The Consumer Financial Protection Bureau (CFPB) is seeing cases in which student loan servicers are withdrawing incorrect amounts from borrowers’ bank accounts and making other errors involving payments. The agency often receives consumer complaints saying that servicers pulled the wrong amount from an account, withdrew...
The Consumer Financial Protection Bureau (CFPB) is urging legislators and other policymakers to make reforms that it said would improve student loan servicing. The regulator wants to see borrowers held harmless when they encounter servicing errors, and servicers held accountable for performance failures, it said in...
At a time when more financial institutions are monetizing consumers’ financial data, state policymakers should assess gaps in their data privacy laws, the Consumer Financial Protection Bureau (CFPB) said Tuesday (Nov. 12). The regulator found in a report released Tuesday that many states have adopted...
The recent finalization of data-sharing rules may have sharpened the debate over risks and rewards of Section 1033 — to consumers, banks and FinTechs — and the rule has drawn its share of critics and legal actions. But during a discussion at Money 20/20 held...
The Bank Policy Institute and the Kentucky Bankers Association filed a lawsuit Tuesday (Oct. 22) challenging the Consumer Financial Protection Bureau’s (CFPB) final rule on data sharing that was unveiled on the same day. The plaintiffs assert in the lawsuit that the rule jeopardizes the...
The goal of the Consumer Financial Protection Bureau’s final rule on data sharing unveiled Tuesday (Oct. 22) is to promote competition and, by extension, financial services innovation. But a deeper reading of the rule itself reveals that for banks, compliance with the rule has a...
The Consumer Financial Protection Bureau (CFPB) swung for the fences this morning (October 22) as it issued the final version of its long-awaited Rule 1033 on personal financial data rights. As expected, the rule will mark a significant step toward open banking in the United States....
The Consumer Financial Protection Bureau (CFPB) sued student lender Climb Credit and investment firm 1/0 Thursday (Oct. 17), alleging they provided potential borrowers with false information about the quality of their partner schools’ training programs and their graduates’ hiring rates and salaries. The regulator’s complaint...
The CFPB has barred dispute resolution platform Ejudicate from arbitrating disputes about consumer financial products. The ban came after the Consumer Financial Protection Bureau (CFPB) found that the company had misled student loan borrowers about its neutrality and undertook “sham” arbitration proceedings, the regulator said in a Thursday (Oct. 10)...
