As is their monthly custom, the Consumer Financial Protection Bureau released its monthly summary of consumer complaints. Once again, the credit reporting bureaus led the field with creating consumer dissatisfaction, with both false data appearing on consumer reports and difficulty in getting that data removed...
This month’s consumer complaint snapshot, released by the Consumer Financial Protection Bureau on Tuesday (May 24), shows credit reporting issues remain a serious pain point for consumers. According to the report, consumers continue to deal with incorrect information being included on their reports, as well as...
On Wednesday (May 18), the Consumer Financial Protection Bureau said that it, along with four other federal regulatory agencies, issued guidance covering the oversight of consumer deposit discrepancies. The agencies said that the interagency guidelines state that the banks should “avoid or reconcile” what is...
It’s official. The CFPB is moving toward a rule change that will make it much easier for consumers — or more specifically groups of consumers — to take banks and other financial institutions to court as part of class action lawsuits. The recently unveiled proposed rule change would...
Later this morning the CFPB will begin taking comments on proposed rules that would ban financial firms from placing mandatory arbitration clauses within consumer contracts. Said clauses ban consumers from seeking redress for potential issues in a court of law, in favor of disputes between...
The CFPB has its eye on the biggest marketplace lenders in the U.S., and it is leaning toward bringing those online businesses under its supervision within the next year or so. That transition would see this class of lenders facing — for the first time...
U.S. consumers logged growth in complaints to the CFPB, especially focused on debt collectors. Mortgages remain a problem in terms of accurate and timely communication with holders.
The Consumer Financial Protection Bureau said on Monday (April 25) that it ordered the debt collection law firm Pressler & Pressler, two principal partners and another debt buyer — New Century Financial Services — to “stop churning out unfair and deceptive debt collection lawsuits based...
The Consumer Financial Protection Bureau is readying its final rule proposal with an eye on limiting arbitration clauses, in a move that is expected to come on May 5. The Wall Street Journal reported that the limitation of those clauses would help boost the ability...
