News – Page 35 – CFPB Journal

CPFB issues first no-action letter

Upstart Network has received the first no-action letter from the Consumer Financial Protection Bureau for its use of alternative data in credit and pricing decisions.

Department of Education rebukes CFPB ‘abuse’ in memo

The Department of Education recently delivered a letter to the Consumer Financial Protection Bureau providing notice of its intent to terminate two Obama-era Memoranda of Understanding between the agencies.

CFPB proposes final judgement in Prime Marketing case

The proposed order would permanently ban the company from doing business within the credit repair industry and require a $150,000 civil money penalty.

Federal judge chastises CFPB, dismisses lawsuit

The court formally sanctioned the bureau for its conduct during the discovery process of a lawsuit, striking four counts from the CFPB’s initial suit.

American Express to issue refunds over unintentional discrimination

The Consumer Financial Protection Bureau issued a consent order against two American Express banking subsidiaries for unintentionally discriminating against consumers in Puerto Rico, the U.S. Virgin Islands, and other U.S. territories.

Operation Choke Point abandoned, but CFPB tactics remain

The Department of Justice announced last week it was formally closing Operation Choke Point, a controversial regulatory program quietly undertaken in 2011.

Cordray’s political plans may run afoul of federal law

A national legal expert last week raised questions about the political future of Richard Cordray, director of the Consumer Financial Protection Bureau.

CFPB releases report on overdraft fees

The Consumer Financial Protection Bureau has issued a report detailing the impact of overdraft fees on American banks and credit union customers.

JP Morgan fined for account screening failures

The Columbus, Ohio-based bank was fined $4.6 million by the Consumer Financial Protection Bureau for alleged failures related to information it provides for checking account screening reports.

Congress moves to overturn CFPB arbitration rule

The U.S. House of Representatives has passed a bill that would scrap the CFPB’s arbitration rule while the Senate took up a similar measure expected to come to a vote next month.