News – Page 3 – CFPB Journal

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.

CFPB: Military veterans face student loan hurdles

Active duty and veteran college students face challenges in receiving assistance from student loan servicers, according to a Consumer Financial Protection Bureau report.

CFPB: Banks charging overdraft fees without consumer opt-in

Banks must prove they have secured consumer buy-in before charging overdraft fees, according to recently published guidance from the Consumer Financial Protection Bureau.

CFPB fines TD Bank $27 million for consumer reporting errors

The Consumer Financial Protection Bureau fined TD Bank $27.7 million for sharing inaccurate customer information with consumer reporting companies.

CFPB: Consumers paying tens of millions of dollars in cash back fees

Kroger, Dollar Tree/Family Dollar and Dollar General collected $90 million in fees from customers requesting cash back while using a debit or credit card, according to a report from the Consumer Financial Protection Bureau.

Fay Servicing fined $5 million for mortgage violations

The Consumer Financial Protection Bureau fined nonbank mortgage servicer Fay Servicing $5 million for foreclosing on homeowners who are protected by housing protection laws.