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Student loan borrowers are paying more than $125 million in unnecessary interest charges annually, and more than 8 million borrowers have gone 12 months or more without making any sort of payment, according to the latest ombudsman’s report.
Qualified students were blocked from affordable loan repayment plans, according to the most recent installment of the supervisory highlights report from the Consumer Financial Protection Bureau.
The rate of federal enforcement activity against financial institutions in the third quarter of 2016 dropped below 7 percent for the first time since 2013, according to industry watchdog organization Continuity.
Consumer-friendly fintech innovation “has enormous potential” but “cannot skirt the need for sufficient oversight and consumer protection,” according to a report from the Consumer Financial Protection Bureau.
Stacy Canan was named assistant director for the Office for Older Americans, John Coleman was named deputy general counsel for litigation and oversight, and Sonya White was named deputy general counsel for general law and ethics.
The three judge panel of the U.S. Court of Appeals for the D.C. Circuit called the Bureau’s governance model a “gross departure” from the checks and balances normally imposed on regulatory agencies.
On October 5, the Consumer Financial Protection Bureau released its final rule extending an array of new substantive restrictions, upfront and ongoing disclosure obligations, and government reporting requirements on prepaid cards and a range of electronic non-bank accounts.
The Consumer Financial Protection Bureau filed a lawsuit against credit repair company Prime Marketing Holdings, LLC, which allegedly charged consumers a series of illegal advance fees as well as misrepresented the cost and effectiveness of its services.
A letter from CFPB Director Richard Cordray indicates discrimination on the basis of gender identity and sexual orientation will be a focus of CFPB fair lending supervision and enforcement.
The Consumer Financial Protection Bureau announced it has taken action against for-profit college chain Bridgepoint Education, Inc., for deceiving students into taking out private student loans that cost more than advertised.