Bank Of America Faces Hundreds Of Millions Of Dollars In Fines And Restitution For Its Acts During The Pandemic.
Bank Of America Faces Hundreds Of Millions Of Dollars In Fines And Restitution For Its Acts During The Pandemic.
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Wells Fargo Bank Continues To Discriminate Against Black Home Loan Applicants, Suit Claims
A federal suit accuses Wells Fargo, one of the largest bank in the country, of having mortgage origination and underwriting practices that “intentionally and disproportionately” discriminate against Black home mortgage applicants.
Feds Orders Bank of America to Pay $10 Million Penalty for Illegal Garnishments
America’s second largest bank unlawfully garnished the accounts of thousands of its customers The Consumer Financial Protection Bureau (CFPB) finalized an enforcement action against Bank of America for processing illegal, out-of-state garnishment orders against its…
Bank of America Paying $75 Million For Illegal Overdraft Fees
Another bank has been nailed for illegally charging overdraft fees. “Bank of America Corp (BAC.N) agreed to pay $75 million to settle a lawsuit accusing the second-largest U.S. bank of extracting overdraft fees it didn’t…
Low Income Families Clobbered By Overdraft Fees
Families in low-income households – especially families of color – are getting clobbered by banking fees, according to a recent story by CBS. “Hispanic and Black households paid a total of $3.1 billion and $1.4…
Fifth Third Bank Nailed For Illegal Practices
Company to Pay $18 Million to Minority Auto Borrowers, $3 Million to Credit Card Customers The Consumer Financial Protection Bureau (CFPB) has taken two separate actions against Fifth Third Bank, for discriminatory auto loan pricing…
Citizens Bank Fined For Ripping Off Customers
Today the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) took action against Citizens Bank for failing to credit consumers the full…
Citibank To Pay $700 Million To Consumers For Illegal Credit Card Practices
Millions of Consumers Harmed by Bank’s Deceptive Marketing and Unfair Billing of Credit Card Add-On Products and Services, and Other Unlawful Practices The Consumer Financial Protection Bureau (CFPB) has ordered Citibank, N.A. and its subsidiaries…
Feds Order Discover Bank To Pay $18.5 Million For Illegal Student Loan Servicing Practices
Discover’s Illegal Servicing Practices Affected Private Student Loan Borrowers Transferred from Citibank The Consumer Financial Protection Bureau (CFPB) has taken action against Discover Bank and its affiliates for illegal private student loan servicing practices. The…
Feds Sue Auto Lender For Aggressive Debt Collection Tactics Against Servicemembers
Auto Loan Company Misled Servicemembers About Consequences of Nonpayment Today the Consumer Financial Protection Bureau (CFPB) sued an auto loan company, Security National Automotive Acceptance Company, for aggressive debt collection tactics against servicemembers. In a…
Read Fine Print Before Signing Up For Reverse Mortgage
CFPB Issues Advisory Warning Consumers Not To Be Deceived Today the Consumer Financial Protection Bureau (CFPB) released results of a focus group study on reverse mortgage advertisements that found many participants were left with misimpressions…
Feds Take Action Against Mortgage Lender For Deceptive Practices
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…
50 Million Credit Card Consumers Now Have Access To Free Credit Scores
New Study Indicates that Consumers Access Credit Scores and Credit Reports in a Variety of Ways but Confusion Persists The Consumer Financial Protection Bureau (CFPB) reported that more than 50 million consumers now have free…
Consumer Financial Protection Bureau Study Finds That Arbitration Agreements Limit Relief for Consumers
Today, the Consumer Financial Protection Bureau released a study indicating that arbitration agreements restrict consumers’ relief for disputes with financial service providers by limiting class actions. The report found that, in the consumer finance markets…
Inside the New York Fed: Secret Recordings and a Culture Clash
A confidential report and a fired examiner’s hidden recorder penetrate the cloistered world of Wall Street’s top regulator—and its history of deference to banks. by Jake Bernstein Barely a year removed from the devastation of…
Feds Warn Against Overdraft Coverage
Today’s study confirms that opting in for overdraft coverage for debit card and ATM transactions is an expensive way to manage a checking account. Consumers use their debit cards nearly three times as often as…
CFPB Accepting Consumer Complaints ON Prepaid Cards and Additional Nonbank Products
Nonbank Products Include Debt Settlement and Credit Repair Services, Pawn and Title Loans The Consumer Financial Protection Bureau (CFPB) is now accepting complaints from consumers encountering problems with prepaid cards, such as gift cards, benefit…
Private Student Loan Borrowers Face Hurdles In Trying To Pay Off Loans Early
Private student loan borrowers trying to pay off their loans early are taken advantage of by financial institutions, according to a report today from the Consumer Financial Protection Bureau. The CFPB Ombudsman said in his…
Chase And JP Morgan Ordered To Refund $309 Million For Illegal Credit Card Practices
The Consumer Financial Protection Bureau (CFPB) ordered Chase Bank USA, N.A. and JPMorgan Chase Bank, N.A. to refund an estimated $309 million to more than 2.1 million customers for illegal credit card practices. This enforcement…
Fed Consumer Protection Bureau Takes Aim At Bank Overdraft Fees
The Consumer Financial Protection Bureau (CFPB) released a report today on bank and credit union overdraft practices that raises concerns about whether the overdraft costs on consumer checking accounts can be anticipated and avoided. The…