The Education Department reduced payments to its loan servicers as the consumer bureau spotlighted mistakes.
Category: Consumer Financial Protection Bureau
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Banks Should Have Better Customer Relations When Closing an Account
When banks close checking and credit-card accounts because of “suspicious activity,” chaos and anxiety ensue. It doesn’t have to be this way.
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Citigroup Discriminated Against Armenian-Americans, Regulator Says
The bank agreed to pay nearly $26 million to settle claims that its employees denied an immigrant community in Southern California fair access to its credit cards.
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CFPB Moves to Expand Oversight of Digital Payment Apps
A proposed new rule would subject Google, Apple, PayPal and other digital wallet providers to the same scrutiny banks face.
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TransUnion Failed to Quickly Place or Remove Freezes on Credit Reports
The Consumer Financial Protection Bureau accused the credit bureau, one of three major credit reporting agencies, of “lying to consumers.”
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Supreme Court Skeptical in That Could Hobble Consumer Watchdog
The justices heard a challenge to the way Congress funded the Consumer Financial Protection Bureau but seemed persuaded that it was constitutional.
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Wall Street’s Most Hated Regulator Faces an Existential Threat
Rohit Chopra, who leads the Consumer Financial Protection Bureau, says he is simply enforcing the law. Bankers call him reckless — a “regulator gone rogue.”
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Consumer Agency Moves to Ban Medical Debt From Credit Reports
Millions of Americans owe money to doctors and hospitals, and that debt can affect their ability to get loans or even a job.
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Beware Companies Selling Credit ‘Repair’ Services
Consumers have a right to dispute mistakes on their credit reports. But if they’ve made late payments, that can’t be erased, consumer experts say.
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Federal Court Says Consumer Watchdog Can’t Check Banks for Discrimination
A Texas judge’s sweeping ruling says the Consumer Financial Protection Bureau exceeded its authority in trying to examine banks for uneven treatment.
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Bank of America Fined $150 Million Over ‘Junk Fees’
The bank double-charged overdraft fees, withheld card perks and opened unauthorized accounts, regulators said. It will repay customers more than $80 million.
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Overdraft Fees Are Dwindling, Study Finds
But the share of people paying the fees remains unchanged, and they’re often among the most financial vulnerable.