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Tag: Consumer Financial Protection Bureau


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 […]


Regulations

U.S. Bancorp is fined $37.5 million for opening sham accounts

July 28, 2022

Via: Yahoo

A U.S. regulator on Thursday fined U.S. Bancorp $37.5 million for mistreating customers by opening sham accounts without their permission, conduct that also occurred at larger rival Wells Fargo & Co. The Consumer Financial Protection Bureau said U.S. Bancorp, the […]


Regulations

US regulators fine Bank of America $225m for “botched disbursement” of unemployment benefits

July 21, 2022

Via: FinTech Futures

“Bank of America automatically and unlawfully froze people’s accounts with a faulty fraud detection program, and then gave them little recourse when there was, in fact, no fraud,” the CFPB says. “Taxpayers relied on banks to distribute needed funds to […]


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 […]


Regulations

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 […]


Channels

Bank groups spell out payments industry concerns

December 8, 2021

Via: Payments Dive

The Consumer Financial Protection Bureau (CFPB) needs to protect consumers from big technology companies eager to make inroads in the payments processing business, according to comments filed this week with the agency by two bank industry trade groups. The American […]


Regulations

Biden reshuffles US financial regulators to reign in corporates

January 20, 2021

Via: Banking Technology

On Monday, just two days before his inauguration, Biden announced the appointment of Rohit Chopra to direct the Consumer Financial Protection Bureau (CFPB). Biden also nodded to his intent to nominate Gary Gensler as the next chair of the Securities […]


Regulations, Retail Banking

USAA customers to get $12m back for payment errors

January 7, 2019

Via: Banking Technology

USAA Federal Savings Bank has been ordered to pay $12 million in restitution to customers and got hit with a $3.5 million fine for its unusual payment behaviour. In its consent order, the Consumer Financial Protection Bureau (CFPB) says it […]