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Incentives for employees and service providers to meet sales goals can lead to consumer harm if not properly managed, the Consumer Financial Protection Bureau said in new guidelines issued in the wake of fines recently levied against Wells Fargo.
Employees at the bureau made more than 300 donations totaling nearly $50,000 to Democratic candidates. Not a single donation was given in support of a Republican or conservative candidate.
Last week, as expected, the CFPB filed a petition requesting another hearing of the case by the full court, or en banc. In the petition, the bureau claims the panel’s ruling “set up what may be the most important separation-of-powers case in a generation.”
The Consumer Financial Protection Bureau filed a complaint in federal district court against Access Funding, LLC, for deceiving victims of lead-paint poisoning into signing away future settlement payments in exchange for a significantly lower lump-sum payout.
The Consumer Financial Protection Bureau launched a public inquiry into the growing array of services that share consumer data, many of which use bank and credit-card account records to offer low-cost mortgage and consumer loans, as well as tax-preparation tools.
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.