Latest developments from the CFPB (Consumer Financial Protection Bureau), regulator of consumer protection actions among financial institutions and other organizations.
TCF National Bank, a Minnesota-based bank with operations in seven states, was sued today by the CFPB for allegedly “tricking consumers” into costly overdraft services and fees. In its filing, CFPB claimed that TCF designed […]
A lawsuit against the nation’s largest servicer of federal and private student loans – charging the group “systematically and illegally” failed borrowers at every stage of repayment – has been filed by the CFPB, seeking […]
“Production incentives” are the topic of a compliance bulletin published today by the CFPB, which highlights examples where incentives “contributed to substantial consumer harm” and which describes compliance management steps CFPB-supervised entities should take to […]
More than one in four consumers contacted by debt collectors feel threatened – and three in four of consumers report that debt collectors do not honor their request that collectors leave them alone, according to […]
House Democrats in a letter have urged President-elect Donald Trump to reject calls to fire CFPB Director Richard Cordray, made in an earlier letter from Republican senators. In their letter on Tuesday, signed by Rep. […]
Donald Trump, “promptly after his inauguration” as president, should fire CFPB Director Richard Cordray, two senators have written to the vice president-elect, despite an on-going legal battle over whether the director may be fired before […]
Leandra English will be the CFPB’s chief of staff, returning to an agency she served previously as deputy chief operating officer and in other senior positions, the bureau announced today while also naming several other […]
Nearly 40 percent of federal student loan borrowers age 65 and older were in default in 2015, according to a report released today by the CFPB, as many borrowers deal with payments on student loans […]
Declaring that two credit rating agencies “lured consumers into costly recurring payments for credit-related products with false promises,” the CFPB Tuesday ordered Equifax, Inc., and TransUnion to pay fines and restitution totaling $23.1 million and […]
Attempts to collect on a debt that has already been paid is the source of the most common complaint about collections, according to the CFPB’s latest monthly complaint snapshot released Dec. 27. According to the […]
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