The Consumer Financial Protection Bureau (CFPB) and Citizens Financial Group have reached a settlement on a CFPB complaint. Citizens will pay a $9 million civil money penalty to resolve CFPB’s allegations that Citizens Bank, a subsidiary of Citizens Financial Group, failed to properly manage and respond to customers’ disputed credit card transactions...
The CFPB is warning banks against reopening closed customer accounts to drive fees. In a circular published Wednesday (May 10), the Consumer Financial Protection Bureau says it had received consumer complaints that their banks have reopened accounts they had taken steps to close, charging them...
The Consumer Financial Protection Bureau (CFPB) has told lawmakers that it suffered a data breach. A CFPB employee, who no longer works there, forwarded to a personal email account personal information on 256,000 consumers and confidential supervisory information on 45 financial institutions, The Wall Street...
Many states can use existing laws to fight “junk fees,” according to a federal regulator. Addressing a Pennsylvania house committee, Brian Shearer, senior advisor to the director of the Consumer Financial Protection Bureau (CFPB), said many states can attack junk fees under their existing statutes...
The words “systemic” and “risk” have been on everyone’s lips in the past few weeks. And for Big Tech, at least, the regulatory gaze will only widen, eyeing the payments ambitions of the biggest platforms, and whether new payment types — stablecoins among them —...
The Consumer Financial Protection Bureau is reminding lenders of its 13-year-old rule against “abusive” conduct. The CFPB issued a policy statement Monday (April 3) explaining its prohibition against abusive conduct in consumer financial market, created in 2010 in response to the Wall Street meltdown two...
The Consumer Financial Protection Bureau has scored a legal victory ahead of its fateful Supreme Court case. A federal appeals court ruled Thursday (March 23) that CFPB funding via the Federal Reserve is constitutional. The unanimous ruling by the U.S. Court of Appeals for the...
The Consumer Financial Protection Bureau (CFPB) has begun an investigation into companies that track and collect consumer data. The watchdog group said it “wants to understand the full scope and breadth of data brokers and their business practices, their impact on the daily lives of...
America’s consumer protection watchdog says an examination has uncovered illegal fees in several industries. The Consumer Financial Protection Bureau (CFPB) announced Wednesday (March 8) that its recent Supervisory Highlights report found “unlawful junk fees” in auto loan, student loan and mortgage servicing, payday lending and...
