RSSCFPB: 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.
Category Archives: News
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.
CFPB: Contract for deed deals covered under Truth in Lending Act
Contract for deed home purchase deals are covered under the Truth in Lending Act, according to a Consumer Financial Protection Bureau advisory opinion and research report.
CFPB warns against NDAs with illegal provisions
Financial institutions that impose nondisclosure agreements not allowing for communication with law enforcement can impede investigations and violate federal whistleblower protections, according to a recent Consumer Financial Protection Bureau circular.
CFPB: Paycheck advance products subject to Truth in Lending Act
Many paycheck advance products are consumer loans subject to the Truth in Lending Act, according to the Consumer Financial Protection Bureau.
CFPB: Lunch payment firms stifling competition
The Consumer Financial Protection Bureau is scrutinizing the companies school districts use to process student lunch payments for allegedly taking advantage of underserved families while limiting market competition.
CFPB proposes rule to reduce foreclosures
The Consumer Financial Protection Bureau proposed a rule last week that would make it harder for mortgage servicers to foreclose on borrowers.
CFPB, FHFA report reveals positive mortgage sentiments
Seventy percent of respondents to a CFPB/FHFA survey were satisfied with their mortgage property appraisal process, according to a recent survey.
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