A majority of the U.S. House of Representatives has spoken out in a new bipartisan letter urging the CFPB to remove small banks and credit unions from its list when developing new regulatory policies that may be designed for larger organizations. Although the CFPB has claimed,...
The Consumer Financial Protection Bureau announced on Tuesday (March 15) that it is taking action to bring down a student debt relief scheme that illegally charged millions of dollars to borrowers through upfront fees for federal student loan services. The requested ruling has the potential to...
We’re just one day from hearing what CFPB Director Richard Cordray has to say about the regulatory environment of consumer financial services in the U.S., as he is set to deliver his semi-annual report to Congress on Wednesday (March 16). Among the topics expected to...
The Consumer Financial Protection Bureau said on Tuesday (March 8) that it has released its latest supervision report, and its review of both banks and nonbanks gave rise to $14.3 million in restitution to about 228,000 customers, due to several areas of violations, including remittances....
The CFPB has officially opened up its online forum for accepting consumer complaints geared at those who have experienced issues from online marketplace lenders. The bureau also released a bulletin about the marketplace lending industry and provided tips for consumers who are looking for alternative...
In an effort to stem oversight efforts that would curtail overdraft programs from lenders, the National Association of Federal Credit Unions (NAFCU) has urged that the Consumer Financial Protection Bureau stop its intent to roll back those offerings. In a letter to CFPB Director Richard...
The Consumer Financial Protection Bureau said Wednesday (March 2) that it has taken action against Dwolla, an online payment platform company. The enterprise, said the bureau, deceived consumers about the firm’s data security and the safety of its payment platform. As a result, said the...
The Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaint snapshot on Tuesday (March 1), showing a spike in recent months in the number of complaints from consumers about prepaid products. “Prepaid products provide a crucial financial lifeline to many unbanked and underbanked...
The Consumer Financial Protection Bureau said Tuesday (Feb. 23) that it has taken two separate actions against Citibank, tied to both illegal debt sales and illegal debt collection practices. In a release, the bureau stated that, in the case of the first action, the bank...
