RSSCPFB issues first no-action letter
Upstart Network has received the first no-action letter from the Consumer Financial Protection Bureau for its use of alternative data in credit and pricing decisions.
Category Archives: News
Court dismisses CFPB claims against TCF
The United States District Court for the District of Minnesota dismissed claims of Reg E violations the Consumer Financial Protection Bureau made against TCF National Bank. It partially upheld, however, the bureau’s claim of UDAAP violations.
Department of Education rebukes CFPB ‘abuse’ in memo
The Department of Education recently delivered a letter to the Consumer Financial Protection Bureau providing notice of its intent to terminate two Obama-era Memoranda of Understanding between the agencies.
CFPB proposes final judgement in Prime Marketing case
The proposed order would permanently ban the company from doing business within the credit repair industry and require a $150,000 civil money penalty.
Federal judge chastises CFPB, dismisses lawsuit
The court formally sanctioned the bureau for its conduct during the discovery process of a lawsuit, striking four counts from the CFPB’s initial suit.
American Express to issue refunds over unintentional discrimination
The Consumer Financial Protection Bureau issued a consent order against two American Express banking subsidiaries for unintentionally discriminating against consumers in Puerto Rico, the U.S. Virgin Islands, and other U.S. territories.
Operation Choke Point abandoned, but CFPB tactics remain
The Department of Justice announced last week it was formally closing Operation Choke Point, a controversial regulatory program quietly undertaken in 2011.
Aequitas fined over ‘predatory’ student lending
The Consumer Financial Protection Bureau filed a complaint against Aequitas Capital Management, Inc., over its lending to students of Corinthian Colleges. Aequitas was accused of violating the Dodd-Frank Act’s prohibition against abusive acts and practices.
Cordray’s political plans may run afoul of federal law
A national legal expert last week raised questions about the political future of Richard Cordray, director of the Consumer Financial Protection Bureau.
CFPB releases report on overdraft fees
The Consumer Financial Protection Bureau has issued a report detailing the impact of overdraft fees on American banks and credit union customers.
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