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Bank Refunds $49 Million in Illegal Fees to Consumers Who Did Not Opt-In to Overdraft WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) took action against Regions Bank for charging overdraft fees to consumers who had not opted-in for overdraft coverage. The bank also charged overdraft and non-sufficient funds fees on its deposit […]
Today the Consumer Financial Protection Bureau is taking its first enforcement action under the federal rules that protect consumers against illegal overdraft fees by their banks. We are taking action against Alabama-based Regions Bank for failing to ask consumers if they wanted overdraft service before charging them fees for this service. Regions amplified this harm […]
Good morning. It is an honor to be here today alongside my colleagues who are stalwart champions of our seniors. We are here because we care about making sure that all Americans, throughout their lifespans, can have the opportunity to learn and develop skills, engage in productive work, make sound choices about their daily lives, […]
Chairman Neugebauer, Ranking Member Clay, and Members of the Subcommittee, thank you for the opportunity to testify today about the Consumer Financial Protection Bureau’s (Bureau) work to strengthen our financial system so that it better serves consumers, responsible businesses, and our economy as a whole. My name is David Silberman and I am the Associate […]
It is encouraging to be here with so many people who share similar goals and ideals for our young consumers. All of us in this room are bound together by a common thread. That thread is the important mission of establishing a financial marketplace that is responsible and sustainable for individual consumers. We are working […]
Let me start by thanking Senator Brown for inviting me to speak to you today about how our young people are seeking to finance their education and improve their future lives. I will provide a brief overview of some of the issues surrounding student loan debt and the costs of higher education, and I will […]
Crossposted from councilforeconed.org. This opinion editorial originally ran on April 22, 2015 online. As we observe National Financial Literacy Month, let us all continue our efforts to ensure children and youth develop the skills and habits that will help them to make better financial decisions as they become adults. There is not a single good […]
Green Tree to Pay $48 Million in Borrower Restitution and $15 Million Fine for Servicing Failures WASHINGTON, D.C.– Today, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) took action against Green Tree Servicing, LLC, for mistreating mortgage borrowers who were trying to save their homes from foreclosure. The mortgage servicer failed […]
Servicemembers Unknowingly Paid Millions in Fees to Fort Knox National Company and Military Assistance Company WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) is taking action against Fort Knox National Company and its subsidiary, Military Assistance Company, for charging servicemembers millions of dollars in hidden fees. The military allotment processor did not clearly […]
Bureau to Temporarily Suspend Card Issuers’ Obligation to Submit Credit Card Agreements WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) issued a final rule aimed at improving the way that companies submit consumer credit card agreements to the Bureau. The rule temporarily suspends a requirement that each quarter certain credit card issuers send […]
Final Interpretive Rule Includes Additional Instructions for Providing Housing Counselor Information WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a final interpretive rule on how to provide mortgage applicants with a list of local homeownership counseling organizations. The interpretive rule restates guidance the CFPB issued in 2013, and provides further guidance for […]
Thank you for joining us on the call as we announce our first enforcement action taken in conjunction with a tribal government. One way we further our mission to protect consumers is through appropriately sharing information with state and local law enforcement agencies. In 2013, we signed our first Memorandum of Understanding (MOU) with a […]
Defendants Would Pay a Total of $438,000 in Redress and another $438,000 in Civil Penalties WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) announced that, together with the Navajo Nation, it is taking action against companies and individuals who operated an illegal tax-refund scheme. The scheme was based on tax-preparation franchises steering low-income […]
Bureau Orders RMK Financial to Pay $250,000 for Deceiving Borrowers with Claims of Government Affiliation WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) took action against RMK Financial Corporation for deceptive mortgage advertising practices, including ads that led consumers to believe that the company was affiliated with the U.S. government. The CFPB is […]
Bureau Also Obtains a Temporary Restraining Order to Halt Illegal Operation and Freeze Assets of Operation’s Leaders WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) announced today that it has filed a lawsuit against the ringleaders of a robo-call phantom debt collection operation, their companies, and their service providers. The debt collectors, using various […]