in “illegal junk fees” to 4.3 million Americans impacted by a large credit repair scheme, the bureau announced Dec. 5 in a press release.

CFPB issues rule to oversee nonbanks issuing payment wallets

The Consumer Financial Protection Bureau recently finalized a rule to oversee the largest nonbanks offering payment wallet applications and digital funds transfers.

CFPB: Student loan relief positive for majority of borrowers

Sixty-one percent of borrowers impacted by the federal government pause on student loan payments during the pandemic made positive changes in their lives, according to a Nov. 13 report from the Consumer Financial Protection Bureau.

CFPB warns companies against unchecked digital tracking

The Consumer Financial Protection Bureau recently warned companies against unlimited digital surveillance of employees. Issued Oct. 24, the guidance called on companies to follow the Fair Credit Reporting Act when using third-party consumer reports, including background dossiers and surveillance-based algorithmic or “black box” AI scores.

Wisconsin mortgage company fined for redlining

The Consumer Financial Protection Bureau and Justice Department fined Madison, Wis.-based mortgage firm Fairway Independent Mortgage $1.9 million for redlining black neighborhoods in Birmingham, Ala.

CFPB: Collecting invalid medical debt violates federal law

Debt collectors violate federal law by collecting legally invalid or inaccurate medical debt, according to Oct. 1 guidance from the Consumer Financial Protection Bureau.