Tag: CFPB

November 20, 2023

The regulator says the company has been charged for withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions. In 2019, Enova paid a $3.2 million penalty to the CFPB with orders […]

November 14, 2023

There are certain nonbank markets that the Consumer Financial Protection Bureau (“CFPB”) has the statutory right to supervise irrespective of size (e.g., mortgage, private education loan, payday lending). Then, there are other consumer finance markets to which Congress gave the […]

November 9, 2023

The proposals put forward by the US consumer finance watchdog this week specifically target nonbank companies that offer digital wallets, retail payment apps, or process more than 5 million transactions per year. Under this scope, the new regulations would only […]

October 25, 2023

Visa, the largest U.S. card network, regularly faces challenges to its business in the regulatory realm. Therefore, it’s a rarity to hear the company’s CEO complimenting a CFPB action. In this case, he was commenting on open banking, a trend […]

October 23, 2023

The Consumer Financial Protection Bureau (“CFPB”) announced last week the publication of an Advisory Opinion regarding “Consumer Information Requests to Large Banks and Credit Unions.” The Advisory Opinion applies to “large banks and credit unions”, which means those with $10 […]

October 19, 2023

The Senate voted Wednesday, by a 53-44 tally, to repeal the Consumer Financial Protection Bureau’s small-business data collection rule. The rule, issued in March, has drawn criticism over the specific pieces of information it seeks to collect from small-business owners […]

October 12, 2023

As per a 2010 federal law, big banks and credit unions with more than $10 billion in assets are required to provide “complete and accurate” account information when requested by the accountholders. The CFPB says it became aware of banks […]

October 3, 2023

On September 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued a Consumer Protection Circular, “Adverse Action Notification Requirements and the Proper Use of the CFPB’s Sample Forms Provided in Regulation B” (Guidance), concerning lenders’ obligations when using artificial intelligence […]

September 18, 2023

The CFPB recently published an issue spotlight evaluating the availability of tap-to-pay technology for contactless point-of-sale (POS) purchases on mobile devices. The issue spotlight discusses the role that mobile device operating systems play, through tap-to-pay technology, in an open banking […]

July 17, 2023

On July 12, the CFPB and the State of Maine filed an amicus brief in the Maine Supreme Judicial Court arguing that determining whether a loan is covered by TILA requires an assessment of the borrower’s primary purpose in entering […]

February 28, 2023

U.S. Bancorp (USB) said in a filing Monday that the Consumer Financial Protection Bureau (CFPB) is considering a potential enforcement action against the bank as part of a previously-disclosed probe into its administration of unemployment insurance benefit prepaid debit cards […]

February 8, 2023

The Consumer Financial Protection Bureau (CFPB) recently issued a notice of proposed rulemaking to amend Regulation Z (the Proposal), which implements the Truth in Lending Act (TILA), to better ensure that late fees charged on credit card accounts are “reasonable […]

January 4, 2023

The Consumer Financial Protection Bureau and New York’s attorney general sued subprime auto lender Credit Acceptance Corp. Wednesday for deceiving borrowers about the true cost of car loans, violating state usury laws and failing to disclose charges and terms to […]

December 21, 2022

It may be coincidence, or perhaps mortgage cases habitually get the short end of the news-coverage stick. Wells Fargo’s September agreement to pay $94 million to settle a class-action lawsuit — alleging the bank automatically placed mortgage borrowers into forbearance […]

November 18, 2022

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 […]

August 10, 2022

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 […]

July 18, 2022

“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 […]

June 1, 2022

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 […]

May 12, 2022

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 […]

March 29, 2022

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 […]