The Consumer Financial Protection Bureau published on March 29 a report on credit card late fees where the regulator provided data about the amount of late fees charged by type of consumer. The main findings from the report are that credit card late fees have...
Student loan servicer Edfinancial Services lied to borrowers about their forgiveness and repayment options, the Consumer Financial Protection Bureau said Wednesday (March 30). The CFPB is thus sanctioning the Tennessee company, ordering it to pay a $1 million penalty and contact all borrowers and give...
Credit card companies charged $12 billion in late fees in 2020, with poorer Americans paying far more than wealthier people. That’s according to a report issued Tuesday (March 29) by the Consumer Financial Protection Bureau (CFPB), which also found that many major card issuers charge...
Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra has said the new report from the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) “underscores the critical importance of fair and accurate appraisals in residential real estate.” “Discriminatory home valuations, whether computed by an...
The Consumer Financial Protection Bureau (CFPB) on Tuesday (March 22) unveiled policy guidance on “potentially illegal practices related to consumer reviews,” saying it “seeks to ensure that customers can write reviews, particularly ones posted online, about financial products and services that accurately reflect their opinions...
The Consumer Financial Protection Bureau (CFPB) on Wednesday (March 16) updated its supervisory operations to “better protect families and communities from illegal discrimination, including in situations where fair lending laws may not apply,” according to a bureau press release. The CFPB “will scrutinize discriminatory conduct...
The Federal Trade Commission (FTC) announced on March 15 that it filed an administrative complaint against Electronic Payment Systems for allegedly opening credit card processing merchant accounts for fictitious companies on behalf of a scammer, Money Now Funding. While the money at stake in this...
The Consumer Financial Protection Bureau (CFPB) in late February issued procedural rules that may represent a change in the agency’s strategy to pursue enforcement actions and could also allow it to have more time to tackle its ambitious and crowded agenda. The CFPB filed...
The National Institute of Standards and Technology (NIST), a non-regulatory agency of the U.S. Department of Commerce, on March 3 closed a public consultation on its Cybersecurity Considerations for Open Banking Technology and Emerging Standards report. The internal report published by NIST explains what open...
