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The CFPB fined San Francisco-based for-profit coding vocational school BloomTech and its CEO Austen Allred $164,000 for allegedly deceiving students about loan costs and making false claims about graduates’ hiring rates.
The Consumer Financial Protection Bureau plans to hire more technologists to continue researching emerging technologies, said Director Rohit Chopra and Chief Technologist Erie Meyer in a March 26 report.
Falsely advertising the speed or cost of sending remittance transfers can violate federal law, according to a March 27 circular from the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau will propose rules this year to ensure data brokers follow the Fair Credit Reporting Act, Director Rohit Chopra said April 2.
An appellate court disallowed the relocation of a lawsuit challenging the Consumer Financial Protection Bureau’s late fee rule to Washington, D.C.
The Consumer Financial Protection Bureau will reportedly systematize requirements for open banking standards-setting organizations to ensure the requirements are fair.
The Consumer Financial Protection Bureau released a finalized rule on March 5 that caps consumer credit card fees at $8 per incident. In response, some trade groups filed a federal lawsuit two days later seeking a preliminary injunction against the rule.
Companies operating comparison-shopping tools can violate the law by sending consumers to certain products or lenders because of kickbacks, according to a Feb. 29 Consumer Financial Protection Bureau circular to law enforcement agencies and regulators.
The Consumer Financial Protection Bureau has established supervisory authority over installment lender World Acceptance.
Large banks are offering consumers inferior credit card terms and interest rates compared to their small bank and credit union peers, according to a Feb. 16 Consumer Financial Protection Bureau report.