RSSReport: Credit card companies charged record fees last year
Credit card companies charged consumers more than $130 billion in interest and fees last year, according to a Consumer Financial Protection Bureau biennial report to Congress.
Category Archives: News
CFPB unveils open banking proposal
Open banking requires large institutions — banks, credit unions and other companies that hold consumer accounts — to allow customers to request their financial data held with fintechs, other banks and online lenders. The proposal would ban financial institutions from misusing or wrongfully using consumer financial data and require them to share such data with third parties by consumer request.
Lawsuit: Mortgage company submitted faulty HMDA data
The Consumer Financial Protection Bureau sued mortgage originator and servicer Freedom Mortgage Corp., for allegedly submitting erroneous Home Mortgage Disclosure Act data in 2020.
CFPB looks to remove medical bill data from credit reports
The Consumer Financial Protection Bureau wants to remove medical bills from credit reports.
Second court issues temporary injunction against Section 1071
The Consumer Financial Protection Bureau cannot enforce Section 1071 until the Supreme Court rules on the constitutionality of the agency’s funding structure, according to a ruling from the U.S. District Court for the Eastern District of Kentucky.
CFPB: College tuition payment plans can place students at risk
Students face risks when they enter into agreements with colleges to spread the upfront cost of their tuition into a series of interest-free loan payments, according to a Sept. 14 Consumer Financial Protection Bureau report.
CFPB reaches $2.7 billion settlement with credit repair companies
The Consumer Financial Protection Bureau reached a proposed $2.7 billion settlement with a group of corporate entities which operate the two largest credit repair companies in the country, Lexington Law and CreditRepair.com.
CFPB suing installment lender for ‘loan-churning’ practices
The Consumer Financial Protection Bureau sued high-cost installment lender Heights Finance Holding, formerly Southern Management, for alleged illegal loan-churning practices that harvested hundreds of millions in fees.
CFPB: 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.
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.
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