Since the Consumer Financial Protection Bureau was launched in 2011, more than 10% of U.S. households have received some sort of retribution for unfair and deceptive lending practices. Legal penalties now exceed $200 million and retribution exceeds $1 billion. Mercator Advisory Group’ says headlines of unfair and deceptive credit card practices make it hard to…
Wells Fargo Bank reached agreements with the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the Office of the Los Angeles City Attorney, regarding allegations some of its retail customers received products and services they did not request. Wells agreed to pay a huge fine and terminated 5,300 employees. The…
Twice as many agencies plan to adopt Virtual Debt Negotiation in 2016 – 17.8% in 2015 to 35.6% in 2016 – and there was a significant increase in the planned adoption of Interactive Voice Response (IVR) – rising from 25.6% to 47.8%. BillingTree’s 4th annual ARM Industry Operations, Technology & Payments report shows technology integration…
Following a study on overdraft fees The Pew Charitable Trusts are encouraging the Consumer Financial Protection Bureau (CFPB) to consider limits for customers. About 84% of the largest banks allow consumers to overdraw their accounts when they lack sufficient funds to cover a transaction. The CFPB found that the median transaction amount of purchases that…
In Other News: US BANK (app); D&B (survey); FTC (Chicago); and CFPB (loan scam). US BANK – Securely logging in to mobile banking just got easier for U.S. Bank customers with the release of an updated version of the U.S. Bank Mobile app for iPhone. The new app gives customers an option to use Touch…
The Consumer Financial Protection Bureau has taken on online payment platform Dwolla for deceiving consumers about its data security practices and the safety of its online payment system. The CFPB ordered Dwolla to pay a $100,000 penalty and fix its security practices. Des Moines-based Dwolla operates an online payment system. Since December 2009, Dwolla has…
The Consumer Financial Protection Bureau (CFPB) finalized a policy to facilitate consumer access to financial products and services that promise substantial benefit to consumers. The new policy establishes a process for companies to apply for a statement from Bureau staff that would reduce regulatory uncertainty for a new product or service that offers the potential…
The Consumer Financial Protection Bureau has been on a recent tear: hitting a small-dollar lender for illegal debt collection practices; warning colleges to improve disclosure of school-sponsored credit card agreements; and an upcoming proposal to regulate payday-type loans with more severity.
A new report found American consumers have avoided more than $9 billion in over-limit fees and saved more than $7 billion in late fees since the implementation of the Credit Card Accountability Responsibility and Disclosure Act (CARD Act).
The Clearing House (TCH) has inked a LOI with VocaLink, the UK-based international payment systems provider, to help build and deliver core elements of TCH’s new real-time payment system for the United States.
The Consumer Financial Protection Bureau (CFPB) has sets its gatling gun on arbitration clauses which block consumers from suing in groups to obtain relief.
The Consumer Financial Protection Bureau nailed of the nation’s two largest debt buyers and collectors for using deceptive tactics to collect bad debts. The Bureau found that Encore Capital Group and Portfolio Recovery Associates (PRA) bought debts that were potentially inaccurate, lacking documentation, or unenforceable.