INSIDER
Navy Federal Credit Union must pay more than $95 million for charging illegal overdraft fees
Read full article: Navy Federal Credit Union must pay more than $95 million for charging illegal overdraft feesNavy Federal Credit Union must pay more than $95 million after an investigation found it charged customers millions in illegal overdraft fees over a five-year period, according to the Consumer Financial Protection Bureau.
VyStar fined $1.5M for disastrous 2022 rollout of mobile, online banking system that locked members out of accounts
Read full article: VyStar fined $1.5M for disastrous 2022 rollout of mobile, online banking system that locked members out of accountsOver two years after VyStar Credit Union launched a failed mobile and online banking experience for members, the Jacksonville-based bank now faces an over million-dollar fine.
US consumer watchdog finds that school lunch fees are taking a toll on parents
Read full article: US consumer watchdog finds that school lunch fees are taking a toll on parentsThe U.S. consumer watchdog has found that low-income families typically pay as much as 60 cents per dollar in fees when paying for school lunches electronically.
US agency says apps that let workers access paychecks before payday are providing loans
Read full article: US agency says apps that let workers access paychecks before payday are providing loansThe Consumer Financial Protection Bureau says apps that allow workers to access their paychecks in advance, often for a fee, are providing loans and therefore subject to the Truth in Lending Act.
Biden administration seeks to wipe consumer medical debt off most credit reports with proposed rule
Read full article: Biden administration seeks to wipe consumer medical debt off most credit reports with proposed ruleThe Biden administration is pushing to prevent medical debt from being considered in most decisions made over whether someone qualifies to rent an apartment, buy a car or take on a mortgage.
Buy now, pay later companies must adhere to credit card standards, consumer agency says
Read full article: Buy now, pay later companies must adhere to credit card standards, consumer agency saysThe Consumer Financial Protection Bureau says in a new rule that buy now, pay later lenders are basically credit card providers and must provide the same protections and rights that apply to those lenders.
Vindicated by Supreme Court, CFPB director says bureau will add staff, consider new rules on banks
Read full article: Vindicated by Supreme Court, CFPB director says bureau will add staff, consider new rules on banksSince its creation roughly 14 years ago, the Consumer Financial Protection Bureau has faced lawsuits, political and legal challenges to the idea of whether the Federal Government’s aggressive consumer financial watchdog agency should be allowed exist at all.
Supreme Court sides with the Consumer Financial Protection Bureau, spurning a conservative attack
Read full article: Supreme Court sides with the Consumer Financial Protection Bureau, spurning a conservative attackPresident Joe Biden says the Supreme Court's rejection of a conservative-led attack that could've undermined the Consumer Financial Protection Bureau is “an unmistakable win" for consumers.
LIVE: CFPB and DOT hold hearing on airline and credit card rewards programs
Read full article: LIVE: CFPB and DOT hold hearing on airline and credit card rewards programsThe Consumer Financial Protection Bureau and the U.S. Department of Transportation will host a hearing on airline and credit card rewards programs.
Texas judge moves late fee case to DC, accusing banks of venue shopping for favorable ruling
Read full article: Texas judge moves late fee case to DC, accusing banks of venue shopping for favorable rulingA federal judge in Texas has accused the major banking industry groups and the U.S. Chamber of Commerce of forum shopping in their lawsuit against the Consumer Financial Protection Bureau.
Millions of people are struggling with credit card debt. Here are some ways to get back on track
Read full article: Millions of people are struggling with credit card debt. Here are some ways to get back on trackNew data from the Federal Reserve of New York suggests Americans battling inflation use their credit cards more than ever.
Biden regulators target transaction-declined fees, considered another type of bank 'junk fee'
Read full article: Biden regulators target transaction-declined fees, considered another type of bank 'junk fee'The Biden administration has proposed banning another type of bank “junk fee,” targeting fees that are typically charged by banks when a transaction is declined in real time.
What to know about overdraft fees as the White House cracks down on them
Read full article: What to know about overdraft fees as the White House cracks down on themThe Consumer Financial Protection Bureau has proposed new rules that would lower overdraft fees, with President Joe Biden calling the charges “exploitative.”.
Overdraft fees could drop to as low as $3 under new Biden proposal
Read full article: Overdraft fees could drop to as low as $3 under new Biden proposalThe cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest move by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck.
Banks prepare to take on the Biden administration over billions of dollars in overdraft fees
Read full article: Banks prepare to take on the Biden administration over billions of dollars in overdraft feesThe Consumer Financial Protection Bureau is expected to propose rules this week that further rein in banks’ ability to charge customers a fee when they overdraw their bank account.
Think twice about paying hospital debt with medical credit card or health care provider loan
Read full article: Think twice about paying hospital debt with medical credit card or health care provider loanBefore you sign up for one of those medical credit cards or loans offered by the health care provider -- promising to ease the burden -- Consumer Reports warns you could end up doing more harm than good.
Citigroup discriminated against Armenian Americans, federal regulator says; bank fined $25.9 million
Read full article: Citigroup discriminated against Armenian Americans, federal regulator says; bank fined $25.9 millionA federal regulator says Citigroup intentionally discriminated against Armenian Americans when they applied for credit cards.
The Supreme Court seems likely to side with the Consumer Financial Protection Bureau
Read full article: The Supreme Court seems likely to side with the Consumer Financial Protection BureauThe Supreme Court seems likely to preserve the work of the Consumer Financial Protection Bureau against a conservative-led challenge.
The Supreme Court will take up abortion and gun cases in its new term while ethics concerns swirl
Read full article: The Supreme Court will take up abortion and gun cases in its new term while ethics concerns swirlThe Supreme Court is returning to a new term with familiar topics such as guns and abortion, as well as concerns about ethics swirling around the justices.
Bank of America hit with $250M in fines and refunds for 'double-dipping' fees and fake accounts
Read full article: Bank of America hit with $250M in fines and refunds for 'double-dipping' fees and fake accountsBank of America must reimburse customers more than $100 million and pay $150 million in fines for “double-dipping” on overdraft fees, withholding reward bonuses on credit cards and opening accounts without customer consent.
Medical credit cards may lead patients to overpay for their health care, Democrats warn
Read full article: Medical credit cards may lead patients to overpay for their health care, Democrats warnA group of Democratic senators is asking the Consumer Financial Protection Bureau to take action against medical credit cards such as CareCredit, saying the cards’ deferred interest features are confusing and often lead to consumers paying high interest rates after a promotional period has ended.
Banks' growing reliance on chatbots to handle customer service tasks worries consumer watchdog
Read full article: Banks' growing reliance on chatbots to handle customer service tasks worries consumer watchdogCan you trust Erica, or Sandi or Amy to increasingly control parts of your financial life without giving you inaccurate information or sending money to the wrong place.
Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warns
Read full article: Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warnsCustomers of Venmo, PayPal and CashApp should not store their money with those apps for the long term because the funds may not be covered by deposit insurance.
Gov't to start looking for bias in small business lending
Read full article: Gov't to start looking for bias in small business lendingBanks will need to start reporting the demographics and income of small business loan applicants under new rules published by the Consumer Financial Protection Bureau on Thursday.
White House, states tackle 'junk fees' that cost consumers
Read full article: White House, states tackle 'junk fees' that cost consumersThe White House has brought together state lawmakers, federal officials and others for a virtual meeting where participants traded ideas about how to fight “junk fees” that inflate the cost to consumers for everything from hospital visits and airline tickets to student loans and concert seats.
Supreme Court agrees to hear case challenging CFPB's funding
Read full article: Supreme Court agrees to hear case challenging CFPB's fundingThe Supreme Court says it will take up a Republican-led challenge to the Consumer Financial Protection Bureau, a case that could threaten how the consumer watchdog agency functions if the high court agrees with the challenge.
Wells Fargo to pay $3.7B over consumer loan violations
Read full article: Wells Fargo to pay $3.7B over consumer loan violationsConsumer banking giant Wells Fargo agreed to pay $3.7 billion to settle charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts.
With Americans feeling pinched, Biden targets 'junk fees'
Read full article: With Americans feeling pinched, Biden targets 'junk fees'With time running out before the election, President Joe Biden highlighted his administration’s push to crack down on so-called junk fees that banks and other companies charge their customers.
Regulators try to stop unlawful nursing home debt collection
Read full article: Regulators try to stop unlawful nursing home debt collectionA federal report says nursing homes and debt collectors are flouting a law that prohibits them from requiring friends and family of care home residents to be responsible for costs of the facilities.
Gov't: US Bank workers opened fake accounts for sales goals
Read full article: Gov't: US Bank workers opened fake accounts for sales goalsFor more than a decade, US Bank pressured its employees to open fake accounts in their customers’ names in order to meet unrealistic sales goals, the Consumer Financial Protection Bureau said Thursday, in a case that is deeply similar to the sales practices scandal uncovered at Wells Fargo last decade.
CFPB sues TransUnion for violating previous agreement
Read full article: CFPB sues TransUnion for violating previous agreementThe Consumer Financial Protection Bureau sued credit company TransUnion and one of its long-time executives on Tuesday, alleging the company completely “disregarded” a previous order from five years ago to stop selling dubious credit-related products and marketing.
Justice Department to expand redlining investigation efforts
Read full article: Justice Department to expand redlining investigation effortsThe Justice Department has announced a cross-government effort to investigate and prosecute redlining, the practice of banks discriminating against racial minorities or certain neighborhoods.
Senate confirms Biden pick to lead consumer watchdog agency
Read full article: Senate confirms Biden pick to lead consumer watchdog agencyThe Senate has narrowly approved President Joe Biden’s pick to run the Consumer Financial Protection Bureau, giving the bureau a director who is likely to embrace an aggressive “watchdog” role.
Need rental assistance? Check out these tenant assistance services
Read full article: Need rental assistance? Check out these tenant assistance servicesRenters in counties where the eviction ban order does not apply now face the possibility of eviction if they still owe back rent. And on top of that, scammers can take advantage of the panic caused by this situation.
Biden consumer watchdog pick signals more aggressive stance
Read full article: Biden consumer watchdog pick signals more aggressive stance(AP Photo/Susan Walsh)CHARLOTTE, N.C. – President Joe Biden's nominee to run the federal consumer watchdog agency indicated Tuesday that if confirmed he would restore more aggressive enforcement actions against companies and banks that largely faded during the Trump administration. On his first day in office, Biden asked President Donald Trump's CFPB director, Kathy Kraninger, to resign. Part of the law that overhauled the entire financial industry, the CFPB was given the mission to be an aggressive regulator and a watchdog for American consumers. He left the bureau in in the final days of the Obama administration to work for an outside consumer advocacy group. In 2018, President Donald Trump nominated Chopra to the FTC to fill the Democratic seat on the regulator.
Biden picks Chopra, Gensler for financial oversight roles
Read full article: Biden picks Chopra, Gensler for financial oversight rolesPresident-elect Joe Biden is set to nominate Rohit Chopra as the director of the Consumer Financial Protection Bureau, tapping a progressive ally of Sen. Elizabeth Warren to helm the agency whose creation she championed. Gensler, a former Goldman Sachs banker, tightened oversight of the complex financial transactions that helped cause the Great Recession. Consumer and investor advocate groups praised the selections of Gensler and Chopra. Mulvaney had been a vocal critic of the consumer agency and made deep changes to it, softening regulations on payday loans, for example, and pulling back on enforcement efforts. As one of two Democratic commissioners on the five-member Federal Trade Commission, Chopra has been an outspoken critic of practices by big companies, especially tech giant Facebook.
Moody: Former ITT students in Florida to get $24M in debt relief
Read full article: Moody: Former ITT students in Florida to get $24M in debt reliefThe 47 attorneys general and the Consumer Financial Protection Bureau reached the settlement with PEAKS Trust, which ran a private loan program for ITT Tech. According to the agreement, PEAKS acknowledged coercing students into taking out high-interest loans, has agreed to forgive outstanding loans and end operations. “I am glad we were able to secure debt relief for former students who are still financially affected by this high-pressure loan program,” Moody said in a statement. Moody said students don’t have to do anything to receive the relief. Students may direct questions to PEAKS at customerservice@peaksloans.com or 866-747-0273, or the Consumer Financial Protection Bureau at 855-411-2372.
High Court makes it easier for president to remove CFPB head
Read full article: High Court makes it easier for president to remove CFPB headWASHINGTON The Supreme Court is making it easier for the president to fire the head of the Consumer Financial Protection Bureau. The high court on Monday struck from the law that created the agency restrictions on when the president can remove the bureaus director. The agency may ... continue to operate, but its Director, in light of our decision, must be removable by the President at will," Chief Justice John Roberts wrote. The decision doesnt have a big impact on the current head of the agency. Kathy Kraninger, who was nominated to her current post by the president in 2018, had said she believed the president could fire her at any time.
Is mortgage forbearance an option? Here's what to know
Read full article: Is mortgage forbearance an option? Here's what to knowA forbearance hits the pause button on mortgage payments. If you feel forbearance is your best option, you need to know which company services your loan and which company owns it. Forbearance allows homeowners to suspend mortgage payments for a designated period of time. In some cases, interest will continue to accrue on privately held loans while payments are reduced or suspended. People with privately held loans must work out the best available option with their servicer.