The Consumer Financial Protection Bureau (CFPB) and the National Collegiate Student Loan Trusts have filed a proposed stipulated judgment to resolve the regulator’s lawsuit alleging that the trusts had illegal debt collection practices. If entered by the court, the proposed stipulated judgment would require the...
The Consumer Financial Protection Bureau ordered Cash App owner Block to pay $175 million to address security failures. Block must refund consumers up to $120 million and pay a penalty of $55 million into the CFPB’s victims relief fund, according to a Thursday (Jan. 16)...
Mortgage lenders offering home equity contracts must comply with laws like the Truth in Lending Act, according to the Consumer Financial Protection Bureau. The regulator issued a report, consumer advisory and amicus brief having to do with home equity contracts, according to a said Wednesday...
The Consumer Financial Protection Bureau (CFPB) sued Capital One Tuesday (Jan. 14), alleging that the bank promoted one savings account as offering one of the nation’s “highest” interest rates at the same time it offered another one that paid out rates that were as much...
The Consumer Financial Protection Bureau (CFPB) said Monday (Jan. 13) that it aims to stop financial companies from using fine print in contracts that results in customers waiving their legal rights or free speech. The regulator said this in a Monday press release announcing a proposed...
The Consumer Financial Protection Bureau (CFPB) is seeking public comment on how existing laws apply to emerging consumer payment mechanisms offered through tech companies and video gaming platforms as well as to stablecoins and other digital currencies. “When people pay for their family expenses using...
The news this week that the Consumer Financial Protection Bureau (CFPB) has recognized Financial Data Exchange (FDX) as a standard-setting body — to help determine how permissioned financial data will be shared during the rise of open banking — illuminates the long and winding road ahead....
The Consumer Financial Protection Bureau has been busy — with the latest salvo of (possible) rulemaking looming for buy now, pay later (BNPL) loans, earned wage access and other financial products. The CFPB sent a letter detailing the move to the Consumer Bankers Association and...
The Consumer Financial Protection Bureau (CFPB) sued consumer reporting agency Experian on Tuesday (Jan. 7), alleging that the company unlawfully failed to properly investigate consumer disputes and included incorrect information on credit reports. In its complaint, the CFPB alleges that the company’s practices violated Fair...
