Capital and Risk, Credit, Regulations

CFPB Focuses on Junk Fees, Credit Reporting, and COVID-19 Relief Funds in Latest Supervisory Highlights

November 18, 2022

Via: JD Supra

On November 16, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report, focusing on the auto servicing industry, consumer reporting, mortgage servicing, and COVID-19 relief funds. The report highlights the CFPB’s continued focus on so-called junk fees […]

Capital and Risk, Credit, Regulations

CFPB investigating Goldman Sachs over credit card practices

August 10, 2022

Via: FinTech Futures

The banking giant says the regulator is examining its “credit card account management practices, including with respect to the application of refunds, crediting of nonconforming payments, billing error resolution, advertisements, and reporting to credit bureaus”. Goldman Sachs says it is […]


Bank of America fined $225M over ‘botched’ disbursement of unemployment benefits

July 18, 2022

Via: Payments Dive

“Today’s action demonstrates the OCC’s commitment to holding our regulated institutions accountable for treating consumers fairly,” Acting Comptroller Michael Hsu said in a statement. “The bank failed these prepaid cardholders by denying them access to their mandated unemployment funds during […]

Capital and Risk, Credit, Regulations

CFPB Probes ‘Suppressed’ Credit Card Payment Reporting

June 1, 2022

Via: JD Supra

On May 25, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post, examining what it describes as the “practice of suppressing payment data.” Per the blog post, the CFPB alleges that its research conducted in 2020 “uncovered […]


US Consumer Financial Protection Bureau fines Bank of America $10m for illegal garnishments

May 12, 2022

Via: FinTech Futures

The CFPB says BofA unlawfully froze customer accounts, charged garnishment fees and “sent payments to creditors based on out-of-state garnishment court orders that should have been processed under the laws and protections of the states where the consumers lived”. Garnishments […]

Capital and Risk, Credit

Credit card late fees likely to keep climbing, CFPB says

March 29, 2022

Via: Payments Dive

The COVID-19 pandemic offered some relief when it came to the amount consumers forked over in credit card late fees, which account for more than half of the credit card market’s consumer fees, the CFPB report said. Prior to the […]

Activity, Capital and Risk, Credit, Retail Banking

CFPB Review Discloses Deficiencies in Responses to Consumer Complaints at Big Three Credit Agencies

February 3, 2022

Via: JD Supra

The CFPB recently released a new analysis of how changes in responses to consumer complaints provided by nationwide consumer reporting companies has resulted in less consumer relief. This analysis shows that in 2021 the big three credit reporting companies together […]


Does CFPB rebuke of credit bureaus portend tougher rules?

January 6, 2022

Via: American Banker

The Consumer Financial Protection Bureau slammed the nation’s credit reporting bureaus over their handling of complaints in a report that could serve as a precursor to stricter oversight of the industry. The CFPB said that Equifax, Experian and TransUnion often […]

Capital and Risk, Credit

CFPB Report Finds Disparity in Number of Credit Report Disputes in Black and Hispanic Neighborhoods

November 22, 2021

Via: JD Supra

The CFPB recently released a report on Consumer Credit Disputes finding that consumers in majority Black and Hispanic neighborhoods had a disproportionally higher amount of disputes on their credit reports. The report indicates that this trend was across several credit […]


Wells Fargo, U.S. Bank disclose CFPB investigations

May 7, 2021

Via: Banking Dive

U.S. Bank’s filing indicated only that the lender is “cooperating fully with all pending examinations, inquiries and investigations,” and “has responded and continues to respond to the CFPB.” When pressed for more information, a U.S. Bank spokesperson told American Banker […]


What the Senate’s CFPB Vote Means for You, Your Bank and Your Credit Card

October 25, 2017

Via: TheStreet

The U.S. Senate voted 51-50 to repeal a banking rule that allowed consumers to sure their bank or credit card company. The tie-breaking vote was cast by Vice President Mike Pence. What does the Senate’s vote mean for you, your […]

Capital and Risk, Credit, Regulations

Finance Industry Sues to End U.S. Rule Curbing Forced Arbitration for Consumers

October 2, 2017

Via: Insurance Journal

A coalition of corporate lobbying groups, led by the U.S. Chamber of Commerce, sued the Consumer Financial Protection Bureau to overturn a rule that makes it easier for aggrieved customers to file lawsuits against financial firms. The litigation, filed Friday […]