The Consumer Financial Protection Bureau announced Thursday (July 14) that it has leveled a $100 million fine at Bank of America for allegedly messing up the disbursement of state unemployment benefits during the pandemic. Bank of America reportedly “automatically and unlawfully” froze peoples’ accounts with...
Payday lender ACE Cash Express has been accused by the Consumer Financial Protection Bureau (CFPB) of hiding free repayment alternatives from its customers. Due to ACE’s activities, reborrowing fees of hundreds or thousands of dollars were allegedly charged to borrowers who were eligible for free...
In recent months, the Consumer Financial Protection Bureau (CFPB) has increased the use of soft tools, such as advisory opinions, circulars or blog posts, to complement its rulemaking authority. These tools, which are more on the advocacy side than on the enforcement side, are arguably...
The Consumer Financial Protection Bureau (CFPB) has terminated special regulatory treatments for two companies, Payactiv and Upstart, in less than one month, losing more than 20% of the firms using special procedures that seek to foster innovation. First, on June 8, the bureau terminated Upstart’s...
The Consumer Financial Protection Bureau (CFPB) has ended financial services provider Payactiv’s Sandbox Approval Order for its earned wage access products. The bureau said Thursday (June 30) it had given the company special regulatory treatment, which deals with its liabilities under federal law, but rescinded...
The Consumer Financial Protection Bureau (CFPB) on Wednesday (June 29) issued an advisory opinion warning debt collectors that most “pay-to-pay” fees that they often charge violate federal law. These charges, commonly described by debt collectors as “convenience fees,” are imposed on consumers who want to...
States can issue their own fair credit reporting laws that protect residents, the U.S. Consumer Financial Protection Bureau (CFPB) said in a ruling Tuesday (June 28). The bureau’s interpretive ruling said that with a few exceptions, states can enact their own laws that are stricter...
The Consumer Financial Protection Bureau (CFPB) took its first step yesterday, June 22, to change the regulation affecting credit card late fees. The Bureau published an Advance Notice of Proposed Rulemaking (ANPR) seeking data about credit card late fees and late payments to assess whether...
The Consumer Financial Protection Bureau (CFPB) announced on Friday (June 17) that it is measuring the impact that account overdraft fees have on consumers, and it is planning to use this information to identify institutions for further examination and review. In December 2021, the CFPB...
