Goldman Sachs said Thursday (Aug. 4) it is cooperating with an investigation by the Consumer Financial Protection Bureau (CFPB) into its credit card business. In a regulatory filing Thursday, the investment banker said the CFPB probe was looking at Goldman’s “credit card account management practices,...
The Clearing House has petitioned the Consumer Financial Protection Bureau (CFPB) to make new rules around aggregation services, or third-party companies dealing with peoples’ financial data, many of which aren’t looked into closely by the CFPB. The Clearing House lays out a case that there’s...
Auto finance companies were sent a joint letter from the U.S. Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) alerting them about the additional protections offered to military families under the Servicemembers Civil Relief Act (SCRA). While non-military borrowers have the same...
The Consumer Financial Protection Bureau (CFPB) has ordered carmaker Hyundai to pay more than $19 million for providing inaccurate information to credit reporting companies. The CFPB announced the penalty Tuesday (July 26), saying it was its largest ever Fair Credit Reporting Act (FCRA) case against...
The Consumer Financial Protection Bureau (CFPB) should use its authority under Regulation E and the Electronic Fund Transfer Act (EFTA) to protect consumers from payment scams on peer-to-peer (P2P) services like Zelle, according to a letter sent to the agency by six U.S. Senators, all...
Victims of scams involving Zelle and other peer-to-peer (P2P) money transfer services could be getting new assistance from the Consumer Financial Protection Bureau (CFPB) by way of proposed increased requirements on banks. Banks could be asked to pay back more customers who are the victims...
The Consumer Financial Protection Bureau (CFPB) may need to extend the deadline to submit comments on its Advance Notice of Proposed Rulemaking (ANPR) about credit card late fees if it wants to have meaningful feedback from stakeholders. On June 22, the CFPB took its first...
The Consumer Financial Protection Bureau announced Thursday (July 14) that it has leveled a $100 million fine at Bank of America for allegedly messing up the disbursement of state unemployment benefits during the pandemic. Bank of America reportedly “automatically and unlawfully” froze peoples’ accounts with...
Payday lender ACE Cash Express has been accused by the Consumer Financial Protection Bureau (CFPB) of hiding free repayment alternatives from its customers. Due to ACE’s activities, reborrowing fees of hundreds or thousands of dollars were allegedly charged to borrowers who were eligible for free...
