CFPB: Exams Return $140 Million to Consumers Hit by Illegal Junk Fees in Banking, Auto Loans and Remittances
New report shows most institutions have eliminated NSF fees, saving consumers $2 billion every year Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights focused on the agency’s efforts to protect consumers from illegal junk fees. The junk fees discussed in the report – including fees for fake paper…
ABA: New National Survey Finds U.S. Consumers Remain Happy with Their Bank and Competitive Financial Services Marketplace
Survey also found consumers highly value overdraft protection and want Congress to allow banks to serve cannabis-related businesses More than 8 in 10 Americans (84%) say they are “very satisfied” or “satisfied” with their primary bank, and 94% rate their bank’s customer service as “excellent,” “very good” or “good,” according to a new survey conducted…
CFPB: Interagency Inquiry Launched into Costly Credit Cards and Loans Provided to Patients for Health Care Costs
Public input will bolster agencies’ broad efforts to safeguard consumers against predatory medical debt and collections practices Today, the Consumer Financial Protection Bureau (CFPB), U.S. Department of Health and Human Services (HHS), and U.S. Department of Treasury (Treasury) launched an inquiry into high-cost specialty financial products, such as medical credit cards and installment loans, that…
CFPB: Guidance Issued Regarding Reopening of Deposit Accounts
New circular addresses illegal “reopening” of deposit accounts that can hit consumers with junk fees The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that a bank may violate federal law if it unilaterally reopens a deposit account to process transactions after a consumer has already closed it. The CFPB has observed in…
CFPB: Research Uncovers Illegal Junk Fees on Bank Accounts, Mortgages, Student Loans, and Auto Loans
Many companies are updating practices and making consumers whole based on supervisory findings Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights that reports on unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student, and payday lending. These unlawful fees corrode…
- 1
- 2