American college students’ first bank accounts might end up being their worst bank accounts. A recent report by the Consumer Financial Protection Bureau (CFPB) finds that many college-sponsored credit cards and deposit accounts have higher fees and worse terms and conditions than comparable products. “Many students get their first...
The Consumer Financial Protection Bureau (CFPB) has ordered Atlantic Union Bank to pay $6.2 million, saying the bank misled customers and improperly enrolled them into paying overdraft fees. The $6.2 million in payments includes refunding at least $5 million to consumers and paying a $1.2...
The Consumer Financial Protection Bureau (CFPB) sends 20,000 complaints to companies for responses every week. “I am proud of the CFPB’s work in getting consumers the resolutions they deserve, often through referrals from local organizations, Congressional offices and many others,” CFPB Director Rohit Chopra said...
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...
