News – Page 9 – CFPB Journal

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.

CFPB: Payment companies charging illegal fees across sectors

Financial institutions, mortgage servicers and some loan providers are illegally charging expenses to customers, according to a March 8 Consumer Financial Protection Bureau supervisory highlights report.

Report: BNPL borrowers more likely to be financially distressed

‘Buy now, pay later’ borrowers are more likely to be financially distressed than non-users, according to a Consumer Financial Protection Bureau report.

CFPB: Credit card payment amounts withheld to limit competition

Credit card companies are not reporting the total credit payments from millions of consumers to limit competition, according to a recent Consumer Financial Protection Bureau report.