The Consumer Financial Protection Bureau (CFPB) has ordered Bank of America to pay a $12 million penalty for submitting false mortgage lending information to the federal government under a long-standing federal law. For at least four years, hundreds of Bank of America loan officers failed to ask mortgage applicants certain Read More
The Consumer Financial Protection Bureau (CFPB) has issued guidance on legal requirements that lenders must adhere to when using artificial intelligence and other complex models to approve loans. The guidance describes how lenders must provide specific and accurate reasons when taking adverse actions against consumers. “Creditors cannot simply use CFPB Read More
The Consumer Financial Protection Bureau (CFPB) has ordered OneMain Financial to pay a total of $20 million in consumer redress and penalties for failing to refund interest charged to tens of thousands of consumers, the CFPB announced. Failures include deceitful sales tactics and a fraudulent refund policy. Unethical sales tactics, Read More
A group of banking and business associations have filed a lawsuit against the Consumer Financial Protection Bureau (CFPB) over allegations that it exceeded its statutory authority when amending its examination manual to include discriminatory outcomes. The U.S. Chamber of Commerce, along with six co-plaintiff banking associations, filed a lawsuit Sept. Read More
The Consumer Financial Protection Bureau has ordered Choice Money to pay a $950,000 penalty for failing to accurately disclose key prepayment information to customers sending remittances. Choice Money also had deficient recordkeeping practices that made it difficult for consumers to dispute erroneous transactions and receive a refund of certain fees, Read More
The Consumer Financial Protection Bureau (CFPB) on Aug. 10 issued an interpretive rule laying out when digital marketing providers for financial firms must comply with federal consumer financial protection laws. Traditionally, those who fall under the regulatory umbrella of the Consumer Financial Protection Act (CFPA), referred to under the law Read More
The U.S. Consumer Financial Protection Bureau (CFPB) on July 28 ordered U.S. Bank to pay a $37.5 million penalty to compensate harmed consumers after the bank illegally accessed customers’ credit reports and associates opened checking and savings accounts, credit cards, and lines of credit without their customers’ permission. The violations Read More
