RSSCFPB: 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.
Category Archives: News
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.
CFPB: Unauthorized account reopenings could violate federal law
Banks could violate the Consumer Financial Protection Act by unilaterally reopening consumer deposit accounts to process transactions, according to a May 10 Consumer Financial Protection Bureau circular.
CFPB warns customers on medical credit cards, installment loans
Financial institutions are issuing medical installment loans and credit cards to patients with exorbitant interest rates, according to a May 4 Consumer Financial Protection Bureau report.
CFPB suing payday lender over fine evasion
The Consumer Financial Protection Bureau is suing James Carnes and Melissa Carnes, after the couple allegedly hid money through a series of fraudulent transfers to avoid paying more than $40 million in fines.
CFPB offers explanation of ‘abusive’ conduct
The Consumer Financial Protection Bureau issued an expansive analysis on abusive conduct in consumer financial markets earlier this month.
CFPB fines Portfolio Recovery Associates $24 million in debt collection case
The Consumer Financial Protection Bureau fined debt collection agency Portfolio Recovery Associates $24 million for illegal debt collection policies and for violating a 2015 settlement with the regulatory agency.
CFPB: Student loan companies illegally collecting settled debts
Student loan companies are illegally collecting debts already discharged through bankruptcy, according to a March 17 Consumer Financial Protection Bureau bulletin.
More articles: