Three members of Congress have urged the Consumer Financial Protection Bureau (CFPB) to reopen and extend the public comment period on its proposed rule that would allow it to supervise large nonbank companies that offer services like digital wallets and payment apps. They also urged the CFPB to reconsider...
The Consumer Financial Protection Bureau proposed a new rule to prevent banks and other financial institutions from charging non-sufficient funds fees on transactions declined in real time. Under the proposed rule, financial institutions would be prohibited from charging NSF fees on transactions such as declined...
The Consumer Financial Protection Bureau (CFPB) announced Friday (Jan. 19) that it has launched a lawsuit against Strategic Financial Solutions (SFS), charging it with running an illegal debt-relief business. SFS markets itself as a provider of debt-relief services and uses shell companies and facade law firms...
Borrowers are facing challenges as they resume federal student loan payments after a pause that began during the pandemic. They are encountering long hold times when they try to reach student loan servicers, delays in application processing times for income-driven repayment plans, and inaccurate billing...
Two financial industry groups say proposed consumer financial data rules don’t go far enough. The Clearing House Association and the Bank Policy Institute submitted recommendations to the Consumer Financial Protection Bureau (CFPB) on Friday in response to a proposed rule governing how banks, data aggregators and...
The Consumer Financial Protection Bureau (CFPB) is reportedly set to face a crucial year in 2024 as the Supreme Court’s decisions loom over its plans to reshape the banking industry’s handling of customer data and fees. The CFPB, under the leadership of Director Rohit Chopra,...
America’s consumer watchdog said U.S. Bank wrongly kept workers from unemployment benefits during the pandemic. As such, the Consumer Financial Protection Bureau ordered the bank to pay nearly $21 million, the agency said in a Tuesday (Dec. 19) press release. The CFPB said the order...
American college students’ first bank accounts might end up being their worst bank accounts. A recent report by the Consumer Financial Protection Bureau (CFPB) finds that many college-sponsored credit cards and deposit accounts have higher fees and worse terms and conditions than comparable products. “Many students get their first...
The Consumer Financial Protection Bureau (CFPB) has ordered Atlantic Union Bank to pay $6.2 million, saying the bank misled customers and improperly enrolled them into paying overdraft fees. The $6.2 million in payments includes refunding at least $5 million to consumers and paying a $1.2...
