RSSCFPB moves to expand definition of sex discrimination
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.
Category Archives: News
CFPB targets for-profit college
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.
Wells Fargo receives largest ever CFPB fine for sales practices
The bank will pay a total of $190 million in penalties and restitution for thousands of employees opening unauthorized accounts in an effort to garner higher bonuses and better performance reviews. The bank has dropped product sales goals for its consumer bankers in the wake of the settlement.
Group accuses CFPB of suppressing positive payday loan data
A trade association representing payday and short-term lenders announced it has documentary evidence that the Consumer Financial Protection Bureau suppressed positive consumer testimonials about payday lending, even while it was moving to subject payday lenders to stringent new rules.
Bank account, Ohio complaints highlighted
The Consumer Financial Protection Bureau has handled approximately 94,200 bank account or service complaints, somewhat less than one complaint for every 2,000 accounts.
CFPB prevails over tribal lender in federal court
The ruling means that tribal lenders cannot claim federal exemption from state laws, and that CFPB jurisdiction now extends to tribal lenders financed by third parties.
Elder abuse widespread, CFPB report finds
Hundreds of counties across the United States have implemented programs to combat elder financial abuse, according to a report from the Consumer Financial Protection Bureau.
First National Bank of Omaha fined for credit card practices
The bank will refund $27.75 million to about a quarter of a million affected consumers and will also pay a $4.5 million civil money penalty to the CFPB. Separately, the OCC also fined the company $3 million.
Cordray touts CFPB’s record in response to Senators’ reg relief letter
The bureau must enforce consumer protection laws “consistently, without regard to the status of a…depository institution, in order to promote fair competition,” said CFPB Director Richard Cordray said.
CFPB reports on student loan repayment issues
The report concluded that many servicers present obstacles and delays to borrowers that can leave them with thousands of dollars of extra costs.
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