The Consumer Financial Protection Bureau (CFPB) has taken action against Chime Inc., the operator of the Sendwave mobile app, for deceiving consumers about the speed and cost of remittance transfers. Chime Inc. is not connected to the California-based FinTech Chime Financial. Chime Inc. has also...
The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) have taken enforcement actions against consumer reporting company TransUnion, alleging multiple violations of the Fair Credit Reporting Act. The actions focus on TransUnion’s rental screening subsidiary, TransUnion Rental Screening Solutions, which the regulators said failed to ensure the...
Surprise overdraft and nonsufficient funds (NSF) fees account for a significant portion of the refunds to consumers by companies announced Wednesday (Oct. 11) by the Consumer Financial Protection Bureau (CFPB). These refunds of these fees make up $120 million of the total of $140 million...
Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), has reportedly expressed concerns about the potential risks posed by payment systems that enable excessive surveillance and financial censorship. In a Friday (Oct. 6) speech at the Brookings Institution, Chopra emphasized the need for stronger protections against the...
For the Consumer Financial Protection Bureau (CFPB), Tuesday (Oct. 3) looms as the beginning of an existential showdown. The challenge to the bureau’s very constitutionality will be heard by the Supreme Court, where oral arguments will focus on how the organization is funded and whether...
The Consumer Financial Protection Bureau (CFPB) is looking into, and warning students about, the risks faced by students when entering into agreements with colleges for tuition payment plans. The regulator has released a report focused on these plans and the practices of school-based lenders. It will also continue gathering...
America’s biggest credit repair companies could be forced to give up telemarketing. That’s according to the Consumer Financial Protection Bureau (CFPB), which announced Monday (Aug. 28) that it had reached a proposed $2.7 billion settlement against credit repair brands such as Lexington Law and CreditRepair.com. The settlement follows a court ruling that...
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Heights Finance Holding, formerly known as Southern Management, and several of its subsidiaries, charging they have engaged in illegal loan-churning practices. The CFPB alleged that the company and its subsidiaries (collectively known as Southern) target struggling borrowers...
The Consumer Financial Protection Bureau (CFPB) has taken action against Freedom Mortgage Corp. for engaging in illegal activities related to mortgage loan referrals. The CFPB found that Freedom provided real estate brokers and agents with various incentives, including cash payments, paid subscription services and catered...
