CFPB

The Consumer Financial Protection Bureau (CFPB) has fined U.S. Bank for illegally accessing customers’ credit reports and opening accounts without their permission.

U.S. Bank allegedly pressured and incentivized employees to sell multiple products and services as part of their employees’ job requirements.

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Congressional Republicans and industry professionals are questioning the CFPB’s decision to end its “safe harbor” for two fintech companies.

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TransUnion is fighting back against the Consumer Financial Protection Bureau’s (CFPB) enforcement action alleging violation of a 2017 law enforcement order. The CFPB is calling this an example of the “repeat offenders” it intends to target, while TransUnion is comparing it to the movie Groundhog Day.

The suit comes after TransUnion has already paid nearly $17 million in fines and restitution as part of the 2017 order.

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The Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) have ordered Delaware-based non-bank lender Trident Mortgage Co. to pay more than $24 million for alleged discrimination against minority families.

The settlement is the first to involve a non-bank mortgage lender in the Biden administration’s efforts to combat ‘modern-day redlining.’

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In a recent report and blog post, lobbyist and advocacy group Bank Policy Institute questioned whether banking regulator’s plans to update bank merger rules are necessary. The report suggests bank market concentration has led to a robust level of competition.

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The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency have issued fines in excess of $225 million against Bank of America for its alleged failures relating to the distribution of state unemployment benefits during the COVID-19 pandemic.

The regulators said that the bank wrongfully froze customers accounts because of issues with its fraud detection program.

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On March 31, 2022, the Federal Deposit Insurance Corp. (FDIC) issued the “Request for Information and Comment on Rules, Regulations, Guidance, and Statements of Policy Regarding Bank Merger Transactions” (RFI). This RFI provided clear insight into the perceptions, concerns and goals of the administration under President Joe Biden regarding bank mergers. Read on »

A federal judge has ordered the Consumer Financial Protection Bureau (CFPB) to complete its rules for collecting data to identify potential discrimination in small-business lending by early next year.

The judge approved an agreement between the CFPB and consumer advocates to have the rule completed by March 31, 2023.

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Under the leadership of Director Rohit Chopra, the Consumer Financial Protection Bureau (CFPB) has continued making efforts to aid consumers with limited English proficiency (LEP).

Recently, the CFPB engaged with stakeholders to identify common issues LEP and immigrant consumers face when accessing financial services.

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The Consumer Financial Protection Bureau (CFPB) and All American Check Cashing have agreed to a settlement conference stemming from 2016 enforcement action.

This came after multiple arguments from All American that the structure of the CFPB should be deemed unconstitutional failed to sway the Fifth Circuit.

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