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CFPB ends 2013 with flurry of enforcement actions
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Banking
Saturday, January 4, 2014
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The Consumer Financial Protection Bureau closed out 2013 with a pair of enforcement actions. American Express agreed to pay nearly $60 million in restitution and more than $16 million in civil penalties to settle claims that the firm’s billing and marketing practices violated federal law. The settlement between American Express, the CFPB and banking regulators came on the same day the bureau and Justice Department announced a settlement with PNC Bank regarding alleged mortgage loan discrimination at National City Bank, which PNC acquired in 2008. Read on for the details.
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