With the wide range of highly controversial subjects that fall under the CFPB’s purview, arbitration may come as something of a surprise. Unlike payday lending or prepaid card rules, which affect products consumers actually use day in and day out, arbitration only comes up when...
The latest monthly complaint report from the Consumer Financial Protection Bureau, released on Aug. 30, shows that the top-of-mind complaints centered on banking, ranging from accounts to services. The government bureau stated that “consumers continue to experience problems managing their accounts.” The cumulative tally of...
The CFPB will collect more than $32 million in fines from First National Bank of Omaha over credit card practices the regulator found to be deceptive. The consumer protection agency found that the bank worked to push consumers into add-on services — services for which...
The Consumer Financial Protection Bureau has quantified the impact of getting rid of the class-action waivers in consumer financial contracts, which prevent customers from filing class-action lawsuits. According to a report, by banning the class-action waivers, the CFPB expects a minimum of 1,200 additional class-action...
Wells Fargo may have recently announced a partnership with Amazon to give student loan borrowers a break, but when it comes to servicing its existing loans, the bank is falling short — big time. That’s according to the Consumer Financial Protection Bureau, which announced on...
The Consumer Financial Protection Bureau (CFPB) announced on Friday (Aug. 19) the addition of new consumer experts from outside the federal government to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council and Academic Research Council — the four bodies that provide...
Income-driven repayment plans for federal student loan borrowers may not be as great as they are billed. That’s according to the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman, which released a report showing consumers complain of servicing problems that make it hard to get lower...
Controversy is swirling around a recent appointment to one of the top positions at the Consumer Financial Protection Bureau, and as American Banker reported on Wednesday (Aug. 17), the scrutiny revolves around the newly installed head of supervision and enforcement of fair lending. As noted by the...
Financial services can be confusing but for non-English speaking ones living in the U.S., which at last count is more than 41 million, accessing financial services and products can be a huge problem. That’s according to the Consumer Financial Protection Bureau, which recently released a report...
