The Consumer Financial Protection Bureau (CFPB) and 11 states announced today that student lender Prehired will provide more than $30 million in relief to student borrowers for making false promises of job placement, trapping students with “income share” loans that violated the law, and resorting to abusive debt collection practices when borrowers could not pay.
The Consumer Financial Protection Bureau (CFPB) today ordered Toyota Motor Credit Corporation to pay $60 million in consumer redress and penalties for operating an illegal scheme to prevent borrowers from cancelling product bundles that increased their monthly car loan payments.
The government’s promise that insured deposits will be protected from loss in the event of a bank failure has been the backbone of banking system stability for 90 years. The Federal Deposit Insurance Corporation’s stewardship of the Deposit Insurance Fund is vital to keeping that promise and maintaining the public’s confidence.
In March 2023, the failures of Silicon Valley Bank and Signature Bank threatened to create cascading stress throughout the banking system and inflict serious damage on the economy.
The Consumer Financial Protection Bureau (CFPB) today ordered online lender Enova International Inc. to pay a $15 million penalty for widespread illegal conduct including withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions.
Force-placed insurance was a noteworthy facet of the foreclosure crisis in 2007-2008, and remains a continuing risk for homeowners. The CFPB is responsible for enforcing mortgage servicing rules related to force-placed insurance.
The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are subject to certain Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) requirements.
The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2024 threshold for whether higher-priced mortgage loans are subject to special appraisal requirements will increase from $31,000 to $32,400.
The CFPB took action against Citi, one of the globe’s largest banks, for intentionally and systematically discriminating against Americans of Armenian descent.
The CFPB notes that there are a few things that routinely come up, especially related to ensuring that startups and new businesses can emerge, bring their services to market, and challenge incumbents.
The Consumer Financial Protection Bureau (CFPB) is proposing to supervise larger nonbank companies that offer services like digital wallets and payment apps.
The economic and psychological damage inflicted by a crisis can linger for many years, and most people will not receive the type of extraordinary government assistance that large financial firms tend to receive.
The Consumer Financial Protection Bureau (CFPB) published a new analysis on state Community Reinvestment Act laws, highlighting how states ensure financial institutions' lending, services, and investment activities meet the credit needs of their communities
Private industry and governments around the world are preparing for how climate change will erode, degrade, or otherwise threaten our economic infrastructure.
The Consumer Financial Protection Bureau (CFPB) proposed a rule that would accelerate a shift toward open banking, where consumers would have control over data about their financial lives and would gain new protections against companies misusing their data.
Director Chopra discussed the CFPB’s proposed rule to activate a dormant authority under a 2010 law to accelerate much-needed competition and decentralization in banking and consumer finance by making it easier to switch to a new provider.
The Consumer Financial Protection Bureau (CFPB) today took action against Chime Inc. for deceiving consumers about the speed and cost of remittance transfers through its mobile app, Sendwave.
The Consumer Financial Protection Bureau (CFPB) and Justice Department today issued a joint statement that reminds financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race, and other characteristics covered by the Equal Credit Opportunity Act, regardless of their immigration status.
