RSSCFPB: Employer-driven debt harms workers
Employer-driven debt is keeping employees from leaving for better-paying positions and leaving them beholden to a separate lender, according to a recent Consumer Financial Protection Bureau report.
Category Archives: News
CFPB sues USASF Servicing for numerous violations
The Consumer Financial Protection Bureau filed a federal lawsuit alleging that auto loan company USASF Servicing incorrectly disabled at least 7,500 vehicles and failed to return millions of dollars in customer refunds.
CFPB: Consumer lenders violated numerous lending standards
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.
CFPB files federal lawsuit against Snap Finance
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 fined $250 million for ‘double-dipping’ on fees
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.
CFPB issues $25 million fine for mortgage payment ‘fiasco’
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.
CFPB: Southern customers face higher interest rates, fewer options
Southern consumers face disproportionately higher interest rates and more challenges in accessing credit, according to two Consumer Financial Protection Bureau reports.
CFPB warns banks over use of AI chatbots
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.
CFPB: Digital payment app deposits could be unsafe
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.
ABA, TBA sue CFPB over Section 1071
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.
More articles: