California-based Zero Parallel LLC has been hit with a $100,000 fine by the CFPB, which accuses it of intentionally steering customers toward predatory payday lenders. Zero Parallel is not itself a lender, but an aggregator which identifies potential borrowers for short term lenders and sells their...
Noting that the CFPB had “blatantly” ignored his directions, a federal judge in Atlanta has officially dismissed the case against Atlanta-based payment processor Global Payments and three others for allegedly aiding fraudulent debt collectors. The CFPB had alleged that Global Payments and three similar processing firms...
Debt relief is coming for about 41,000 Corinthian Colleges student borrowers who took out private loans to attend the for-profit university — to the tune of $183 million. The relief comes from a deal struck by the Consumer Finance Protection Bureau and 13 states’ attorneys...
Overdraft fees cost U.S. consumers $15 billion in 2016, according to news from the Consumer Financial Protection Bureau (CFPB), the government watchdog that is out with a new report on the impact of bouncing checks in American finance. Overdraft fees increased 2.2 percent last year...
The U.S. Consumer Financial Protection Bureau (CFPB) has ordered JPMorgan Chase to pay $4.6 million for allegedly failing to disclose accurate information in checking account screening reports. Checking account screening reports have a function similar to credit reports and are used by financial institutions to...
In an act that some are calling a governmental attempt to “mute a consumer megaphone,” the Trump administration is looking to make the complaints logged by consumers into the CFPB complaints data base private (as opposed to publicly available, as they now are). Advocates of...
Despite its recent passage by the CFPB, it looks like the rule banning mandatory arbitration in financial contracts is facing yet another obstacle — this one from the banks’ main regulator, the Comptroller of the Currency. On Monday, acting Comptroller Keith Noreika asked CFPB Director Richard...
The CFPB opens the door to class action suits, and possibly trial lawyer riches, while across the pond, some warnings on regulatory compliance rumble, and Barclays begins ring-fencing efforts.
Republican lawmakers have stated their intention to use the Congressional Review Act to overturn the arbitration rule issued by the Consumer Finance Protection Bureau on Monday. Said rule change would allow consumers to band together to form class action suits by making it illegal for...
