The Consumer Financial Protection Bureau said on Tuesday (Sept. 27) that it has taken action against an online lender, LendUp, with fines levied of $1.8 million and an additional civil penalty of $1.8 million. In a statement, the CFPB said that LendUp failed to deliver...
The Consumer Financial Protection Bureau said on Monday (Sept. 26) that it has levied a $9 million fine against TitleMax, among the nation’s biggest auto title lenders, for misleading consumers over costs tied to loans and also for using unfair debt collection efforts. As reported...
The Consumer Financial Protection Bureau (CFPB) announced on Friday (Sept. 23) it filed a lawsuit in federal district court against credit repair company Prime Marketing Holdings, which it contends charged consumers a series of illegal advance fees, as well as misrepresented the cost and effectiveness...
The Consumer Financial Protection Bureau will not be able to spend much time savoring its victory against Wells Fargo and the huge $185 million settlement against the banking giant levied earlier this month. Reuters reported that there’s a larger battle looming, one forcing the agency to...
If startup innovators and finance experts are struggling to keep ahead of the curve in the rapidly evolving digital and physical finance world, educators and curricula developers are surely a few steps behind. The Consumer Financial Protection Bureau (CFPB) has released a report that contains...
With the wide range of highly controversial subjects that fall under the CFPB’s purview, arbitration may come as something of a surprise. Unlike payday lending or prepaid card rules, which affect products consumers actually use day in and day out, arbitration only comes up when...
The latest monthly complaint report from the Consumer Financial Protection Bureau, released on Aug. 30, shows that the top-of-mind complaints centered on banking, ranging from accounts to services. The government bureau stated that “consumers continue to experience problems managing their accounts.” The cumulative tally of...
The CFPB will collect more than $32 million in fines from First National Bank of Omaha over credit card practices the regulator found to be deceptive. The consumer protection agency found that the bank worked to push consumers into add-on services — services for which...
The Consumer Financial Protection Bureau has quantified the impact of getting rid of the class-action waivers in consumer financial contracts, which prevent customers from filing class-action lawsuits. According to a report, by banning the class-action waivers, the CFPB expects a minimum of 1,200 additional class-action...
