Today the Consumer Financial Protection Bureau (CFPB) published a notice on how it plans to periodically review regulations under the Regulatory Flexibility Act (RFA) and to request public input.
Bank Failed to Stop Payments or Resolve Errors, Must Pay $12 Million in Restitution, $3.5 Million Fine
Changes Provide More Flexibility and Extend Effective Date to April 2019
Proposal Would Adjust Error Resolution Requirements and Provide More Flexibility for Credit Cards Linked to Digital Wallets
Bank Obscured Fees, Adopted Loose Definition of Consent to Preserve Overdraft Revenue
Thank you for joining the call. Today, we are suing TCF National Bank for tricking consumers to opt in for costly overdraft services. We believe TCF trained its employees to use unlawful tactics in their marketing to consumers. They made overdraft seem mandatory when it was not. They obscured information about fees when opening accounts for new customers. They adopted a loose definition of “consent” to opt in existing customers, and they pushed back aggressively against any customer who questioned the process. In the end, many of their customers had no idea they had opted in for expensive services that exposed them to high fees.
New Rule Includes ‘Know Before You Owe’ Prepaid Disclosures
Thank you for joining us on this call. The Consumer Financial Protection Bureau today has finalized a new rule providing strong federal consumer protections for prepaid account users.
CFPB Wants to Ensure Consumer Protections Are Built Into New Payment Systems From Outset WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) outlined guiding principles for protecting consumers as the private sector develops new faster payment systems. These new systems are aimed at reducing “pocket-to-pocket” payment times between consumers and businesses or other […]
