The Consumer Financial Protection Bureau said on Tuesday (Oct. 11) it ordered Navy Federal Credit Union to pay $28.5 million in fines and restitution over civil charges it allegedly made fake threats about debt collection to members of the credit union. Get the Full Story...
The Consumer Finance Protection Bureau suffered a major blow in Federal Appeals Court yesterday when a three judge panel ruled that parts of its leadership structure are unconstitutional. This decision was taken as part of mortgage lender’s PHH Corp. appeal of the 2014 $109M financial penalty imposed by the CFPB....
A little over five years in, the CFPB has collected over 670,000 consumer complaints about just about any financial services-related topic there is. Beyond those raw numbers, though, what do all those complaints in the database really mean? PYMNTS/What’s Next In Data Analytics Collaboration took...
The use of prepaid cards has exploded over the last decade or so — in 2003 consumers put less than $1 billion on prepaid cards annually, but by 2012 that figure had grown to $65 billion and by 2018 that figure is projected to reach as...
In a rare moment of bi-partisan agreement, House members sent the CFPB a letter last week to explicitly request the agency rethink some of its proposals to rein in payday lenders (and other providers of short terms loan offerings) as they fear the net result...
Consumers will save, if you incentivize them to save. That’s according to a new report from the Consumer Financial Protection Bureau. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins...
Five years in and a million complaints down. That is the story the CFPB is putting out today — since having been founded in 2011, the Consumer Finance Protection Bureau has handled over one million consumer complaints, a milestone they sailed past earlier this month. Get the...
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. Get the Full Story Complete the form to unlock this article...
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. Get the...
