The Consumer Financial Protection Bureau (CFPB) ordered Bank of America to pay $12 million for submitting incomplete mortgage lending data to the federal government. Hundreds of the bank’s loan officers failed to ask mortgage applicants certain demographic questions as required by the Home Mortgage Disclosure...
The Consumer Financial Protection Bureau (CFPB), in collaboration with 11 states, has announced an enforcement action against Prehired, a Delaware-based company that has filed for bankruptcy and ceased operations. The CFPB alleges that Prehired engaged in deceptive practices, including making false promises of job placement, offering illegal income share...
The Consumer Financial Protection Bureau (CFPB) ordered Toyota Motor Credit to pay a $60 million fine for engaging in illegal lending practices and credit reporting misconduct. The auto-financing arm of Toyota Motor Corporation prevented borrowers from canceling product bundles that increased their monthly car loan...
American consumers are routinely hounded over medical bills they don’t even owe. That’s according to a new report issued Thursday (Nov. 16) by the Consumer Financial Protection Bureau (CFPB), which found that 15% of the complaints the bureau received last year were about debt collectors trying to settle an...
The Consumer Financial Protection Bureau (CFPB) has ordered online lender Enova International to pay a $15 million penalty, banned it from offering certain consumer loans and required it to tie executive compensation to its compliance with federal consumer financial protection laws. The penalty comes after...
The Consumer Financial Protection Bureau’s open banking rule is a rough draft. And much may change between the Thursday (Oct. 19) announcement of its new open banking proposal and what gets finalized, possibly as soon as next year. But the overarching themes — those of...
The Consumer Financial Protection Bureau (CFPB) has taken action against Chime Inc., the operator of the Sendwave mobile app, for deceiving consumers about the speed and cost of remittance transfers. Chime Inc. is not connected to the California-based FinTech Chime Financial. Chime Inc. has also...
The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) have taken enforcement actions against consumer reporting company TransUnion, alleging multiple violations of the Fair Credit Reporting Act. The actions focus on TransUnion’s rental screening subsidiary, TransUnion Rental Screening Solutions, which the regulators said failed to ensure the...
Surprise overdraft and nonsufficient funds (NSF) fees account for a significant portion of the refunds to consumers by companies announced Wednesday (Oct. 11) by the Consumer Financial Protection Bureau (CFPB). These refunds of these fees make up $120 million of the total of $140 million...
