February 8, 2023
Via: JD SupraThe 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 […]
Capital and Risk, Credit, Regulations
January 4, 2023
Via: American BankerThe 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
Via: Banking DiveIt 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 […]
Capital and Risk, Credit, Regulations
November 18, 2022
Via: JD SupraOn 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
August 10, 2022
Via: FinTech FuturesThe 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
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
June 1, 2022
Via: JD SupraOn 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
Via: FinTech FuturesThe 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
Via: Payments DiveThe 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
February 3, 2022
Via: JD SupraThe 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 […]
January 6, 2022
Via: American BankerThe 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 […]
November 22, 2021
Via: JD SupraThe 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 […]
May 7, 2021
Via: Banking DiveU.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 […]
October 25, 2017
Via: TheStreetThe 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
October 2, 2017
Via: Insurance JournalA 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 […]