Citigroup Inc., the third-largest U.S. bank by assets, is being investigated by the Consumer Financial Protection Bureau over its student-loan servicing practices, a person with direct knowledge of... To view the full story, click the title link.
Earlier this month, Discover Bank and affiliates was ordered to refund $16 million dollars to customers and fined $2.5 million dollars by the Consumer Financial Protection Bureau (CFPB), a federal agency dedicated to protecting consumers. The reasons for the ruling was illegal private student loan servicing practices ranging from misprints on [...]
While the Consumer Financial Protection Bureau (CFPB) may have thrown the real estate industry a bone by extending the effective date of the TILA-RESPA Integrated Disclosures (TRID) rule to Oct. 3, the clock is ticking on the time everyone has left to prepare to comply with the sweeping mortgage regulation and related changes to real estate closings...
This week, the Consumer Financial Protection Bureau celebrates its fourth anniversary of protecting consumers from harmful practices and shady characters in the financial sector. But instead of buying the regulatory arm a big ol’ birthday...Show More Summary
The Consumer Financial Protection Bureau (CFPB), created when Congress enacted the Dodd-Frank financial regulations in 2010, is an agency that does the opposite of what it name implies, and two federal lawmakers from Texas have introduced legislation to eliminate the agency, HousingWire reported yesterday. Show More Summary
The Dodd-Frank financial reform bill turned five years old this week, and conservative Republicans, who didn't like the measure in the first place, predictably have been withering in their scorn. Perhaps not coincidentally, so have big bankers and the U.S. Chamber of Commerce.
Discover Financial Services will refund $16 million to its customers and has been fined $2.5 million penalty. Evidently, the organization engaged in illegal student loan practices. The Consumer Financial Protection Bureau (CFPB) has ordered Discover to fork out a total of $18.5 million over claims that the company abused student loans. Show More Summary
Discover Financial Services agreed to pay at least $18.5 million for allegedly cheating more than 100,000 borrowers with private student loans, the federal Consumer Financial Protection Bureau said Wednesday. The regulator alleged that...Show More Summary
The Consumer Financial Protection Bureau announced Wednesday that it is taking action against Discover Financial Services for illegal student loan servicing practices, charging it $18.5 million and ordering the company (and its affiliates) to clean up its billing, interest reporting and collection practices. Show More Summary
Steve Benen points out today that Ted Cruz wants to eliminate the Consumer Financial Protection Bureau because it "does little to protect consumers." Ironically, this comes on the same day that the CFPB won a case against Citibank for deceptive practices that resulted in a $700 million fine. Show More Summary
As federal regulators continue to probe potentially unscrupulous student loan servicing practices, the Consumer Financial Protection Bureau has ordered Discover Bank and its affiliates to pay nearly $18.5 million in refunds and fines...Show More Summary
July 21st, 2015 marks the fifth anniversary of President Obama signing the historic Dodd Frank Wall Street Reform and Consumer Protection Act into law, the most significant financial reform legislation in generations. This law is reining...Show More Summary
The more Wall Street safeguards protect consumers, the more leading Republicans want to free the financial industry of its burdens.
The settlement with the Consumer Financial Protection Bureau also includes $70 million in fines for illegal and deceptive credit card practices involving add-on products.
Five years ago today, in the aftermath of the Great Recession and Financial Crisis, President Obama signed major financial regulatory reform into law -- the Dodd-Frank Wall Street Reform and Consumer Protection Act. The law was designed to increase transparency and limit risk in the financial system. Show More Summary
The Federal Trade Commission on Tuesday said it would sue online data security firm LifeLock for failing to protect users' personal financial data in violation of a 2010 settlement. LifeLock's shares tumbled nearly 50 percent even after trading was halted twice. The company had broadcast its chief executive's Social Security number as part of its claim that it could […]
The Consumer Financial Protection Bureau has a new database of people who have filed complaints about persistent/harassing debt collectors, credit report mistakes, and financial scammers. Turns out that D.C. is averaging 577 complaints per 100,000 people, which is the highest of any “state.” (As with any rankings that compare D.C. Show More Summary
President Obama signs Dodd-Frank financial reform law, July 21, 2010. The massive financial reform bill known as Dodd-Frank turns five on Tuesday. The White House is celebrating by issuing a handful of long overdue rules to protect service...Show More Summary
``A consent order issued by the Consumer Financial Protection Bureau said about 7 million consumer accounts were affected between 2003 and 2012 by the bank's deceptive marketing of five debt protection products and additional add-ons that offered credit monitoring.''
Citibank will be required to pay $700 million to 8.8 million customers for illegal credit card practices, the Consumer Financial Protection Bureau said Tuesday. Between 2002 and 2013, Citibank sold its credit card customers add-on services...Show More Summary