One in three rehabilitated student loans borrowers will default — again — within two years. That’s according to a new report out from the Consumer Financial Protection Bureau’s (CFPB) Student Loan Ombudsman. Get the Full Story Complete the form to unlock this article and enjoy...
The extent of cybersecurity attacks on financial institutions is much greater than reports show, especially in the U.K. Data from Britain’s Financial Conduct Authority (FCA) show that U.K. banks conceal many cyberattacks to keep their reputations intact and to avoid punishment. Shlomo Touboul, Chief Executive...
According to financial services watchdog FINMA, about 15 Swiss banks are exposed to the risk of money laundering — or are in what they the call the “red zone.” Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to...
Last week’s ruling by the D.C. Circuit that the CFPB’s structure is unconstitutional sets the stage for a hearing by the Supremes. At least, that’s the opinion of Columbia University law professor Ron Mann. You agree?
Airbnb and HomeAway are facing calls from a group of lawmakers and community groups that want the Federal Trade Commission to investigate the firms, alleging the home rentals are operating as hotels. Get the Full Story Complete the form to unlock this article and enjoy unlimited free...
The Navy Federal Credit Union has been fined $28.5 million following civil charges that it threatened credit union members over debt collection, according to the Consumer Financial Protection Bureau (CFPB). The announcement was made on October 11, and a report by the CFPB found that...
Given the sum total of recent events, it is not terribly surprising that John Stumpf has announced his resignation as chairman and CEO of Well Fargo bank. There are some situations that are immune to spin — and in the wake of the very public...
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....
