RSS
Payday, auto and medical loan collectors have engaged in numerous unfair, deceptive and abusive practices during a recent eight-month stretch, according to a Consumer Financial Protection Bureau supervisory highlights report released July 26.
The Consumer Financial Protection Bureau sued lease-to-own consumer finance company Snap Finance for allegedly making false threats and obscuring the terms of its financing agreements.
Bank of America has been ordered to pay $250 million in penalties for “systematically double-dipping” on overdraft fees, withholding credit card reward bonuses, and opening accounts without customer authorization.
The Consumer Financial Protection Bureau fined payment processing company ACI Worldwide and subsidiary ACI Payments $25 million for improperly initiating roughly $2.3 billion in illegal mortgage payment transactions.
Southern consumers face disproportionately higher interest rates and more challenges in accessing credit, according to two Consumer Financial Protection Bureau reports.
The Consumer Financial Protection Bureau is warning financial institutions that they could violate federal consumer financial protection laws if chatbots fail to provide accurate information to customers and don’t protect their privacy and data.
Money held in nonbank, peer-to-peer digital payment apps often lack the deposit insurance protections at traditional banks and are more susceptible to losses, according to a Consumer Financial Protection Bureau report.
The American Bankers Association and Texas Bankers Association are suing the Consumer Financial Protection Bureau to prevent the agency from implementing Section 1071 of the Dodd-Frank Act.
Banks could violate the Consumer Financial Protection Act by unilaterally reopening consumer deposit accounts to process transactions, according to a May 10 Consumer Financial Protection Bureau circular.
Financial institutions are issuing medical installment loans and credit cards to patients with exorbitant interest rates, according to a May 4 Consumer Financial Protection Bureau report.