Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger handed in her resignation Wednesday (Jan. 20) at the request of U.S. President Joe Biden, newly sworn in as the 46th U.S. president, Bloomberg Law reported. The President Donald Trump appointee announced her resignation on Twitter about...
Payactiv‘s Earned Wage Access (EWA) program is exempt from federal lending law under new rules from the Consumer Finance Protection Bureau (CFPB), according to a press release. The CFPB ruled that the EWA program isn’t credit and thus doesn’t have to abide by the federal...
The Consumer Financial Protection Bureau (CFPB) has settled with student loan servicers Discover Bank, The Student Loan Corporation and Discover Products (collectively Discover) in a 2015 case for unlawful practices, and Discover will have to pay $10 million in customer redress, a press release says....
Santander Consumer USA was ordered to pay $4.7 million to the Consumer Financial Protection Bureau (CFPB) for violating the Fair Credit Reporting Act (FCRA), the CFPB said in a press release. According to the release, Santander allegedly knew that it provided incorrect consumer data to...
TD Bank has agreed to pay some $122 million to settle a case with the Consumer Finance Protection Bureau involving allegedly illegal overdraft practices, according to a administrative filing. The bank agreed to pay approximately $97 million to affected and a $25 million civil penalty....
California is expected to create a financial protection watchdog agency by month’s end. NPR reports lawmakers are moving quickly to create the new department of state government because the federal Consumer Financial Protection Bureau (CFPB) has been rendered useless under the Trump administration. “Consumer protections...
The nation’s consumer protection agency is seeking input on rule changes to third-party access to individual financial records. The announcement by the Consumer Financial Protection Bureau (CFPB) comes on the heels of a symposium it held in February which included experts from consumer groups, financial...
The Consumer Financial Protection Bureau (CFPB) has recorded record-high numbers of complaints every month since the pandemic hit in mid-March, according to a press release from the U.S. PIRG Education Fund. However, according to an analysis from the PIRG Fund released Friday (July 17), the...
Earlier this week, the Consumer Financial Protection Bureau (CFPB) issued its final rule on payday lending — revoking some would-be restrictions that date back roughly three years. Among those restrictions: That lenders must make sure that borrowers could satisfy the terms of those loans, known...
